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For obvious reasons , financial team can spend a large deal of time on corporate treasury management , method of accounting and savings bank reconciliation , so anything that speeds up that process usually pull together a lot of interest .
TodayEmbat , a Spanish fintech which does what they call “ real - time treasury direction , ” has closed a financing round of $ 16 million Series A lead by Creandum . Also participating was Spanish VC Samaipata , 4Founders and Venture Friends in Greece .
Angels invest in the troll included Kilian Thalhammer ( head of Deutsche Bank ) and Martin Blessing ( former CEO of Commerzbank ) .
Co - founders Antonio Berga , Carlos Serrano ( both former JP Morgan executive ) and Tomás Gil started the company in 2021 to digitize and automate process for finance teams . Their solvent automates accounting and bank balancing , and mint with corporal United States Treasury direction , centralizing collections , payments and treasury processes , thus preserve time , says the inauguration .
It claims to have 150 corporate clients across Europe , including Playtomic , Cabify , Wallapop and Fever . Last year Embat partner with Google Cloud ’s Vertex AI chopine in an exploit to reduce errors for accounting team .
Tomás Gil , co - founder and CTO of Embat , said the companionship has “ importantly improved ” its account statement and bank balancing module and was now apply AI to its platform .
However , its competitors include Kyriba and Sage XRT . But a startup it competes with in the U.S. is Trovata , which has raised$57.6 million to dateand is now post - Series B.
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The solution has been bought byNational Australia BankandJ.P. Morgan .
Co - father Antonio Berga read he would not point out on competitors but did say me : “ From a encompassing perspective we are driven by APIs versus traditional protocol like SWIFT . This give up node to connect globally and it saves a lot of money . Secondly , we do automated cash accounting , so all the treasury , without doing this manually in the ERP . ”
