Corporate treasury management is one of the most important functions inside any large company and one of the least visible to the outside world. A treasury team is responsible for knowing, at any given moment, how much cash the company has across every bank account globally, when payments are due, when receivables will arrive, whether the company's liquidity position is comfortable or at risk, and what the FX exposure looks like across multiple currencies. Getting this wrong has consequences that go from uncomfortable to catastrophic. Getting it right requires data that traditionally lives in dozens of bank portals, ERP systems, spreadsheets, and email chains simultaneously.

Embat was founded in 2021 to replace that fragmented reality with a single, real‑time AI layer.

Antonio Berga and Carlos Serrano, both former JP Morgan executives with direct experience of how large financial institutions manage complex treasury operations, co‑founded the company alongside Tomás Gil, the former CTO of Fintonic, the Spanish personal finance platform. Their professional backgrounds are the product's primary selling point: they built treasury management technology for financial institutions that make the decisions that affect millions of people's money. They know what the actual requirements are, not the requirements as described in a software vendor's sales deck.

On May 12, 2026, Embat announced a €30 million Series B round led by Cathay Innovation, the global venture capital firm based in Paris with over €2.5 billion under management, with participation from existing investors Creandum, Samaipata, 4Founders Capital, and Venture Friends. The round pushes Embat's total funding beyond €50 million since launch, and follows a path that includes a €14.7 million Series A in early 2024.

What the Platform Does and Who Uses It

Embat's treasury management platform centralizes payments, accounting, liquidity, and cash management in real time. The company integrates with more than 15,000 banks globally and connects directly to major ERP systems, creating a unified view of a company's financial position without requiring manual data extraction and consolidation.

The specific operational improvements Embat claims are documented across its enterprise client base:

• Finance teams save up to 75 percent of the time typically spent on treasury‑related tasks through automation of bank reconciliation, payment scheduling, and cash position reporting.
• Cash forecasting accuracy improves materially because the platform ingests real‑time bank data rather than relying on manually updated spreadsheets.
• Working with Google Cloud's Vertex AI platform, Embat reduces accounting errors and saves up to 10 hours per week per finance team.

The client base confirms the company has moved beyond pilot programs into production deployments at named enterprise organizations. Current clients include 1KOMMA5°, the European clean energy platform; Pliant, the corporate credit card company; sennder, the European digital freight forwarder; Eraneos, the consulting firm; Treatwell, the beauty and wellness booking platform; and Fever, the live entertainment platform with operations across 40 cities globally.

The company now employs 150 people across offices in Madrid, Munich, Berlin, and London, reflecting both the geographic scope of its current client base and the expansion trajectory that the Series B is designed to accelerate.

Why Legacy Treasury Technology Is Vulnerable

Creandum general partner Peter Specht, who led the Series A, articulated the commercial opportunity with numbers that context the scale of displacement opportunity: "Legacy players often cost more than €100,000 to set up and take six months to implement. Embat's novel approach allows companies to set up an end‑to‑end treasury management system in days."

The gap between six months and days, and between €100,000 in setup cost and a SaaS subscription model, is the commercial case that has driven Embat's customer adoption. Mid‑market companies that previously could not afford enterprise treasury management infrastructure and used spreadsheets by default are the primary acquisition target. The technology now exists to deliver institutional‑grade treasury intelligence at a price point and implementation timeline that mid‑market finance teams can absorb.

Jacky Abitol, managing partner at Cathay Innovation and the lead investor on the Series B, framed the long‑term ambition beyond the mid‑market: "Powered by advanced AI, Embat delivers a robust, concrete answer to the treasury needs of global enterprises. We are delighted to join them for this next chapter and help accelerate what we believe can become the global standard for financial management."

The Series B capital is allocated primarily to international expansion, with the UK and Ireland named as priority markets. The UK is Europe's largest corporate treasury market by volume and has a well‑developed ecosystem of mid‑market and large enterprises that are actively evaluating treasury technology modernization. Embat's existing London office provides the operational foundation for a more substantial UK commercial push.

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