Treasury Management Fintech Embat raised €14.7 million

In a Series A fundraising round led by Creandum, an early supporter of financial success stories Trade Republic, Klarna, iZettle, and Pleo, Madrid-based firm Embat raised €14.7 million for treasury management.

Madilyn Swift

February 28, 2024

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Banking

Renowned business angels including Martin Blessing, the former CEO of Commerzbank, and previous investors Samaipata, 4Founders, and Venture Friends also contributed to the fundraising. With this financing round, the company has raised $20 million in total since its founding in 2021.

Along with former Fintonic and Wonnai CTO Tomás Gil, the company was created by former JPMorgan executives Antonio Berga and Carlos Serrano.

Fintech provides real-time technology for corporate treasury administration, automating bank reconciliation and accounting, and centralizing treasury, collections, and payment procedures. Embat says it may reduce the amount of time finance teams spend on these duties by up to 75%. It also offers worldwide cash visibility and makes autonomous treasury forecast monitoring possible.

In addition, the business is investigating the use of GenAI in conjunction with Google Cloud.

"Not only have we significantly improved our accounting and bank reconciliation module, but we are also among the first in the financial sector in Europe to apply generative artificial intelligence," states Gil.

With over three million bank transactions handled in 2023—representing over $20 billion in value for over 150 corporate clients throughout Europe—the company doubled its turnover. The company claims that it will expand its operations globally with the additional funding.

One of the top three issues facing mid-market CFOs is timely and effective treasury management, according to Peter Specht, general partner at Creandum. Legacy players frequently take six months to implement and cost more than EUR 100k to set up. Companies may build up an end-to-end treasury system at a fraction of the cost and in a matter of weeks thanks to Embat's innovative methodology. The company's remarkable rise in this area is indicative of how important real-time cash management is to the CFO's office. We are excited to support this team in bringing next-generation treasury tools to every company over a certain size in ten years.