“Can Fidelity Investments transform from the world's largest private asset manager into an end-to-end financial infrastructure platform — spanning clearing, custody, digital assets, open banking, and embedded workplace finance — while defending its retail brokerage and 401(k) franchises?”
Founded in 1946 as a mutual fund manager, Fidelity evolved into one of the world's largest full-service financial institutions, operating broker-dealer, clearing, custody, workplace retirement, and wealth management businesses. Over the past decade, Fidelity has systematically built embedded finance infrastructure for third-party wealth managers and broker-dealers (via National Financial Services clearing, Integration Xchange, and WorkplaceXchange APIs) while simultaneously expanding its own retail financial services stack including cash management, bill pay, securities-backed lending, and foreign exchange. Most recently, Fidelity has entered the stablecoin and digital assets space by issuing the Fidelity Digital Dollar through its own nationally chartered digital assets bank entity, signaling a move toward being a vertically integrated financial infrastructure provider rather than just an asset manager.
Fidelity Investments discloses Morgan Stanley Private Bank as its banking provider, according to the Embedded Finance Index 2026.
Fidelity Investments does not disclose a bank charter of its own; its banking services are provided through Morgan Stanley Private Bank.
Fidelity Investments processes payments through Fidelity FOREX Inc. (self-operated) and National Financial Services LLC — trade execution & clearing (self-operated).
Fidelity Investments connects to bank accounts through Akoya.
Fidelity Investments uses Fidelity FOREX Inc. (self-operated) for FX and cross-border payouts.
Fidelity Investments's payroll is powered by Finch.
Fidelity Investments's crypto products run on Fidelity Digital Assets (self-operated).
Fidelity Investments integrates with QuickBooks.
The Embedded Finance Index 2026 maps 9 layers in Fidelity Investments's stack: Payments / PSP (Fidelity FOREX Inc. (self-operated) and National Financial Services LLC — trade execution & clearing (self-operated)); Banking / BaaS (Morgan Stanley Private Bank); Lending (Securities-Based Line of Credit (SBLOC), U.S. Bank Flexible Capital Line of Credit (preferred lender partnership) and Margin Lending); Payroll (Finch); Open banking (Akoya); Unified APIs (Finch); FX & payouts (Fidelity FOREX Inc. (self-operated)); Crypto (Fidelity Digital Assets (self-operated)); Accounting (QuickBooks).
Fidelity Investments was founded by Edward C. Johnson II and is founded in 1946, headquartered in Boston, Massachusetts, USA.
Get a read on where your own stack stands against Fidelity Investments and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.