Embat
“Can an AI-native, open-banking-powered TMS become the default treasury layer for European mid-market corporates?”
Founded2021
HQMadrid, Spain
FoundersAntonio Berga, Carlos Serrano García-Lisón, Tomás Gil
Total raised~$49M+
Latest roundSeries B, 2025 (€30M)
IndustryHorizontal SaaS / Treasury Management
The story
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.
Product timeline
2021
Founded in Madrid by ex-JP Morgan bankers Antonio Berga and Carlos Serrano with ex-Fintonic CTO Tomás Gil to build real-time cloud treasury for mid-market corporates.· founding
2024
Raised $16M Series A led by Creandum to compete with Trovata in real-time treasury/accounting automation.· funding
2025
Closed €30M Series B led by Cathay Innovation; 150 employees, 400+ corporate clients, offices in Madrid, London, Munich, Berlin.· funding
2025
Launched TellMe AI agent and Claude connector for natural-language treasury queries and actions.· product
The stack
1 layer disclosed in Embat’s embedded-finance stack
Accounting
Accounting gap: none