For obvious reasons, finance teams can spend a lot of time on corporate treasury management, accounting and bank reconciliation, so anything that speeds up this process usually garners a lot of interest.
Today Embat, a Spanish fintech that does what they call “real-time cash management,” closed a $16 million Series A funding round led by Creandum. Spanish VC Samaipata, 4Founders and Venture Friends in Greece also participated.
The angels who invested in the round were Kilian Thalhammer (head of Deutsche Bank) and Martin Blessing (former CEO of Commerzbank).
Co-founders Antonio Berga, Carlos Serrano (former JP Morgan executives) and Tomás Gil started the company in 2021 to digitize and automate processes for finance teams. Their solution automates accounting and bank reconciliation and handles corporate treasury management, collection, payment and treasury processes, saving time, the startup says.
It claims to have 150 corporate clients across Europe, including Playtomic, Cabify, Wallapop and Fever. Last year Embat partnered with Google Cloud’s Vertex AI platform in an effort to reduce errors for accounting teams.
Tomás Gil, co-founder and CTO of Embat, said the company has “significantly improved” its accounting and bank reconciliation unit and is now implementing artificial intelligence into its platform.
However, its competitors include Kyriba and Sage XRT. But one startup it’s competing with in the US is Trovata, which has grown $57.6 million to date and now it’s after series B.
The solution has been purchased from National Australia Bank and JP Morgan.
Co-founder Antonio Berga said he would not comment on competitors, but told me: “From a broad perspective we are driven by APIs versus traditional protocols like SWIFT. This allows customers to connect globally and saves a lot of money. Second, we do automated cash accounting, so the whole cash register, without doing it manually in the ERP.”
