Fintech Company Embat Looks to Europe and Opens Offices in Germany and the UK

With around ten years of experience in the financial world, Carlos Serrano and Antonio Berga saw in the cloud an opportunity to streamline treasury management. At the end of 2021, they launched the fintech company Embat which, thanks to its technology, allows the centralization of key processes for companies such as the management of collections, payments, accounting and bank reconciliation.

After consolidating the growth of the business in Spain, they decided to export their product in Europe and open offices in Germany and the United Kingdom. The three hubs have a total of 100 employees and Embat plans to make new hires in the next three months.

Serrano and Berga spent five years working in the investment banking department of JPMorgan, where the germ of Embat emerged. “We were looking for a project that was worth exploring and the combination of that vocation and the experience we had encouraged us to set up the project,” said Serrano.

Embat operates mainly with medium-sized or large companies that have complex businesses, either because they have to operate in different jurisdictions or because they collaborate with multiple banks. “When you have a current account in a bank, it is very easy to have everything centralized, but when you already work with a large financial pool , it is difficult to have a centralized view of everything that is happening and make treasury management decisions,” said Serrano.

Embat has around 300 corporate clients, including Cabify, Playtomic and Wallapop. “We work for technology companies, industrial companies, healthcare companies… there’s a bit of everything. And we also offer service to consumers who have high transaction volumes and who may find it difficult to keep track of everything,” explained the entrepreneur.

With its in-house banking solution, Embat simplifies the management of intra-group transactions, centralizes financial balances between legal entities and optimizes liquidity planning. This integration not only simplifies financial tasks, but also results in significant savings of up to 75% of the time that financial teams usually spend on these tasks, the firm said.

Embat: Transactions in 70 currencies

Currently, Embat already integrates with more than 15,000 banking entities worldwide and makes transactions in 70 currencies . In terms of user participation on the platform, the fintech reports that more than 900 users access it an average of 3.5 times per week to manage corporate treasury.

The choice of Germany and the United Kingdom as countries where to set up their first offices outside Spain was strategic, the founders acknowledge.

“Germany can serve as a main hub for central Europe and we thought that in order to enter there we needed a local presence with native people who knew the market. The United Kingdom, for its part, is the cradle of fintech in Europe . I think that in those countries we can get a lot of talent to optimize our product and it is a broad market in the segment of companies for which we work,” said Serrano.

This year, the firm Embat has grown its turnover by more than 300% compared to 2023 , although it does not communicate the figure. It has not yet reached breakeven, as it continues to invest in business growth in search of new opportunities.

Last February, the company closed a €15 million funding round, led by Creandum, with the participation of financial partners such as Samaipata, 4Founders and Venture Friends.

__

(Featured image by Ronald Candonga via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in elEconomista.es. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.