Fullsteam
“Can a vertical software roll-up become the embedded financial operating system — payments, capital, insurance — for 60,000+ niche SMB merchants?”
Founded in 2018 as a roll-up acquirer of vertical software companies under the thesis that software and payments belong together. Fullsteam has grown through aggressive M&A (50+ acquisitions by 2022, with Silverware and Maestro being the largest in 2023), embedding payments and financial services into every acquired platform. The company has evolved from pure payments integration toward a broader embedded finance platform — adding merchant capital (via Parafin, 2022), insurance (2024), and marketing services — positioning itself as the financial operating layer for niche vertical software businesses.