Madrid-based treasury management startup Embat has acquired Necto, a US bank API connectivity specialist. Financial terms were not disclosed.
Necto has integrations with more than 30 FS providers and nearly 100 API services, enabling firms to connect with multiple banks through a single access point, eliminating the need for individual integrations and simplifying payment automation, reconciliation, and real-time financial data access.
Embat says the deal strengthens its cloud-based platform for finance teams within mid-sized and large enterprises, enabling immediate visibility of cash, liquidity, and debt while reducing operational workload by up to 75%.
The acquisition also bolsters Embat's real-time banking connectivity infrastructure, expanding its integrations with the likes of JP Morgan, Citi, Barclays, HSBC, Commerzbank, Deutsche Bank, and Wells Fargo, with a presence across North America, Europe, and Asia.
“At Embat, we are committed to modernising banking infrastructure through APIs, and Necto’s technology perfectly aligns with our vision. Their solution complements our banking connectivity capabilities and allows us to expand our coverage and partnerships with major global banks,” says Tomás Gil, partner and CTO, Embat.