Radar / Other

Embat

Other Spain embat.io ↗

Automated profile · 2026-10-21 Sources checked 2026-10-21

Amberoverall

Reviewed 2026-10-21

Our verdict

Be careful

Some important points are unclear or concerning.

No own payment/e-money licence found. Embat's terms state it does not provide regulated services itself; PSD2 services come from Regulated Providers, and Embat may act …
The Regulated Providers/banks behind Embat's payment-account, payment-initiation and new Global Banking IBAN offerings are not named in public sources found. The …

!Licensed for what it does?Unclear

○Warnings or fines from regulators?Not checked yet

✓Owners known and transparent?Yes

○Customer complaints?Not checked yet

What should I do?

Check the licence yourself in the official register of the country where it operates.
Start small – never send more than you can afford to lose.
Keep screenshots of all payments and conversations.

Based on public sources at the date of review. Not a finding that the company acted unlawfully; the company can respond below.

About

Embat is a Madrid-based fintech software company offering a treasury management platform (bank and ERP connectivity, reconciliation, forecasting, payment automation, AI analyst "TellMe"). Its terms say regulated PSD2 services (account aggregation, payment initiation, payment accounts) are provided by separate Regulated Providers, with Embat acting as platform manager or registered agent. In May 2026 it raised a €30M Series B led by Cathay Innovation, and in July 2026 it launched a "Global Banking" product offering local IBANs in 22 countries. It has offices in Madrid, London, Berlin and Munich.

The full check

🪪LicenceLicensing & registrationCaution

No own payment/e-money licence found. Embat's terms state it does not provide regulated services itself; PSD2 services come from Regulated Providers, and Embat may act as their registered agent. Since July 2026 Embat also markets a Global Banking product with local IBANs in 22 countries; press does not say which licensed entity issues the accounts. Agent registration and provider identities were not verified in a regulator register.

👥Who owns itOwnership & controlOK

Legal entity, Spanish registered office and founders are identifiable. Press names the investors (Cathay Innovation lead; Creandum, Samaipata, 4Founders Capital, Venture Friends). Embat also acquired US company Necto in 2025. No company-register extract was reviewed.

🏦Where your money goesBanking & payment chainCaution

The Regulated Providers/banks behind Embat's payment-account, payment-initiation and new Global Banking IBAN offerings are not named in public sources found. The platform connects to banks, ERPs and PSPs via open banking, corporate APIs and file-based channels. Enhanced due diligence is advisable on which licensed entities hold client funds.

⚖️Regulator actionsRegulatory actionsNot checked yet

Not yet assessed.

📰News & reputationAdverse media & OSINTNot checked yet

Not yet assessed.

💬Customer experienceCustomer conductNot checked yet

Not yet assessed.

How we rate: methodology.

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People & network

People (public registers)

Antonio Berga · Co-founder and co-CEO · source
Carlos Serrano · Co-founder and co-CEO · source
Tomás Gil · Partner and CTO · source
Álvaro Dexeus · Director of Global Banking · source

Version history

2026-10-21 Amber signal Automated re-check: licensing: stays amber – added July 2026 Global Banking (local IBANs in 22 countries) launch; issuing licensed entity still not identified
2026-10-21 Insufficient data Automated profile created from public sources

Are you Embat?

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