“Can Verizon convert its 100M+ subscriber base into a distribution moat for embedded financial products, starting with co-branded credit cards and high-yield savings, to reduce churn and grow ARPU?”
Verizon is a legacy telecom operator that has been progressively building embedded financial services on top of its large consumer and SMB customer base. The 2022 launch of the Verizon Business Mastercard (co-branded with Mastercard and FNBO) was its first significant foray into credit products. The 2025 Openbank savings account partnership with Santander signals a broader strategy to monetize its subscriber base through financial product bundles, following the telecom-to-fintech playbook pioneered by international peers.
Verizon discloses Santander Bank, N.A. (Openbank) as its banking provider, with Santander Bank, N.A. as its sponsor bank, according to the Embedded Finance Index 2026.
Verizon does not disclose a bank charter of its own; its banking services are provided through Santander Bank, N.A..
Verizon's lending and capital products are provided by First National Bank of Omaha (FNBO).
Verizon's investing and wealth products are powered by Fidelity (NetBenefits).
The Embedded Finance Index 2026 maps 4 layers in Verizon's stack: Banking / BaaS (Santander Bank, N.A. (Openbank)); Lending (First National Bank of Omaha (FNBO) and Verizon Business Mastercard (co-branded small business credit card, rewards-based, issued by FNBO)); Sponsor bank (Santander Bank, N.A.); Investing (Fidelity (NetBenefits)).
Verizon is founded in 2000 and headquartered in Basking Ridge, New Jersey, USA.
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