▶ 1:09 · $ENBAT · $ENBAT · De banqueros de JP Morgan a levantar 50M€ sin saber programar | Embat

episode briefing

De banqueros de JP Morgan a levantar 50M€ sin saber programar | Embat

2026-09-17 · 17 company · 0 thematic

sentiment

6 bull1 bear10 neu

speakers

Co-founder of Enbat, former JPMorgan investment banker (12 years) focused on family-owned companies, worked in Madrid and London; left to start Enbat in 2021 with Carlos.

carlos

Co-founder of Balance Phone, former product engineer at Philip Morris in Switzerland, studied engineering at Polytechnic University of Catalonia; partnered with childhood friend Albert to build a non-addictive smartphone.

quote

“Enbat ayuda a equipos financieros eh a sacar el máximo rendimiento a su caja. Básicamente eh lo que empezamos es con un tool muy operativo, eh donde todo lo que hacía un humano entre un banco, un Excel y un sistema de contabilidad lo inten…”

—tony

now playing · $ENBAT · $ENBAT

$ENBATbullish· high· postony

Enbat founders detail treasury platform scaling to 500 clients, €30M latest round

Enbat automates treasury operations for mid-market companies (€50M-€1B revenue) by connecting banks, ERPs, and adding AI-driven forecasting and reconciliation, achieving 95% autom…

$ENBATbullish· mediumtony

Enbat founders detail treasury platform scaling to 500 clients, €30M Series C, and 10-year bank license vision

Enbat automates treasury workflows — cash visibility, forecasting, and bank reconciliation — for mid-market companies (€20M–€1B revenue) via deep ERP and bank integrations, target…

$AICAPbearish· mediumtony

Tony claims AICAP lacks intelligence layer, limiting its treasury value

AICAP only aggregates treasury accounts without adding intelligence, so it does not help clients optimize cash or reduce financing costs, making it less valuable for sophisticated…

$KYRIBAneutral· mediumcarlos

Kyriba positioned as Enbat's primary competitor with ~€500M revenue, PE-backed by Bridgepoint and General Atlantic

Kyriba, a French-origin treasury management platform that moved HQ to the US (now 60–70% of revenue), is the category leader but remains legacy; Enbat competes head-on in Spain an…

$KYRIBAneutral· mediumtony

Kyriba dominates treasury management at $500M revenue but sector remains legacy

Kyriba is the category leader in treasury management with ~$500M revenue, French-origin now US-headquartered, owned by Bridgepoint and General Atlantic PE; despite being seen as t…

$KYRIBAneutral· mediumcarlos

Kyriba positioned as Enbat's main competitor with ~€500M revenue, 70% US, PE-backed

Kyriba is the category leader in treasury management, moved HQ to US 7-8 years ago, generates ~€500M revenue with 60-70% from US, backed by Bridgepoint and General Atlantic, but E…

$KYRIBAneutral· mediumtony

Enbat founders view Kyriba as dominant but legacy-heavy treasury leader

Kyriba is the market reference with ~500M revenue, PE-owned by Bridgepoint and General Atlantic, but its cloud transition was 7 years ago and it focuses on US large-cap, leaving m…

$KANTOXneutral· lowcarlos

Kantox partners with Enbat on FX risk management for corporate treasury teams

Kantox specializes in active FX hedging for large corporates; Enbat refers clients with complex currency exposure to Kantox as a complementary solution.

$KANTOXneutral· lowtony

Kantox partners with Enbat on FX risk management for treasury clients

Kantox specializes in FX risk management and sometimes co-sells with Enbat when clients have both treasury visibility and complex currency hedging needs; one founder is a personal…

$KANTOXneutral· lowcarlos

Kantox pivoted to large-cap FX risk management leaving mid-market gap

Kantox started as FX risk management but moved upmarket to multi-large cap segment, creating partnership opportunities for Enbat in mid-market treasury.

$KATAIbullish· mediumtony

Katai leads Enbat €30M round from French AI-focused fund, adds banking regulation expertise

French VC Katai (Jackin leading) invested €30M from a €15M AI fund, bringing French banking connections and regulatory pathway expertise as Enbat pursues credit institution licens…

$CREANDUMbullish· mediumtony

Creandum leads Enbat Series B after 8-month relationship, founders value non-competitive process

Enbat chose Creandum (Peter) for Series B after long relationship-building without a competitive process, valuing partner quality and long-term support over valuation optimization…

$GENERAL-CATALYSTneutral· lowcarlos

General Catalyst replaces Creandum on Enbat board in latest round

General Catalyst joined Enbat's cap table and board in the April 2024 round, replacing Creandum's Peter, signaling continued high-quality investor syndicate.

$SAMAIPATAbullish· mediumcarlos

Samaipata leads Enbat Series A, José del Barrio key advisor for hiring/firing decisions

Samaipata led Enbat's Series A in March 2023 and José del Barrio became a go-to advisor for critical people decisions; founders prioritize investor relationship quality over compe…

$SAP···neutral· hightony

SAP acquired four treasury software companies in five months, smallest deal at €1B

SAP is aggressively consolidating the treasury management space via M&A, buying four companies in five months with a minimum deal size of €1B, signaling strategic priority for cor…

$SAP···neutral· mediumtony

SAP aggressively acquiring treasury startups but Enbat sees different strategic path

SAP has acquired four treasury companies in five months with minimum deal size of $1B, yet Enbat founders believe their vision extends toward banking infrastructure rather than ER…

$ENBATbullish· high· postony

Enbat founders reject M&A offers, target corporate banking license in 10 years

Founders have turned down acquisition offers (including hypothetical €500M-1B from SAP) because they are motivated by the long-term challenge of building a corporate bank; they ha…

←

▶ 1:09 · $ENBAT · $ENBAT · De banqueros de JP Morgan a levantar 50M€ sin saber programar | Embat

episode briefing

Itnig

De banqueros de JP Morgan a levantar 50M€ sin saber programar | Embat

2026-09-17 · 17 company · 0 thematic

sentiment

6 bull1 bear10 neu

speakers

tony

Co-founder of Enbat, former JPMorgan investment banker (12 years) focused on family-owned companies, worked in Madrid and London; left to start Enbat in 2021 with Carlos.

carlos

quote

“Enbat ayuda a equipos financieros eh a sacar el máximo rendimiento a su caja. Básicamente eh lo que empezamos es con un tool muy operativo, eh donde todo lo que hacía un humano entre un banco, un Excel y un sistema de contabilidad lo inten…”

—tony

now playing · $ENBAT · $ENBAT

$ENBATbullish· high· postony

Enbat founders detail treasury platform scaling to 500 clients, €30M latest round

Enbat automates treasury operations for mid-market companies (€50M-€1B revenue) by connecting banks, ERPs, and adding AI-driven forecasting and reconciliation, achieving 95% autom…

$ENBATbullish· mediumtony

Enbat founders detail treasury platform scaling to 500 clients, €30M Series C, and 10-year bank license vision

Enbat automates treasury workflows — cash visibility, forecasting, and bank reconciliation — for mid-market companies (€20M–€1B revenue) via deep ERP and bank integrations, target…

$AICAPbearish· mediumtony

Tony claims AICAP lacks intelligence layer, limiting its treasury value

AICAP only aggregates treasury accounts without adding intelligence, so it does not help clients optimize cash or reduce financing costs, making it less valuable for sophisticated…

$KYRIBAneutral· mediumcarlos

Kyriba positioned as Enbat's primary competitor with ~€500M revenue, PE-backed by Bridgepoint and General Atlantic

Kyriba, a French-origin treasury management platform that moved HQ to the US (now 60–70% of revenue), is the category leader but remains legacy; Enbat competes head-on in Spain an…

$KYRIBAneutral· mediumtony

Kyriba dominates treasury management at $500M revenue but sector remains legacy

Kyriba is the category leader in treasury management with ~$500M revenue, French-origin now US-headquartered, owned by Bridgepoint and General Atlantic PE; despite being seen as t…

$KYRIBAneutral· mediumcarlos

Kyriba positioned as Enbat's main competitor with ~€500M revenue, 70% US, PE-backed

Kyriba is the category leader in treasury management, moved HQ to US 7-8 years ago, generates ~€500M revenue with 60-70% from US, backed by Bridgepoint and General Atlantic, but E…

$KYRIBAneutral· mediumtony

Enbat founders view Kyriba as dominant but legacy-heavy treasury leader

Kyriba is the market reference with ~500M revenue, PE-owned by Bridgepoint and General Atlantic, but its cloud transition was 7 years ago and it focuses on US large-cap, leaving m…

$KANTOXneutral· lowcarlos

Kantox partners with Enbat on FX risk management for corporate treasury teams

Kantox specializes in active FX hedging for large corporates; Enbat refers clients with complex currency exposure to Kantox as a complementary solution.

$KANTOXneutral· lowtony

Kantox partners with Enbat on FX risk management for treasury clients

Kantox specializes in FX risk management and sometimes co-sells with Enbat when clients have both treasury visibility and complex currency hedging needs; one founder is a personal…

$KANTOXneutral· lowcarlos

Kantox pivoted to large-cap FX risk management leaving mid-market gap

Kantox started as FX risk management but moved upmarket to multi-large cap segment, creating partnership opportunities for Enbat in mid-market treasury.

$KATAIbullish· mediumtony

Katai leads Enbat €30M round from French AI-focused fund, adds banking regulation expertise

French VC Katai (Jackin leading) invested €30M from a €15M AI fund, bringing French banking connections and regulatory pathway expertise as Enbat pursues credit institution licens…

$CREANDUMbullish· mediumtony

Creandum leads Enbat Series B after 8-month relationship, founders value non-competitive process

Enbat chose Creandum (Peter) for Series B after long relationship-building without a competitive process, valuing partner quality and long-term support over valuation optimization…

$GENERAL-CATALYSTneutral· lowcarlos

General Catalyst replaces Creandum on Enbat board in latest round

General Catalyst joined Enbat's cap table and board in the April 2024 round, replacing Creandum's Peter, signaling continued high-quality investor syndicate.

$SAMAIPATAbullish· mediumcarlos

Samaipata leads Enbat Series A, José del Barrio key advisor for hiring/firing decisions

Samaipata led Enbat's Series A in March 2023 and José del Barrio became a go-to advisor for critical people decisions; founders prioritize investor relationship quality over compe…

$SAP···neutral· hightony

SAP acquired four treasury software companies in five months, smallest deal at €1B

SAP is aggressively consolidating the treasury management space via M&A, buying four companies in five months with a minimum deal size of €1B, signaling strategic priority for cor…

$SAP···neutral· mediumtony

SAP aggressively acquiring treasury startups but Enbat sees different strategic path

SAP has acquired four treasury companies in five months with minimum deal size of $1B, yet Enbat founders believe their vision extends toward banking infrastructure rather than ER…

$ENBATbullish· high· postony

Enbat founders reject M&A offers, target corporate banking license in 10 years

Founders have turned down acquisition offers (including hypothetical €500M-1B from SAP) because they are motivated by the long-term challenge of building a corporate bank; they ha…