Embat Raises €30M to Grow Treasury Platform

Spanish fintech Embat closes €30 million to strengthen its business with an eye on Europe and boost its treasury management platform for companies.

Cathay Innovation led the round, with participation from existing investors Creandum, Samaipata, 4Founders Capital and Venture Friends. Embat has raised over €50 million in total funding since launching back in 2021.

Embat, which aims to provide a software that allows companies to control treasury operations, payments, accounting and cash flow through one platform was cofounded by ex-J.P. Morgan employees Antonio Berga and Carlos Serrano along with former Fintonic CTO Tomás Gil.

The company claims its system will automate up to 80% of manual treasury work, which the finance team can benefit from in terms of time saved and visibility on where cash is located. The platform also integrates with more than 15,000 banks and a range of key ERP systems from enterprises around the globe.

Much of the fresh capital will go towards expanding operations in the UK and Ireland. Embat is acquiring customers in London, Manchester and Bristol over a history that stretches back just over the past year. Now the company intends to expand its local team and focus on even more growth in the region.

Embat serves as a digital treasury assistant with products such as TellMe, which can handle reconciliations, forecasting, payments and cash management. Similarly, last year the company in partnership with Google became one of the first fintech players in Europe to look at generative tech for treasury and accounting automation.

Embat's clients include Treatwell, Fever, Northern Data, PetLab Co. and Arena Racing Company among others International Schools Partnership

The firm said inflation, changing interest rates and currency fluctuations are increasing levels of stress that are forcing more businesses to adopt quicker and more integrated financial management systems.