Previous investor Samaipata, 4Founders, and Venture Friends also participated in the funding, alongside prominent business angels like Martin Blessing, the former CEO of Commerzbank. The investment round brings the firm's total funding to $20 million sine its inception in 2021.

The company was founded by former JPMorgan executives Antonio Berga and Carlos Serrano alongside former Fintonic and Wonnai CTO Tomás Gil.

The fintech offers real-time technology for corporate treasury management, centralising collections, payments, and treasury processes, and automating accounting and bank reconciliation. Embat claims that it can save financial teams up to 75 per cent of time dedicated to these tasks, while concurrently providing global visibility of cash and facilitating automatic monitoring of treasury forecasts.

The company is also exploring the application of GenAI through a collaboration with Google Cloud.

Says Gil: “Not only have we significantly improved our accounting and bank reconciliation module, but we are also among the first to apply generative artificial intelligence in the financial sector in Europe.”

In 2023, the company quadrupled turnover, handling more than three million bank transactions, representing over $20 billion in value for over 150 corporate clients across Europe. The firm says it will use the new funds to grow its business internationally.

Peter Specht, general partner at Creandum, comments: “Real-time and efficient treasury management is among the top 3 pain points of mid-market CFOs. Legacy players often cost more than EUR 100k to set-up and take 6 months to implement. Embat’s novel approach allows companies to set-up an end-to-end treasury system in a matter of weeks and for a fraction of the cost. The company’s impressive growth in this segment reflects how mission-critical real-time cash management is to the CFO-office. In 10 years every company above a certain size will use a next-gen treasury tool and we’re thrilled to back this team in making this a reality across the globe.”