Embat | From investment banking to SaaS, two journeys serving the CFO
We are back with a new episode of The Samaipata Podcast, where we sit down with top founders to unpack the strategies, decisions, and challenges behind building and scaling high-growth startups.
In this episode, we host Toni Berga and Carlos Serrano, co-founders of Embat, one of Europe’s most promising fintech startups, and part of Samaipata’s portfolio since we led their Seed round in 2023.
Toni and Carlos left a fast-paced career in investment banking and private equity to build Embat without a tech background, without product experience, but with a sharp market insight and the ambition to go big.
With €200K of personal savings, they built a first version of Embat… and quickly scrapped it. What followed was a deliberate, disciplined company-building process that led to what Embat is today: a treasury management platform that gives CFOs real-time visibility and control over their company’s cash, combining SaaS, transactional infrastructure and AI in a single product.
Today, Embat is operating internationally and backed by a strong Series A after raising €15M in a round led by Creandum. The company is on a mission to redefine the modern CFO stack with a clear vision, long term ambition, and a strong culture to support it.
Toni and Carlos walk us through how they approached their Seed and Series A rounds, the intentionality behind creating FOMO among investors, and the trade-offs of raising ambitious rounds. Despite healthy funding, they have remained radically frugal, a mindset rooted in their personalities and embedded in Embat’s culture from day one.
They also open up about their decision to acquire Necto to accelerate product development, their approach to international expansion, and the importance of hiring people who are deeply committed and willing to roll up their sleeves and get into the trenches - what they call a “no-surfer” culture. We explore how they track progress through metrics like ARR, retention and employee NPS, and how they are thinking about building a truly scalable fintech company without losing sight of the fundamentals.
This is an inside look at company building, product thinking, and fundraising - delivered by two founders who have built Embat with the kind of clarity and conviction we like to see.
Listen to the episode here:
Join us each month for fresh perspectives from some of the most exciting founders in the Spanish startup ecosystem. We look forward to having you along for the ride!