Marketplaces that place several banks', lenders' and insurers' services inside the software small businesses already use (ERP, accounting, e-invoicing, payroll and business-banking apps), instead of selling one financial product themselves. Counted from partners each provider names publicly.
The software platform gets a catalogue of financial services and a share of the revenue without signing each provider separately. The banks, lenders and insurers get pre-qualified small-business customers inside the tools those businesses already use. The distribution platform matches the two, usually with the business's own accounting or banking data.
The difference with the rest of the stack is neutrality and breadth: a distribution platform does not lend, insure or hold money itself. Lending-only marketplaces are counted under lending; a single provider's embedded product is counted under its own layer.
Catalogues of financing, factoring, insurance and treasury offers from many providers, embedded in ERP, accounting and e-invoicing software. Most-named in the Index: Hapto, Swoop and Nav.
Platforms that let a large company offer accounts, payments, credit and insurance from several providers to its own network of merchants or suppliers. Most-named in the Index: Toqio.
Embedded finance distribution is a marketplace layer between financial providers and business software. Instead of offering one lender's or insurer's product, a distribution platform plugs into ERP, accounting, e-invoicing, payroll and business-banking tools and shows each business the financing, insurance, savings or treasury offers it qualifies for, from many providers at once.
By number of companies linked to them through public disclosures and provider customer lists, the most-named embedded finance distribution platforms are Hylobiz (8), Hapto (3), Paycile (3), Nav (2) and Toqio (2) (Embedded Finance Index, November 2026).
An embedded lender provides the money itself, under the platform's brand. A distribution platform provides no money: it connects the platform's business customers with several lenders, insurers and banks and lets them compare offers in one place.
The Embedded Finance Index analyzes the public infrastructure stacks of 6,643 fintech and embedded-finance companies. A provider is counted when a company names it in its own disclosures — terms, partner pages, press releases — or when the provider publicly lists that company as a customer. Counts are relationships, not revenue or volume.