Financial teams often spend a significant amount of time on corporate treasury management, accounting, and bank reconciliation. Any solution that streamlines this process tends to generate a great deal of interest.
Embat, a Spanish fintech specializing in “real-time treasury management,” recently closed a $16 million Series A financing round led by Creandum. Other participants included Spanish VC Samaipata, 4Founders, and Venture Friends in Greece. Notable angel investors in the round were Kilian Thalhammer (Deutsche Bank) and Martin Blessing (Commerzbank).
Founded in 2021 by Antonio Berga, Carlos Serrano, and Tomás Gil (all former JP Morgan executives), Embat offers a digital solution to streamline finance processes. Their platform automates accounting, bank reconciliation, and corporate treasury management, centralizing collections, payments, and treasury operations to save time for finance teams.
Embat currently serves 150 corporate clients across Europe, including well-known names like Playtomic, Cabify, Wallapop, and Fever. The company has partnered with Google Cloud’s Vertex AI platform to enhance accuracy for accounting teams.
Tomás Gil, Co-founder and CTO of Embat, mentioned significant improvements in their accounting and bank reconciliation module, incorporating AI into their platform.
Competitors like Kyriba and Sage XRT exist in the market, with Trovata being a U.S.-based startup that has raised $57.6 million to date. Trovata’s solution has been adopted by National Australia Bank and J.P. Morgan.
Antonio Berga, Co-founder of Embat, highlighted the company’s focus on APIs over traditional protocols like SWIFT, enabling global connectivity and cost savings for clients. He emphasized their automated cash accounting feature, eliminating the need for manual processing in ERPs.
