HomeFundingMadrid-based fintech Embat raises €14.7 million Series A to fuel up next-gen...

Madrid-based fintech Embat raises €14.7 million Series A to fuel up next-gen treasury management

Embat, a Spanish fintech for real-time treasury management, has closed a financing round of €14.7 million led by the international venture capital fund Creandum, with participation from Samaipata, 4Founders, and Venture Friends. This round also sees the addition of prominent business angels like Martin Blessing (former CEO of Commerzbank). With this Series A, the company aims to drive its international expansion.

Antonio Berga, Carlos Serrano (both former JP Morgan executives), and Tomás Gil, co-founders of Embat, founded the company to support the digitalisation and automation of finance teams, aiming to maximise efficiency within their organisations. To date, Embat has stood out in the sector for its differentiated approach, user experience and ease of implementation.

The fintech offers a comprehensive and real-time solution for corporate treasury management, centralising collections, payments, and treasury processes, and automating accounting and bank reconciliation. This allows financial teams to save up to 75% of the time dedicated to these tasks, while providing global visibility of cash and facilitating automatic monitoring of treasury forecasts.

Since its inception in 2021, Embat has raised more than $20 million, consolidated its presence in the Spanish market and quadrupled its turnover in the last year. In 2023, the fintech handled more than 3 million bank transactions, representing over $20 billion in value. The treasury management SaaS currently serves over 150 corporate clients across Europe and its team has more than doubled in size in 2023, now at 70. Clients trusting the platform include Playtomic, Cabify, Wallapop and Fever, among others.

Antonio Berga, co-founder of Embat, said: “Having the support of such a prestigious international fund as Creandum aligns with our aspiration to grow in major European markets. Their experience supporting top-tier fintechs gives us great confidence to continue our exponential growth.”

Embat works closely with its clients to analyse their needs and provide solutions that enhance their day-to-day efficiency. This is reflected in the interactions with these users, who, according to the fintech, access the platform more than 10 times a month. Carlos Serrano, co-founder of Embat, said: “We are very proud of our platform’s positive impact on our clients. Besides, the trust of such an experienced investor increases our motivation to keep leading innovation in the corporate treasury sector.”

The latest success story for the fintech was its recent collaboration with Google Cloud, revolutionising corporate treasury. With the help of Google Cloud’s Vertex AI platform, Embat enhanced its accounting and bank reconciliation capabilities, significantly automating these processes. 

Tomás Gil, co-founder and CTO of Embat, commented: “Not only have we significantly improved our accounting and bank reconciliation module,but we are also among the first to apply generative artificial intelligence in the financial sector in Europe.”

Peter Specht, General Partner at Creandum, added: “Real-time and efficient treasury management is among the top 3 pain points of mid-market CFOs. Legacy players often cost more than EUR 100k to set-up and take 6 months to implement. Embat’s novel approach allows companies to set-up an end-to-end treasury system in a matter of weeks and for a fraction of the cost. The company’s impressive growth in this segment reflects how mission-critical real-time cash management is to the CFO-office. In 10 years every company above a certain size will use a next-gen treasury tool and we’re thrilled to back this team in making this a reality across the globe.”

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Stefano De Marzo
Stefano De Marzo
Stefano De Marzo is the Head of News at EU-Startups. He has been extensively covering startups, venture capital and innovation ecosystems, including contributions to numerous publications such as Sifted, Entrepreneur and Forbes. Through his work as an editor and writer, he continues to shape the narrative surrounding the best stories of the tech world.
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