Treasury management fintech Embat raises 14.7 million euros

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By David Brooks

Madrid-based treasury management startup Embat has raised €14.7 million in a Series A funding round led by Creandum, an early backer of fintech success stories Trade Republic, Klarna, iZettle and Pleo.

In addition to prominent business angels such as Martin Blessing, the former CEO of Commerzbank, the previous investor Samaipata, 4Founders and Venture Friends also took part in the financing. The investment round brings the company’s total funding since its founding in 2021 to $20 million.

The company was founded by former JPMorgan executives Antonio Berga and Carlos Serrano, along with former Fintonic and Wonnai CTO Tomás Gil.

The fintech provides real-time technology for corporate treasury management, centralizing collections, payments and treasury processes and automating accounting and bank reconciliations. Embat claims it can save finance teams up to 75 percent of the time spent on these tasks, while providing global cash visibility and facilitating automated monitoring of treasury forecasts.

The company is also exploring the application of GenAI through a collaboration with Google Cloud.

Gil says: “Not only have we significantly improved our accounting and bank reconciliation module, but we are also among the first to use generative artificial intelligence in the financial sector in Europe.”

In 2023, the company quadrupled its revenue and processed more than three million banking transactions, valued at over $20 billion for over 150 corporate customers across Europe. The company wants to use the new funds to expand its business internationally.

Peter Specht, General Partner at Creandum, comments: “Real-time and efficient treasury management is one of the three biggest problems faced by CFOs of medium-sized companies. For older players, the setup often costs more than 100,000 euros and implementation takes six months. Embat’s novel approach enables companies to set up an end-to-end treasury system in just a few weeks and at a fraction of the cost. The company’s impressive growth in this segment reflects how important real-time cash management is to the CFO office. In 10 years, every company of a certain size will be using a next-generation treasury tool and we are excited to support this team in making this a reality globally.”

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