“Can an AI-native, open-banking-powered TMS become the default treasury layer for European mid-market corporates?”
Embat was built as a European alternative to Trovata/Kyriba — a real-time, cloud-native treasury management system (TMS) for mid-market and enterprise CFOs. From day one the product has been a horizontal SaaS treasury layer (cash visibility, forecasting, reconciliation, payments) sitting on top of open banking APIs and ERP connectors, not an embedded finance provider itself. In 2025 the company leaned hard into AI-native treasury with the TellMe agent and Claude MCP-style connector, positioning itself as an AI-first TMS rather than a workflow tool.
Embat integrates with SAP, Oracle NetSuite, Microsoft Business Central, Sage Intacct and Sage.
Embat was founded by Antonio Berga, Carlos Serrano García-Lisón and Tomás Gil and is founded in 2021, headquartered in Madrid, Spain.
Embat has raised ~$49M+ in total (latest round: Series B, 2025 (€30M)).
Get a read on where your own stack stands against Embat and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.