Embat, the Madrid-based fintech specializing in AI-driven treasury management, has closed a €30 million Series B round led by Cathay Innovation, a Paris-based global venture capital firm with more than €2.5 billion under management. Existing investors Creandum, Samaipata, 4Founders, and Venture Friends also participated. The raise brings Embat’s total funding to more than €50 million since its founding in 2021.
The company, which employs 150 people and serves 400 corporate clients across Europe, uses AI to automate up to 80% of manual treasury tasks for mid-market companies. Its flagship product, TellMe, is a proprietary agentic AI analyst that operates across treasury, accounting, payments, and cash optimization, handling operational work and providing real-time cash visibility and intelligent forecasting.
A significant portion of the new capital will be directed toward scaling Embat’s international operations, with particular emphasis on the UK and Ireland. The company has previously established offices in London, Madrid, Berlin, and Munich, and counts clients including Treatwell, Fever, Cabify, and Dojo.
Embat was an early mover in applying generative and agentic AI to European corporate finance. In 2022, it partnered with Google to develop what it describes as the first AI use case for accounting automation and bank reconciliation in the sector.
KEY QUOTE:
“The completion of our Series B fundraising marks a new milestone for Embat and helps us to supercharge our growth across Europe. Having Cathay Innovation as our lead partner provides the capital, endorsement and strategic backing needed to scale rapidly, particularly in the UK and Ireland.”
Antonio Berga, Co-Founder and Co-CEO, Embat
