Embat, the AI-powered treasury management fintech, has closed a €30 million Series B funding round led by Cathay Innovation, the European Union’s largest venture capital fund dedicated to AI, which invests globally in vertical AI-driven solutions. The transaction also saw significant participation from existing investors Creandum, Samaipata, 4Founders Capital and Venture Friends.
With this transaction, the Spanish fintech has now raised more than €50 million since its founding in 2021, consolidating its position as the leading AI-powered corporate treasury management solution in Spain. The proceeds from this Series B round will be used to drive the company’s global expansion and continue investing in product development to maintain its leadership in agentic AI and emerging technologies applied to corporate treasury management.
“Having Cathay Innovation as our lead partner in this Series B is a natural step in our ambition to become the global standard in treasury management. Their impressive international network and deep expertise in global go-to-market strategies will be key to accelerating our expansion into new countries and strengthening our presence in the most demanding markets. The mid-market segment still represents an enormous opportunity, and the vast majority of these companies still lack the tools they need to manage their growth with the level of financial sophistication required,” said Antonio Berga, co-CEO of Embat.
From a product perspective, Embat will continue embedding AI across all modules of its platform. The flagship of this strategy is TellMe, Embat’s agentic treasury analyst, which represents the company’s most ambitious commitment to bringing AI into the core of corporate finance.
“Supporting Embat means, above all, backing a vision we deeply believe in: that of Spanish technology leaders capable of structurally transforming the European landscape. What convinced us, beyond an exceptional team with a strong financial background, was their ability to address some of the most complex corporate challenges. Their solution, powered by cutting-edge AI, offers a concrete and robust answer to the treasury needs of large corporations. We are delighted to support them in this new chapter and help drive what we believe could become the future global standard in financial management,” said Jacky Abitbol, Managing Partner at Cathay Innovation.
The Spanish fintech aiming to lead treasury management globally
Founded by Antonio Berga, Carlos Serrano and Tomás Gil, Embat was created with the mission of equipping finance teams with the tools needed to optimise treasury management and financial resources under the premise of “technology built by finance experts for finance experts.”
Since its inception, the company has focused on combining deep corporate banking expertise with advanced technology, eliminating data fragmentation, automating critical processes and providing real-time cash visibility.
Artificial intelligence has been embedded in the company’s DNA from day one. In 2022, Embat became a pioneer in the sector by developing, together with Google, one of the first generative AI use cases in the European financial sector, applied to accounting automation and bank reconciliation. Today, that vision has evolved into a leading platform integrating more than 15,000 banks and the main ERPs on the market, delivering on the promise of smarter, more agile and truly strategic corporate treasury management.
The Spanish fintech currently employs 150 professionals and serves more than 400 corporate clients, including leading names such as Cabify, Cementos Molins, Wallapop, Grupo Construcía, Treatwell and Fever. After consolidating its leadership position in Spain, the company has successfully expanded into Germany and the United Kingdom, where it already operates offices in Munich, Berlin and London.
“Corporate treasury management is at a turning point. The convergence of agentic AI, real-time payments and stablecoins is fundamentally reshaping the finance function. Over the next five years, finance teams capable of navigating this new environment will not only gain efficiency but will establish themselves as a strategic pillar of growth within their organisations. At Embat, we support our clients through this transformation with rigour, vision and the right tools to distinguish real value from empty promises,” added Carlos Serrano, co-CEO of Embat.
About Embat
Embat is an AI-powered treasury management fintech that enables mid-sized and large corporations to centralise their financial operations in real time. Founded by Antonio Berga and Carlos Serrano — former J.P. Morgan executives with extensive experience in corporate banking — together with Tomás Gil, former CTO of Fintonic, the platform was created with the mission of digitising finance departments under a clear premise: technology built by finance experts for finance experts.
Through its hybrid connectivity, Embat integrates with more than 15,000 banks and the leading ERPs, eliminating data fragmentation. Its key differentiator is TellMe, an agentic treasury analyst capable of identifying cashflow patterns, automating complex reconciliations and suggesting strategic decisions to optimise liquidity.
With offices in Madrid, London, Berlin and Munich, Embat is redefining the future of corporate finance.
About Cathay Innovation
Cathay Innovation is a multi-stage venture capital firm affiliated with Cathay Capital that invests in founders building transformative companies across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and an ecosystem of leading Fortune 500 corporations to help startups scale and transform industries with AI and consumer-to-enterprise solutions across commerce, fintech, digital health, mobility and energy.
Founded in Paris in 2015, Cathay Innovation currently manages more than €2.5 billion in assets under management, with additional offices in San Francisco, Berlin, Barcelona, Shanghai and Singapore. The firm has invested in more than 120 startups, including Chime, Pinduoduo, Glovo, Wallbox, Owkin, Getaround, Ledger, ZenBusiness, Alma and Descartes Underwriting, among others
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