Embat has raised €30 million in Series B financing, giving the European treasury management fintech new capital to expand its AI-powered platform as corporate finance teams move more of their cash management, reconciliation and liquidity forecasting processes into cloud-based systems.

The Madrid-founded company said on Tuesday that the round was led by Cathay Innovation, the Paris-based venture capital arm of Cathay Capital. Existing backers Creandum, Samaipata, 4Founders and Venture Friends also participated. Embat said the transaction brings its total funding since launch in 2021 to more than €50 million.

The investment places Embat at the intersection of two areas that have remained resilient in financial technology despite a more selective venture funding market: vertical enterprise software and AI-enabled workflow automation. Rather than targeting consumers or payment volume alone, the company sells to finance departments at mid-to-large corporations that need to centralize bank data, automate reconciliations, execute payments, forecast liquidity and manage treasury operations across markets.

Embat said a significant portion of the new funding will be directed toward international expansion, team growth and product investment. The company has been building its presence beyond Spain, with operations in London, Madrid, Berlin and Munich, and said it has continued to deploy treasury management and agentic AI tools among mid-market companies across Europe.

The financing comes as treasury management has become a more strategic function for companies dealing with higher financing costs, periodic currency volatility and tighter working-capital scrutiny. Finance directors and corporate treasurers have increasingly sought systems that can provide real-time cash visibility across multiple banks and enterprise resource planning systems, replacing manual processes that can leave cash positions, forecasts and reconciliations out of date.

Embat’s platform is designed to connect bank and ERP data, centralize treasury operations and automate processes including reconciliation, cash forecasting, accounting workflows and payments. According to Cathay Capital’s announcement, the company works with more than 400 corporate clients across Europe and has a team of about 150 people. The company says its technology can automate up to 80% of manual treasury tasks.

The company’s client list includes Treatwell, Northern Data, Fever, PetLab Co., Cabify and Dojo, according to the funding announcement. Spanish business publication Cinco Días also cited clients including Wallapop, Cementos Molins and Grupo Construcía, underscoring Embat’s positioning among companies that have complex finance operations but may lack the treasury infrastructure traditionally associated with very large multinationals.

Cathay Innovation’s involvement gives Embat a lead investor with a global venture network and a stated focus on AI-driven technology companies. Cathay Capital said Cathay Innovation has more than €2.5 billion under management. For Embat, the lead investment brings not only growth capital but also a backer with experience in helping software companies scale across markets.

Antonio Berga, Embat’s co-founder and co-chief executive, said the Series B marks a new growth milestone for the company and will help accelerate expansion across Europe. He said Cathay Innovation provides capital, endorsement and strategic backing for scaling, particularly in the UK and Ireland, while the additional funding will support hiring and broader adoption among finance directors seeking efficiency gains and real-time visibility over cash.

The UK and Ireland are a particular focus for the company’s next phase. Embat said its local operations have integrated treasury management and agentic AI tools within mid-market companies in cities including London, Manchester and Bristol since expanding into the region. The company has also built a footprint in Germany, with offices in Berlin and Munich, as part of a broader push beyond its Spanish base.

The financing also gives Embat more resources to develop TellMe, its proprietary AI analyst. The company describes TellMe as an agentic AI treasury analyst that operates across treasury, accounting, payments and cash optimization. The tool is intended to handle operational tasks, reduce manual processes, identify cash-flow patterns, automate complex reconciliations and support forecasting and hedging decisions.

That product focus reflects a wider shift in fintech investment away from broad consumer acquisition models and toward embedded software for business finance functions. Treasury management is a less visible segment than payments or digital banking, but it directly affects liquidity, cash yield, working capital, foreign exchange exposure and operational resilience. For mid-market firms expanding internationally, the ability to view bank balances, payments and cash forecasts across geographies can become increasingly important.

Embat argues that many finance teams still rely on disconnected spreadsheets, bank portals and legacy tools that make treasury work slow and error-prone. The company’s pitch is that AI can help move treasury departments from manual reporting and reconciliation toward more active decision support, where systems detect anomalies, flag liquidity needs and provide management with faster information on cash positions.

The company’s founders bring corporate finance and technology backgrounds. Embat was founded by Antonio Berga and Carlos Serrano, former J.P. Morgan executives with experience in corporate and investment banking, alongside Tomás Gil, former chief technology officer of Fintonic. The company has framed its platform around “technology by financial experts for financial experts,” emphasizing that treasury automation requires both software engineering and domain-specific financial knowledge.

According to the Cathay announcement, Embat integrates with more than 15,000 banks and major ERP systems through hybrid connectivity, a capability designed to reduce data fragmentation across corporate finance operations. That connectivity is central to the company’s value proposition because treasury platforms typically depend on reliable access to bank accounts, payments data, accounting systems and corporate planning tools.

The company said it was an early mover in generative and agentic AI use cases for European finance. In 2022, Embat partnered with Google to develop an AI use case for accounting automation and bank reconciliation, according to the funding announcement. Embat now plans to keep investing in AI-native product capabilities as part of its effort to become a broader financial management system for corporate finance teams.

The Series B also highlights how AI is being applied in business software beyond front-office sales and customer-service automation. In treasury, the potential efficiency gains are tied to repetitive but high-stakes processes: matching payments with invoices, reconciling bank transactions, forecasting liquidity under different scenarios, monitoring cash across accounts and ensuring that finance teams can respond quickly to changes in funding needs or currency exposure.

Theo Wasserberg, Embat’s head of UK and Ireland, said the convergence of agentic AI, real-time payments and open banking infrastructure is changing how finance teams operate. He said persistent inflation, fluctuating interest rates and unexpected currency volatility have made idle cash and inefficient reconciliation processes more costly for businesses, adding that Embat aims to turn the finance function from a cost center into a driver of resilience.

For investors, the attraction is partly that treasury departments sit close to the financial control layer of companies. Once integrated with banks and ERPs, treasury software can become a core operating system for finance teams, giving providers opportunities to expand into adjacent functions such as payment workflows, accounting automation, liquidity optimization and financial planning. That expansion potential has made corporate finance automation a recurring theme in fintech and enterprise software funding rounds.

The competitive landscape remains active. Embat competes broadly with treasury management systems, finance automation providers, bank treasury portals, ERP extensions and newer AI-native finance software companies. Its challenge will be to prove that AI functionality can deliver durable productivity gains while meeting corporate requirements for reliability, security, auditability and integration with existing financial infrastructure.

The company’s European focus gives it access to a large market of mid-sized and multinational companies operating across multiple banking relationships, currencies and regulatory environments. At the same time, expansion across Europe requires localization, bank connectivity, compliance with data protection expectations and sales execution across different corporate finance cultures. The new funding is intended to help Embat invest in those capabilities while scaling go-to-market operations.

Jacky Abitol, managing partner at Cathay Innovation, said Embat stood out because of its team’s finance roots and its ability to address complex treasury challenges faced by large corporates. He said the company’s AI-powered product offers a concrete response to enterprise treasury needs and could become a global standard for financial management.

For the broader fintech market, the round reinforces investor interest in software that helps companies manage financial operations rather than in products dependent mainly on transaction growth or consumer adoption. Treasury automation is not as prominent as digital wallets or crypto infrastructure, but its economics can be attractive when customers are enterprises with recurring software budgets and clear incentives to reduce manual work.

The timing is also favorable for tools that improve liquidity visibility. Companies have had to navigate a period in which cash management decisions carry higher opportunity costs than in the low-rate environment that preceded the recent tightening cycle. Even where interest rates are stabilizing, finance teams remain focused on optimizing cash balances, managing short-term funding and strengthening internal controls.

Embat’s Series B is therefore both a funding event and a test of whether agentic AI can become a practical layer inside corporate treasury. The company will need to show that its AI analyst can move beyond workflow assistance into dependable execution and decision support, while keeping human finance teams in control of approvals, risk management and strategic judgment.

With more than €50 million raised to date, Embat now has additional runway to pursue that strategy across Europe. The next stage will depend on how quickly it can convert mid-market demand into recurring enterprise adoption, expand its integrations and demonstrate that AI-powered treasury management can become a standard component of the modern finance stack.