San Francisco · founded 2013
Split payments, seller payouts in many currencies, and financing for the sellers themselves: what marketplaces disclose about each, and who powers it.
A marketplace collects money from one side and pays it to the other, so its first financial problem is, in most jurisdictions, a regulated one: holding and splitting funds that belong to someone else. Platform-payments products exist largely to solve it.
The next layers follow the sellers: payouts in their currency, capital against their sales, and insurance for sellers, workers and shipments. This guide counts each layer across the marketplaces and commerce platforms in the index.
The share of marketplaces and commerce platforms whose public disclosures name each financial layer, and the providers named most often. Layer names link to the full leaderboard; provider names link to the provider’s page.
Adyen is named by 30 of the 93 that use a provider, ahead of Stripe and Stripe Connect. 15 run it on their own licence or in-house.
Payoneer is named by 6 of the 44 that use a provider, ahead of Adyen and Airwallex.
Affirm is named by 7 of the 43 that use a provider, ahead of Finmid and Klarna.
Plaid is named by 5 of the 19 that use a provider, ahead of TrueLayer and Apideck.
Airwallex is named by 2 of the 15 that use a provider, ahead of Mangopay and Stripe Treasury.
Cover Genius is named by 6 of the 17 that use a provider, ahead of Zego and Stride Health.
Adyen is named by 3 of the 14 that use a provider, ahead of Marqeta and Stripe Issuing.
BILL is named by 4 of the 12 that use a provider, ahead of Melio and Tipalti.
Veriff is named by 3 of the 11 that use a provider, ahead of Socure and Stripe Identity.
Brex Treasury is named by 4 of the 8 that use a provider, ahead of Modern Treasury. One provider holds 50% of the layer.
7 marketplaces and commerce platforms disclose a sponsor bank. 7 name a provider, but none more than once.
Companies rarely stop at one layer: 56% of marketplaces and commerce platforms run two or more. These are the layers that travel together most strongly, compared with companies that don’t run the first one.
Six marketplaces and commerce platforms with deep public stacks. “Own” marks a layer the company runs itself. Each card links to the full dossier.
ShopifyPairs of providers on two different layers, counted across the 143 marketplaces and commerce platforms. One company can count towards several pairs.
Marketplaces that hold buyer funds before paying sellers generally need a provider licensed to do it, or their own e-money or payment-institution licence. Connected-account products handle onboarding, KYC and the split.
In the data: 67% of marketplaces and commerce platforms disclose payments. Most named: Adyen (30), Stripe (25), Stripe Connect (19). See the layer · full leaderboard
Cross-border marketplaces pay out in local currency through FX and payout providers, often a different one from the provider that collects the money.
In the data: 31% of marketplaces and commerce platforms disclose FX and payouts. Most named: Payoneer (6), Adyen (5), Airwallex (5). See the layer · full leaderboard
Seller financing uses the marketplace's sales history; buyer financing (BNPL) raises basket size at checkout. Both are usually run by a partner, though some platforms, Shopify among them, underwrite seller capital themselves with a bank issuing the loans.
In the data: 30% of marketplaces and commerce platforms disclose lending. Most named: Affirm (7), Finmid (6), Klarna (5). See the layer · full leaderboard
How this is counted: 143 marketplaces and commerce platforms in the Embedded Finance Index, each with a dossier built from its own public disclosures. A company counts for a layer when it names a provider for it or runs it in-house; a company that discloses nothing about a layer is not counted, so every share is a floor. Provider spellings are merged. Data as of 2026-11-14. See also embedded finance statistics and every leaderboard.
Of the 143 marketplaces and commerce platforms in the Embedded Finance Index, 93 name a payments provider. The most named are Adyen (30), Stripe (25), Stripe Connect (19), Checkout.com (18), PayPal (12).
payments (67%), FX and payouts (31%), lending (30%), data connectivity (14%), counted from public disclosures of 143 marketplaces and commerce platforms. 56% run two or more layers.
Companies that run payments are 3.9 times as likely to also offer FX and payouts: 42% of them do, against 11% of the marketplaces and commerce platforms that don't run payments.
Each company in the Embedded Finance Index has a dossier built from its own public disclosures: website, documentation, terms, filings and press. A company counts for a layer when it names a provider for it or runs it in-house. Companies that disclose nothing about a layer are not counted for it, so every share is a floor. Data as of 2026-11-14.