Spain’s Embat Secures $16M for Rivalry Against Trovata in Real-Time Accounting

Spain’s Embat, which has raised $16M, plans to compete with Trovata in real-time accountingFor obvious reasons, financial teams can spend a great deal of time on corporate treasury management, accounting and bank reconciliation, so anything that speeds up that process usually garners a lot of interest. Today Embat, a Spanish fintech which does what they call “real-time treasury management”, has closed a financing round of $16 million Series AS led by Creandum. Their solution automates accounting and bank reconciliation, and deals with corporate treasury management, centralising collections, payments, and treasury processes, thus saving time, says the startup. Last year Embat partnered with Google Cloud’s Vertex AI platform in an effort to reduce errors for accounting teams. Tomás Gil, co-founder and CTO of Embat, said the company has “significantly improved” its accounting and bank reconciliation module and was now applying AI to its platform.

Spain’s rapidly-growing fintech company, Embat, has secured a whopping $16 million in Series AS funding, led by Creandum. This infusion of capital will enable the company to expand its real-time treasury management services and compete with industry giant Trovata in the realm of accounting. With financial teams often bogged down by arduous tasks such as corporate treasury management, accounting, and bank reconciliation, any solution promising to streamline these processes is met with great enthusiasm and interest.

Co-founders Antonio Berga and Carlos Serrano, both former executives at JP Morgan, along with Tomás Gil, established Embat in 2021 with the goal of revolutionizing finance team operations through digitization and automation. Their cutting-edge solution automates accounting and bank reconciliation, centralizes collections, payments, and treasury processes, and ultimately saves considerable time for their clients.

In addition to Creandum, the $16 million round also saw participation from Spanish venture capital firm Samaipata, 4Founders, and Greek-based Venture Friends. Notable angel investors Kilian Thalhammer, Head of Deutsche Bank, and Martin Blessing, former CEO of Commerzbank, also lent their support.

“We have significantly enhanced our accounting and bank reconciliation module and are now implementing AI into our platform,” shares Tomás Gil, Embat’s co-founder and CTO. This groundbreaking use of artificial intelligence is just one of the many ways Embat is staying ahead of its competitors.

Embat currently boasts an impressive roster of 150 corporate clients across Europe, including big names like Playtomic, Cabify, Wallapop, and Fever. The company’s partnership with Google Cloud’s Vertex AI platform has also been touted as a major success, drastically reducing errors for accounting teams.

While Embat has strong competitors such as Kyriba and Sage XRT, it’s the US-based Trovata that poses the greatest threat. Trovata, which has raised a staggering $57.6 million to date and is now post-series B, has already made waves in the industry with its solution being adopted by powerhouse financial institutions such as National Australia Bank and J.P. Morgan.

When questioned about the competition, co-founder Antonio Berga declined to comment, simply stating: “We are focused on our clients and our mission to utilize APIs instead of traditional protocols like SWIFT, creating a global and cost-effective connection. Additionally, our advanced automated cash accounting system eliminates the need for any manual ERP processes.”