Founded: 2021

Products: Real-time TMS

Overview: Madrid-based Embat was founded by Antonio Berga and Carlos Serrano García-Lisón (both former J.P. Morgan executives), and technical expert (and thus current CTO), Tomás Gil. The business offers a cloud-based, real-time TMS. It leverages open banking and APIs to enable finance teams in medium and large companies to centralise all operations, from banking relationships to their financial management processes, with real-time access to data and process automation around its core components.

Platform functionality includes: treasury analytics, forecasting and budgeting; automated accounting and reconciliation; automated payments/payments factory; reporting; and KPI management.

Embat claims its solution enables finance teams to save up to 75% of their time on manual tasks. The current client list of 150-plus  includes Playtomic, Cabify, Wallapop, and Fever.

The firm is now applying AI to its treasury accounting solution having partnered in 2023 with Google Cloud’s Vertex AI platform.

Its headcount doubled in size to 70 in 2023. In late February 2024, the company secured an impressive €14.7m in Series A funding. This has been earmarked for fuelling its international (European) expansion plans.

Clients: 150+

Active region(s): Spain, UK, Germany

Partners: Google, Yapily, Wise, Plaid, Indra

Employees: 70+

Funding: €22m Series A funding

Ownership: Antonio Berga, Carlos Serrano García-Lisón and Tomás Gil. Investors include Creandum, Samaipata, 4founders, Venture Friends

Elevator pitch: “Embat is a comprehensive cloud-based treasury solution that enables finance teams in medium and large companies to centralise all operations from banking relationships to their financial management processes. It enables finance teams to save up to 75% of their time on manual tasks so they can focus on strategic decision-making. The main functions of Embat are treasury automation, automated accounting, and payment automation. The most important updates for the client are time savings, reduced errors, and an increased quality of life, because, instead of spending time on manual tasks, employees can focus on completing higher value-addedactivities.”

Website: https://www.embat.io/en

Email: [email protected]

Phone: +34 627 18 5203

TMI view: Embat’s single-platform centralisation of collections, payments, and treasury processes, as well as automation of accounting and bank reconciliation, offers users a highly functional toolkit, and using APIs, versus traditional protocols such as Swift, offers lower-cost global connectivity. As a platform that now has significant financial backing, it is a serious contender.

Verdict: Embat is clearly intending to take on the major core system players at their own game, and it has an excellent opportunity to upset the status quo. This is all good news for treasurers.