Embat, an AI-powered FinTech specialising in treasury management, has closed a €30m Series B funding round to support its expansion across Europe.
The round was led by Cathay Innovation, a Paris-headquartered global venture capital firm with more than €2.5bn in assets under management. Returning backers Creandum, Samaipata, 4Founders, and Venture Friends all participated in the raise.
A considerable share of the capital will be channelled into growing Embat’s presence in the UK and Ireland, where the company has been active for the past 12 months. During that period, it has embedded its treasury management and agentic AI tools within mid-market businesses operating out of London, Manchester, and Bristol. The investment will also support team growth and an accelerated go-to-market push.
Founded as a pioneer in generative and agentic AI for the European financial sector, Embat partnered with Google in 2022 to develop the continent’s first AI application for accounting automation and bank reconciliation. The company intends to continue investing heavily in its AI-native product suite, maintaining its position at the forefront of agentic AI and other technologies increasingly adopted by CFOs and corporate treasurers. Its proprietary AI analyst, TellMe, spans treasury, accounting, payments, and cash optimisation, reducing manual workloads, eliminating data fragmentation, automating critical processes, and providing real-time cash visibility alongside intelligent forecasting and hedging capabilities.
The business focuses on addressing the operational challenges faced by CFOs at mid-market companies, many of whom still depend on spreadsheets and manual systems to manage their finances. Current clients include Treatwell, Northern Data, Fever, PetLab Co., International Schools Partnership, Derwent, and Arena Racing Company.
Cathay Innovation managing partner Jacky Abitol said: “Supporting Embat means backing a vision we deeply believe in: the rise of tech leaders with the ambition and ability to reshape Europe’s financial landscape. What stood out to us, beyond an exceptional team with deep roots in finance, is their ability to solve some of the most complex challenges faced by large corporates. Powered by advanced AI, Embat delivers a robust, concrete answer to the treasury needs of global enterprises. We are delighted to join them for this next chapter and help accelerate what we believe can become the global standard for financial management.”
Embat co-founder and co-CEO Antonio Berga said: “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. This funding allows us to expand our team and put our technology into the hands of more finance directors, helping them drive immediate efficiency gains and secure real-time visibility over their cash.”
Embat head of UK&I Theo Wasserberg said: “The convergence of agentic AI, real-time payments, and our mature open banking infrastructure is fundamentally shifting how finance teams operate. In today’s climate of persistent inflation, fluctuating interest rates and unexpected currency volatility, British and Irish businesses simply cannot afford idle cash or inefficient reconciliation processes. We are providing local finance directors with the tools to automate up to 80% of manual treasury tasks, transforming the finance function from a traditional cost centre into a strategic driver of business resilience.”
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