Considering that financial teams might spend a significant amount of time on corporate treasury management, accounting, and bank reconciliation, anything that helps speed up the process often garners a lot of attention. This is because of the obvious reasons why this is the case.
Embat, a Spanish fintech company that offers “real-time treasury management,” has successfully raised sixteen million dollars in the Series A round, which Creandum led. VC Samaipata from Spain, 4 founders from Greece, and Venture Friends from Greece were also present and participated.
The round featured investments from angel investors such as Martin Blessing, who had previously served as the CEO of Commerzbank, and Kilian Thalhammer, who was the head of Deutsche Bank.
Tomás Gil, Antonio Berga, and Carlos Serrano—all of whom had previously held executive positions at JP Morgan—founded the company in 2021. Their primary objective was to digitize and automate processes for financial teams. According to the firm, their system automates accounting and bank reconciliation, as well as handles corporate treasury management. Additionally, it centralizes collections, payments, and treasury activities, which results in time savings.
Playtomic, Cabify, Wallapop, and Fever are among the company’s alleged 150 business customers located throughout Europe, according to the company. Last year, Embat and the Vertex AI platform from Google Cloud partnered in an effort to reduce the number of mistakes made by accounting teams.
Embat’s co-founder and Chief Technology Officer, Tomás Gil, said that the business has “significantly improved” its accounting and bank reconciliation module and is now incorporating artificial intelligence into its platform.
However, Kyriba and Sage XRT are two of its competitors. Trovata, on the other hand, is a company that it competes with in the United States. Trovata has received 57.6 million dollars to this point and is presently post-Series B.
The solution has been acquired by J.P. Morgan and National Australia Bank, respectively.
Antonio Berga, a co-founder of the company, stated that “from a broad perspective, APIs are what drive us as opposed to traditional protocols like SWIFT.” However, he did inform me that he would not comment on how rivals are doing. Clients are able to interact with one another on a worldwide scale, and this results in significant cost savings. In the second place, we have automated cash accounting, which means that all of the treasury is handled without the need for human labor in the ERP.
Embat, a $16M Spanish startup, will compete with Trovata in real-time accounting.
