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Spain's Embat, which raised $16 million, plans to compete with Trovata in real-time accounting

TechBrunchBy TechBrunchFebruary 27, 20242 Mins Read
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For obvious reasons, finance teams can spend a lot of time reconciling a company's financials, accounting, and banking, so anything that speeds up that process usually gets a lot of attention.

Today, Embat, a Spanish fintech company doing what it calls “real-time financial management,” closed a $16 million Series AS funding round led by Creandum. Spain's VC Samaipata, 4Founders and Greece's Venture Friends also participated.

Angels who invested in this round included Kilian Thalhammer (President of Deutsche Bank) and Martin Blessing (former CEO of Commerzbank).

Co-founders Antonio Berga, Carlos Serrano (both former JPMorgan executives), and Thomas Hill founded the company in 2021 to digitize and automate processes for finance teams. The company says its solution automates accounting and bank reconciliations, handles corporate financial management, and saves time by centralizing collections, payments and treasury processes.

It claims to have 150 enterprise customers across Europe, including Playtomic, Cabify, Wallapop and Fever. Last year, Embat partnered with his Vertex AI platform on Google Cloud to reduce errors for accounting teams.

Embat co-founder and CTO Tomás Gil said the company has “significantly improved” its accounting and bank reconciliation modules and is now applying AI to its platform.

However, competitors include Kyriba and Sage XRT. However, a competing startup in the US is Trovata, which has raised $57.6 million to date and is currently post-Series B.

The solution was acquired by National Australia Bank and JP Morgan.



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