
Madrid-based fintech company Embat secures $16 million in Series A funding to expand internationally. Specializing in corporate treasury management with services like banking connectivity and payment automation, Embat aims to transform the sector. The funding round is led by notable investors such as Creandum, known for backing successful fintech ventures like Trade Republic and Klarna, with participation from existing investors Samaipata, 4Founders, and Venture Friends. Noteworthy angel investors include Kilian Thalhammer, Deutsche Bank head, and Martin Blessing, former CEO of Commerzbank. Co-founded by former JP Morgan executives Antonio Berga and Carlos Serrano, alongside former Fintonic and Wonnai CTO, Embat positions itself as a service designed by financial experts for financial experts. Offering various services including banking connectivity, treasury processes, payment automation, and automated accounting and reconciliation, Embat claims to significantly reduce time spent on these tasks by financial teams, while providing global cash visibility and facilitating automatic treasury forecasts. In 2023, the startup processed over 3 million bank transactions worth over $20 billion, serving more than 150 clients including Playtomic, Cabify, Wallapop, and Fever, experiencing a turnover growth of 4x last year alone. Additionally, Embat recently announced a partnership with Google Cloud's Vertex AI platform, aimed at further enhancing accounting accuracy and saving financial teams up to 10 hours per week.
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