Madrid-based treasury management startup Embat has acquired Necto, a US bank API connectivity specialist, although financial terms were not disclosed.
Necto offers integrations with over 30 financial services providers and nearly 100 API services, facilitating connections with multiple banks through a single access point. This approach eliminates the need for individual integrations and simplifies processes such as payment automation, reconciliation, and real-time access to financial data.
Embat indicates that the acquisition enhances its cloud-based platform for finance teams in mid-sized and large enterprises by providing immediate visibility of cash, liquidity, and debt, while also reducing operational workload by up to 75%.
Additionally, the deal strengthens Embat’s real-time banking connectivity infrastructure, expanding its integrations with major banks including JP Morgan, Citi, Barclays, HSBC, Commerzbank, Deutsche Bank, and Wells Fargo, with a presence in North America, Europe, and Asia.
Tomás Gil, partner and CTO of Embat, stated, “At Embat, we are committed to modernizing banking infrastructure through APIs, and Necto’s technology perfectly aligns with our vision. Their solution complements our banking connectivity capabilities and allows us to expand our coverage and partnerships with major global banks.”