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Embat
Embat, the Madrid-based treasury management platform founded in 2021 by former J.P.
Embat
Co-founders Antonio Berga and Carlos Serrano launched Embat in Madrid in 2021 after careers in investment banking at J.P. Morgan. The firm identifies a structural gap in corporate treasury: most mid-market finance teams still operate on fragmented spreadsheets and outdated banking portals. Embat's platform centralizes bank accounts, cash flow forecasting, payments, and debt management in one cloud interface. The underlying wealth is institutional venture capital, not a single family's fortune, with backing from Samaipata, 4Founders Capital, and VentureFriends. The company sells a software-as-a-service platform that covers cash management, multi-bank connectivity via APIs, automated accounting reconciliation, and payables workflows. Unlike generalist enterprise resource planning modules, Embat is purpose-built for treasury, aiming to replace manual processes with real-time data sync. Stage coverage is early to growth: the firm raised a seed round in 2022 and a $16 million Series A in September 2023 led by Creandum, with participation from Samaipata, 4Founders Capital, and VentureFriends (per public record). Geographically, Embat serves Spanish-headquartered corporates and is expanding into other Southern European markets and Latin America. Embat reports roughly 60 employees as of early 2024, primarily based at its Madrid headquarters. In September 2023, the firm closed a $16 million Series A led by Creandum to accelerate expansion into Southern Europe and Latin America. Named investors include Creandum, Samaipata, 4Founders Capital, and VentureFriends. Philanthropic structures are not disclosed, nor does the firm operate adjacent investment vehicles; it remains a single-product company at this stage. Embat's structural differentiator lies in its founding team's bank-operating DNA. Berga and Serrano spent years inside J.P. Morgan's treasury and corporate banking divisions, giving them direct operational knowledge of the pain points they now sell software to fix. This contrasts with competitors built by pure-engineering teams who reverse-engineer treasury workflows from the outside. The startup's governance remains founder-led, with no announced succession planning or external CEO.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
Europe
Country
Spain
City
Madrid
Corporate office
Madrid, Spain
Principals
Antonio Berga
Co-Founder & Co-CEO
Carlos Serrano
Co-Founder & Co-CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Embat?
Embat is a technology company, not an investment firm. Strategic and capital-allocation decisions rest with co-founders Antonio Berga and Carlos Serrano, who serve as Co-CEOs. Product and go-to-market strategy is driven by the leadership team in Madrid, with guidance from a board that includes representatives of Creandum, Samaipata, and 4Founders Capital.
Is Embat structured as a family office or does it operate more like a venture-backed startup?
Embat is a venture-backed enterprise software startup, not a family office. It has raised institutional venture capital from firms including Creandum, Samaipata, 4Founders Capital, and VentureFriends. The company sells a software-as-a-service treasury management platform to corporate clients and does not manage a proprietary investment portfolio.
What do we know about Embat's actual client base?
Embat targets mid-market and large enterprises, primarily in Spain and expanding into Southern Europe and Latin America. The firm has publicly stated it serves corporate finance teams across multiple industries, but specific named enterprise clients have not been broadly disclosed. Its platform connects to major European banks via API, suggesting a client base with multi-bank European operations.
How is Embat capitalized, and who are its external backers?
Embat raised a seed round in 2022 and a $16 million Series A in September 2023 led by Creandum, with participation from existing investors Samaipata, 4Founders Capital, and VentureFriends (per public record). Creandum is the European venture firm known for early bets on Spotify and Klarna. The capital is being deployed against product development and geographic expansion.
What is Embat's known posture on geographic expansion?
The Series A funding round, announced in September 2023, was explicitly earmarked for expansion into Southern Europe and Latin America. Spain remains the home market and product-development hub. The Latin America push is notable given the region's fragmented banking landscape and the founders' network from J.P. Morgan, which maintains a large corporate banking presence there.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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