A canary forged at JP Morgan at the forefront of financial technology
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Just a few days ago, his company came to the fore in the national media specialized in the universe of finance after closing a round called ‘Series A’ of 15 million euros, one of the most relevant in the fintech -financial technology- sector in Spain in recent years. With this, the startup Embat has multiplied its turnover by four in 2023, which is a record for this company founded, among others, by the Canarian Carlos Serrano García-Lisónan entrepreneur forged in the bowels of JP Morgan – where he spent more than five years – and who now raises the flag of digitalization to promote the international expansion of said company.
Together with Antonio Berga and Tomás Gil, he founded Embat in 2021, El Saas -software as a service- for treasury management that has raised more than 20 million euros since its inception and already has a team of 70 people and more than 150 corporate clients between which include Cabify, Playtomic, Wallapop, Hoff, Cementos Molins or Vicio, operating in up to 15 countries, three of them actively: Spain, the United Kingdom and Germany.
The horizon seemed very different when Serrano studied industrial engineering at the University of Las Palmas de Gran Canaria, as he himself acknowledges. «It would already be in Germany, when I went to Technische Universität Berlin when the horizon of what I really wanted to do opened up for me. From there I went to London where I worked at financial companies such as TowerBrook Capital Partners and finally at JP Morganwhere I met Antonio Berga.
Image of the staff of Embat, the Spanish fintech founded by Canarian Carlos Serrano together with Antonio Berga and Tomás Gil.
Embat
According to Carlos, “the DNA and philosophy of the genuine company – the largest bank in the United States and one of the largest financial companies in the world – leave an indelible mark, highlighting values such as camaraderie, humility, healthy work ambition and team work. A series of values that we now try to promote at Embat.
When explaining the genesis of this idea, Serrano explains it with complete clarity: “What drove us was that there was a lot of complexity when it came to translating everything that happens at the banking level that would give meaning to a business or a financial team.” , Explain.
Relying on the technological movement of OpenBanking They found an opportunity to simplify that entire process.
Image of the three founders of Embat. In the center, the canary Carlos Serrano.
Embat
Toni and Carlos proposed embarking on Embat Tomas Gil, former Technology Director at Fintonic, which joined as a third partner in the project. From there, Embat began to print its stamp as one of the fashionable Spanish fintechs, allowing financial teams of medium and large-sized companies to manage their entire treasury comprehensively and in real time through digital media and the use of new technologies. The objective is build the most innovative and efficient financial platform to maximize the financial potential of all companies.
In this way, Embat offers a very fast implementation process and innovative cloud technology to centralize all collections, payments and treasury management processes, in addition to providing visibility of cash, liquidity and debt positions, and monitoring treasury forecasts. automatically, as well as the automation of accounting for collections and payments. This translates in savings of up to 75% of the time that financial teams dedicate to these tasks.
With ‘a lot of roots’ in the Canary Islands
Despite having been living in Madrid for several years, Serrano does not lose one bit when it comes to review its deep roots in the Canary Islands. «I always have it very much in mind even though I am making my life here. I believe that on the islands we enjoy an excellent generation of university-educated Canarians who need to be provided with the ideal synergies to boost their entrepreneurial capacity in different sectors.
In his opinion, «this increasingly greater academic training would require practical preparation, which companies give you. “It would be important for young people to have more opportunities to gain experience and thus have an increasingly complete professional inventory, not only in the field of banking and investment but also in other work areas.”
Likewise, Serrano García-Lisón gave his particular analysis of the economic panorama of the archipelago: «All types of economic activity, in recent years, are biased or influenced by the increase in geopolitical tensions in different countries like the war in Ukraine or Gaza. However, and with the recent example of Covidthe macroeconomic situation, we saw that the economic outlook was not so bad soon after. In the case of Canary Islandswith a market focused on the sector servicesa more volatile panorama is drawn, but if we isolate ourselves from the media noise, The situation is not as dramatic as some make it out to be.».
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