Startup
Embat
Real-time treasury management for mid-sized and large European companies: bank connectivity, cash forecasting, payments and accounting reconciliation, founded by former J.P. Morgan bankers in Madrid.
| Founded | 2021, Madrid; offices in London, Berlin and Munich |
|---|---|
| Founders | Antonio Berga, Carlos Serrano García-Lisón (both former J.P. Morgan), Tomás Gil |
| Stage | Series B |
| Total funding | About EUR 50m |
| Last round | Series B, EUR 30m, May 2026, led by Cathay Innovation with Creandum, Samaipata, 4Founders and Venture Friends |
| Earlier rounds | Series A EUR 14.7m, February 2024 |
| What it does | Cash visibility across banks via open banking and APIs, forecasting, payment execution, and automated bank reconciliation and accounting entries into the ERP |
| Traction | About 400 corporate clients including Wallapop, Fever, SeQura and Parlem; more than 110 staff; automates up to 80% of manual treasury work |
| Pricing | Not published; modular platform with tailored pricing, quoted on the modules selected |
| Markets | Spain, Germany, UK and Ireland expansion under way |
| Peers | Agicap, Atlar, Kyriba, Trovata, Panax |
Funding
- Announced rounds
- €44.7m in two rounds
- Latest round
- Series B, €30m, May 2026, led by Cathay Innovation
Why it matters
Embat raised EUR 30 million in May 2026 to take its treasury platform into the UK and Ireland, with 400 corporates already on it. It is southern Europe’s leading treasury software company and one of the few in the category to combine cash management with accounting automation.
Part of Accountio’s accounting technology coverage.
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