Embat, a Madrid-based treasury management platform, has raised €30M ($35M) in Series B funding led by Cathay Innovation. The company provides a cloud-based platform that centralizes cash visibility, liquidity forecasting, payments, reconciliations, and risk management in real time, powered by its TellMe AI agent to automate up to 75% of manual finance tasks. The capital will support UK and Ireland expansion, team growth, and go-to-market efforts.
AI Treasury Funding Accelerates
The timing comes amid rising investor interest in AI treasury tools. Kyriba is in advanced talks for a $160M growth round to expand its AI features globally. Embat’s approach — AI-native automation with direct API connections to over 15,000 banks — addresses the need for faster deployment than legacy systems.
Manual Processes Drain Treasury Teams
Finance teams in mid-market companies still rely heavily on spreadsheets for cash visibility and reconciliations across multiple banks and currencies. This creates delays, errors, and limited forecasting accuracy during volatile markets. Legacy treasury systems often require 6-12 months to implement, leaving gaps in real-time decision-making.
TellMe AI Automates Treasury Workflows
Embat built a platform with bidirectional real-time ERP integrations to systems like SAP and NetSuite. Its TellMe agent moves beyond forecasting to provide proactive strategic recommendations while keeping humans in the loop. This differs from Kyriba and HighRadius, which cover broader finance automation, by focusing on pure treasury depth and rapid European bank connectivity.
As Antonio Berga, Co-CEO, noted:
"Corporate treasury is at an inflection point. Agentic AI, real-time payments, stablecoins — the financial function is being redefined."
Cathay Innovation Leads Strategic Round
Cathay Innovation led the round, joined by existing investors Creandum, Samaipata, 4Founders Capital, and Venture Friends. The participation signals strong conviction in Embat’s European scaling potential and AI capabilities, backed by Cathay’s global fintech network.
Treasury Software Market Expands Rapidly
The treasury management software market stands at $7.5B and is projected to reach $12.5B-$18.83B by 2033 at 10-14% CAGR. Key competitors include Kyriba with over $180M raised historically, Nomentia with $40M+, and HighRadius with $800M+. Embat differentiates through its Europe-first focus and agentic AI features amid open banking mandates.
Ex-JPM Team Drives Product Focus
Co-CEOs Antonio Berga and Carlos Serrano García-Lisón bring JP Morgan treasury expertise to the platform. The team has grown to 150 employees with offices in London, Berlin, and Munich, supporting 400+ clients including Treatwell, Fever, and Cabify.
What's Next
With the new funding, Embat is hiring an AI Product Engineer for its Digital Workforce team and a Founding Account Executive to open international markets. The company plans further expansion across DACH and UK regions while deepening SAP integrations.