On Unlocks $350m in Additional Investments Using Palm’s AI-powered Treasury Platform

Published: October 23, 2025

On, the global premium sportswear brand operating across 80+ countries has unlocked over $350 million in additional investment capacity by implementing Palm's AI-powered treasury management platform, according to a newly published case study released ahead of the AFP Annual Conference in Boston.

Enterprise treasury teams are sitting on billions in underutilised cash. Without reliable forecasting capabilities, treasurers maintain elevated operating balances as safety buffers - capital that could otherwise generate returns through strategic investments. The problem intensifies as companies scale globally: fragmented visibility across multiple jurisdictions, hundreds of bank accounts, and high transaction volumes make it nearly impossible to confidently predict true liquidity needs.

On faced this exact challenge. Rapid growth had outpaced treasury operations. With hundreds of thousands of transactions flowing through hundreds of accounts, the team lacked forecasting models, relied on manual categorisation, and experienced emergency funding situations approximately twice monthly. Key outflows like tax payments arrived as surprises, forcing reactive cash movements.

Palm's treasury operating system delivered immediate impact by providing an all-in-one view of past and future cash flows. The platform achieved 90%+ transaction categorisation accuracy from day one, automatically distinguishing between operating and non-operating activity. Palm's machine learning models then built account-level forecasts using historical data combined with confirmed future inputs, giving the treasury team confidence to reduce operating balance buffers and redeploy capital to higher-yielding investments.

"As a Treasurer, you're very used to answering the 'do we have enough cash?' question. It's been amazing to be able to add the 'are we investing enough?' question to our daily cash management routine. Transparency wasn't enough - we needed clarity to change the way we think about our cash, and Palm has definitely enabled that," said Lucía Galán Cáceres, Head of Group Treasury at On.

The transformation driven by Palm, together with On’s increasing cash from profitable operations, allowed the company to double their investment portfolio from approximately $250 million to over $600 million, eliminate nearly all emergency funding events, and reduce reporting time from days to minutes.

"Treasury teams at high-growth companies are drowning in data but starved for actionable insights," said Gurjit Pannu, Co-Founder and Co-CEO of Palm. "On's results demonstrate what's possible when you transform visibility into genuine forecast confidence."

Pannu and his co-founder and co-CEO, Christian Sobkowski, will be attending the AFP Annual Conference in Boston, 24-26 October.