Embat, a Madrid-based startup specializing in treasury management, has successfully secured €14.7 million in a Series A funding round led by Creandum, renowned for its early investments in fintech leaders such as Trade Republic, Klarna, iZettle, and Pleo.
The funding round also saw participation from previous investors Samaipata, 4Founders, and Venture Friends, as well as notable angel investors, including Martin Blessing, the former CEO of Commerzbank. With this latest investment, Embat’s total funding has now reached $20 million since its establishment in 2021.
Founded by ex-JPMorgan executives Antonio Berga and Carlos Serrano, along with Tomás Gil, a former CTO at Fintonic and Wonnai, Embat offers innovative technology for corporate treasury management. Its platform centralizes collections, payments, and treasury processes, and automates accounting and bank reconciliation. The company estimates that its solutions can reduce the time financial teams spend on these tasks by as much as 75%, while also providing comprehensive real-time visibility of cash and enabling automatic treasury forecast monitoring.
Embat is also exploring applications of generative artificial intelligence in collaboration with Google Cloud. Tomás Gil shared, “We have significantly enhanced our accounting and bank reconciliation module and are among the first to implement generative AI in Europe’s financial sector.”
In 2023, Embat experienced remarkable growth, quadrupling its turnover and managing over three million bank transactions amounting to more than $20 billion for over 150 corporate clients across Europe. The startup plans to utilize the new investment to expand its international presence.
Peter Specht, general partner at Creandum, remarked: “Efficient and real-time treasury management ranks among the top challenges for mid-market CFOs. Traditional systems often exceed €100,000 in setup costs and require six months to implement. Embat’s innovative approach enables companies to establish a comprehensive treasury system in just weeks at a fraction of the cost. The company’s rapid growth in this area underscores the importance of real-time cash management for CFOs. In the next decade, every company of a certain size will need to adopt next-gen treasury tools, and we are excited to support this team in making that a global reality.”