reconciliation

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.