Embat, a FinTech company based in Madrid, Spain, has raised 14.7 million euros ($15.96 million) in a Series A round.
The company plans to use the funding to grow its international presence, according to a Tuesday (Feb. 27) report from EU Startups.
The round was led by international venture capital fund Creandum, with participation from Samaipata, 4Founders and Venture Friends, according to the report. Prominent business angels, including former Commerzbank CEO Martin Blessing, also participated in the round.
“Having the support of such a prestigious international fund as Creandum aligns with our aspiration to grow in major European markets,” Antonio Berga, co-founder of Embat, said, according to the report. “Their experience supporting top-tier fintechs gives us great confidence to continue our exponential growth.”
The company offers a tool for real-time corporate treasury management, using a unified tool to manage collections, payments and treasury processes, and automating accounting and bank reconciliation, according to the report. This allows financial teams to save up to 75% of time spent on these tasks, while providing international visibility of cash and facilitating automatic monitoring of treasury forecasts, the report added.
Embat has raised more than $20 million since it launched in 2021, the report said. In 2023, the FinTech handled more than 3 million bank transactions, which were valued at over $20 billion. The treasury management SaaS currently serves over 150 corporate clients across Europe, EU Startups said.
This comes as more CFOs are looking for new ways to improve their accounts receivable (AR) process, with automation being a possible solution.
Sixty-seven percent of CFOs say their firms “probably” need more automation and 27% say they “definitely” need more, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS and Billtrust collaboration, PYMNTS reported in October.
CFOs have a growing interest in automation, driven by a desire to boost AR functionality and efficiency, tackle payment delays and errors, and streamline AR processes by eliminating the need for archaic manual procedures.
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