Spain’s Embat Secures $16M Funding to Revolutionize Real-Time Accounting
Financial teams are no strangers to the time-consuming tasks of corporate treasury management, accounting, and bank reconciliation. Any solution that promises to streamline these processes is met with great interest. Enter Embat, a Spanish fintech company that specializes in “real-time treasury management.” Embat has recently announced the closure of its $16 million Series A funding round, led by Creandum. Other participants in the round include Spanish VC Samaipata, 4Founders, and Venture Friends in Greece. Notable angel investors, such as Kilian Thalhammer (Head of Deutsche Bank) and Martin Blessing (former CEO of Commerzbank), have also shown their support for the company.
Founded in 2021 by Antonio Berga, Carlos Serrano, and Tomás Gil, all of whom have impressive backgrounds as former JP Morgan executives, Embat aims to digitize and automate finance processes. The startup’s solution automates accounting and bank reconciliation, as well as centralizes collections, payments, and treasury processes. By doing so, Embat saves valuable time for finance teams. The company boasts an impressive roster of 150 corporate clients across Europe, including Playtomic, Cabify, Wallapop, and Fever.
Embat has not only gained recognition for its innovative approach to real-time accounting but has also formed a strategic partnership with Google Cloud’s Vertex AI platform. This collaboration aims to reduce errors for accounting teams by leveraging the power of artificial intelligence. According to Tomás Gil, co-founder and CTO of Embat, the company has made significant improvements to its accounting and bank reconciliation module and is now incorporating AI technologies into its platform.
While Embat may be making waves in the industry, it is not without competitors. Kyriba and Sage XRT are among the challengers in the market. However, one notable contender is Trovata from the United States. Trovata has raised an impressive $57.6 million to date and is currently in the post-series B stage. Despite the competition, Embat’s solution has already gained recognition from major players in the banking industry, including National Australia Bank and J.P. Morgan.
Embat’s successful funding round is a testament to the growing demand for efficient and automated financial solutions. As the company continues to expand its client base and refine its platform, it is poised to become a prominent player in the realm of real-time accounting. With its focus on streamlining processes and saving time for finance teams, Embat is revolutionizing the way companies manage their finances.