Spain-based AI treasury management fintech Embat has completed a EUR 30 million Series B funding round led by Cathay Innovation, a Paris-based global venture capital firm with over EUR 2.5 billion under management. Existing investors Creandum, Samaipata, 4Founders, and Venture Friends also participated in the round. The raise brings Embat's total funding since its founding in 2021 to over EUR 50 million.
The capital will be directed primarily towards scaling operations in the UK and Ireland, expanding the local team, and accelerating the company's go-to-market strategy in those markets. Embat entered the UK and Ireland 12 months ago and has since deployed its treasury management and agentic AI tools within mid-market companies across London, Manchester, and Bristol.
Platform capabilities and client base
Embat's platform enables corporate clients to automate up to 80% of manual treasury tasks. Its current client base includes 400 corporate clients across Europe, served by a team of 150 people. Clients include Treatwell, Northern Data, Fever, PetLab Co., International Schools Partnership, Derwent, and Arena Racing Company.
Central to the product suite is TellMe, Embat's proprietary AI analyst, which operates across treasury, accounting, payments, and cash optimisation. The tool handles operational workflows, reduces manual processes, eliminates data fragmentation, and provides real-time cash visibility alongside forecasting and hedging capabilities.
Embat has positioned itself as an early mover in generative and agentic AI for the European financial sector. In 2022, the company partnered with Google to develop what it describes as the first AI use case for accounting automation and bank reconciliation.
Market context and strategic rationale
Embat's head of UK and Ireland, Theo Wasserberg, noted that the convergence of agentic AI, real-time payments, and Open Banking infrastructure is reshaping how finance teams operate. He mentioned that, in the current climate of persistent inflation, fluctuating interest rates, and unexpected currency volatility, British and Irish businesses cannot afford idle cash or inefficient reconciliation processes.
The platform targets mid-market firms, a segment that Embat identifies as underserved by existing treasury tools. Many finance directors at companies of this size remain reliant on manual systems and spreadsheets, lacking access to the treasury infrastructure more commonly available to larger enterprises.
The investment reflects sustained appetite among venture capital investors for AI-native financial infrastructure tools targeting the corporate segment, particularly as CFOs face growing pressure to improve cash visibility, reduce operational costs, and manage currency and interest rate risk in real time.
