Spain’s Embat, backed by $16M in funding, intends to challenge Trovata in real-time accounting
Embat, a Spanish fintech company, has successfully closed a $16 million Series A financing round led by Creandum, with participation from Spanish VC Samaipata, 4Founders, and Venture Friends in Greece. Notable angels investing in the round include Kilian Thalhammer, head of Deutsche Bank, and Martin Blessing, former CEO of Commerzbank.
Founded in 2021 by Antonio Berga, Carlos Serrano, and Tomás Gil, all former JP Morgan executives, Embat offers “real-time treasury management” solutions aimed at digitizing and automating processes for finance teams. Their platform automates accounting and bank reconciliation tasks and centralizes collections, payments, and treasury processes, ultimately saving time for finance professionals.
Embat boasts a client base of 150 corporate clients across Europe, including notable names such as Playtomic, Cabify, Wallapop, and Fever. In addition, the company has forged a partnership with Google Cloud’s Vertex AI platform to enhance accuracy and efficiency for accounting teams.
This funding round will enable Embat to further develop and expand its innovative solutions, catering to the growing demand for streamlined and automated treasury management services in the corporate sector.
Tomás Gil, co-founder and CTO of Embat, highlighted the company’s significant enhancements to its accounting and bank reconciliation module, coupled with the integration of AI technology into its platform.
While Embat faces competition from established players like Kyriba and Sage XRT, it also competes with U.S.-based startup Trovata, which has raised $57.6 million in funding and has gained traction with major clients such as National Australia Bank and J.P. Morgan.
When asked about competitors, co-founder Antonio Berga emphasized Embat’s focus on leveraging APIs over traditional protocols like SWIFT, enabling seamless global connectivity for clients and resulting in cost savings. Additionally, Berga noted Embat’s emphasis on automated cash accounting, streamlining treasury processes and eliminating the need for manual intervention in ERP systems.
