← State of Embedded Finance 2026

Anthemis

Can a specialist fintech VC firm build a portfolio dense enough in infrastructure and distribution to shape how embedded finance matures globally?

HQLuxembourg (registered); London (operational)
IndustryFintech / Investment
The story

Anthemis is a venture capital and advisory firm specialising in fintech, insurtech, and embedded finance infrastructure investments. It is incorporated in Luxembourg with operational presence in London. Unlike operating fintechs, Anthemis's embedded finance footprint is primarily expressed through its portfolio companies (e.g., Currencycloud, Qover) rather than through its own products. The evidence does not reveal a pivot narrative typical of an operating company.

Last 12 months
Regulated entities
S.A. (public limited liability company)
Luxembourg
Anthemis Group S.A.
The stack
Insurance
Qover
FX & payouts
Currencycloud
Accounting gap: none