Madrid-based treasury management solutions provider Embat has acquired U.S. banking connectivity company Necto.
The acquisition will enable Embat to provide finance teams in medium and large companies with better banking connectivity via Necto’s integration of more than 30 banks and nearly 100 API services, Embat said in a Tuesday (Feb. 25) post on LinkedIn, translated by Google.
“At Embat, we continue to drive real-time global banking connectivity,” the post said. “With the acquisition of Necto, a leading U.S. company in banking connectivity via API, we strengthen our banking connectivity infrastructure and expand our integration with leading financial institutions such as JP Morgan, Citi, Barclays, HSBC, Commerzbank AG, Deutsche Bank and Wells Fargo, with a presence in North America, Europe and Asia.”
In its own LinkedIn post announcing the acquisition, Necto said the move marks “an exciting new chapter in our journey to transform global bank connectivity.”
“When we started Necto, our vision was to make corporate bank APIs seamless, secure and embedded within the tools finance and treasury teams already use,” the post said. “Joining Embat strengthens that vision — bringing even greater scale, innovation and impact to real-time cash management and payments.”
Embat raised €14.7 million ($15.96 million) in a Series A funding round in February 2024, saying it planned to use the funding to grow its international presence.
It was reported at the time that the company offers a tool for real-time corporate treasury management, using a unified tool to manage collections, payments and treasury processes, and automating accounting and bank reconciliation. This allows financial teams to save up to 75% of time spent on these tasks, while providing international visibility of cash and facilitating automatic monitoring of treasury forecasts.
Treasury teams that may be behind the curve today can enjoy improvements by implementing relatively simple initial upgrades to their technology stack, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Technology Strategies and Best Practices.”
The report found that automatic daily reconciliation across all bank accounts and data visualization tools that leverage existing treasury and companywide datasets are two examples of low-effort upgrades that can deliver improvements.
