The picks and shovels: BaaS, payments, card issuing, lending, open banking and compliance infrastructure that other companies build financial products on.
| # | Company | Stage | Raised | Embeds |
|---|---|---|---|---|
| 1 | Stablecoin cross-border FX infrastructure · United States · founded 2024 | Series A 2026 | $117M | Money movementBanking / BaaSLedgerFX & payouts |
| 2 | Embedded lending infrastructure for SMBs · Germany · founded 2021 | Series A 2024 | $60M | Money movementCard issuingLending |
| 3 | Modular payments and financial infrastructure OS · Germany · founded 2022 | Series A 2025 | $52.8M | Payments / PSPBanking / BaaSCard issuingCard network+1 |
| 4 | PayFac-as-a-Service for software vendors · USA · founded 2018 | Series A 2024 | $50.2M | Payments / PSPBanking / BaaSOpen bankingSponsor bank |
| 5 | Bank infrastructure for AI agents · United States · founded 2022 | Series A 2026 | $48M | Money movementLendingFX & payoutsCrypto+1 |
| 6 | Enterprise stablecoin treasury and settlement · UK · founded 2025 | Series A 2026 | $48M | Money movementKYCSponsor bankCrypto |
| 7 | Regulated stablecoin issuance and custody · USA · founded 2023 | Series A 2025 | $39.6M | Payments / PSPBanking / BaaSLedgerCrypto+1 |
| 8 | Double-entry ledger database for financial transactions · United States · founded 2022 | Series A 2024 | $30.4M | Payments / PSPLedgerCrypto |
| 9 | Agentic collections and credit control orchestration · UK · founded 2025 | Series A 2026 | $30M | Payments / PSPCard networkLendingOpen banking+3 |
| 10 | Unified API for HR and payroll integrations · Germany (with New York office) · founded 2022 | Series A 2026 | $30M | Payments / PSPBanking / BaaSCard issuingUnified APIs |
| 11 | Payroll API infrastructure for vertical SaaS · founded 2021 | Series A 2025 | $30M | Payments / PSPMoney movementBanking / BaaSPayroll+2 |
| 12 | Programmable ledger and money-movement orchestration · New York) · founded 2021 | Series A 2025 | $24M | Payments / PSPLedgerLendingOpen banking+4 |
| 13 | Embedded lending API for platforms · Mexico · founded 2020 | Series A 2024 | $24M | Lending |
| 14 | Wallet-as-a-service for closed-loop programs · United States · founded 2022 | Series A 2024 | $19.4M | Payments / PSPMoney movementBanking / BaaSLending+3 |
| 15 | Payment facilitation platform for software companies · USA · founded 2023 | Seed 2024 | $16M | Payments / PSPMoney movementBanking / BaaSOpen banking+2 |
| 16 | Real-time payments and stablecoin settlement infrastructure · Uruguay (with US presence in New York) · founded 2022 | Series A 2026 | $13.5M | Payments / PSPFX & payoutsCrypto |
| 17 | Payment orchestration infrastructure · United States · founded 2020 | Seed 2024 | $13.3M | Payments / PSP |
| 18 | Account-to-account payments and agentic commerce · Chile · founded 2020 | Series A 2024 | $10.6M | Payments / PSPBanking / BaaSCard issuingOpen banking+2 |
| 19 | Embedded finance operating system for North America · Canada · founded 2019 | Series A 2024 | $10.5M | Money movementCard networkLendingKYC |
| 20 | Payment orchestration for mobile money · France) · founded 2019 | Series A 2024 | $10.4M | Payments / PSP |
| 21 | Embedded accounting and general ledger infrastructure · CA · founded 2023 | Seed 2025 | $8.9M | Payments / PSPBanking / BaaSLedgerPayroll+3 |
| 22 | Agentic integrations runtime · USA · founded 2022 | Seed 2026 | $7.5M | Payments / PSPUnified APIsKYCAccounting |
| 23 | Embedded finance infrastructure for AI agents · Switzerland · founded 2022 | Seed 2025 | $7M | Payments / PSP |
| 24 | Embedded payments platform for African markets · Egypt) · founded 2022 | Series A 2026 | $6.8M | Payments / PSPMoney movementCard issuingLending |
| 25 | Specialist clearing and correspondent banking infrastructure · United States · founded 2023 | Seed 2024 | $6.6M | Payments / PSPMoney movementBanking / BaaSFX & payouts+1 |
Top 25 of 35 that qualify, by total raised. Qualifying means founded in 2018 or later, a pre-seed, seed or Series A round in 2024or later, at most $250M raised, and at least one financial product embedded in the stack. Funding is as reported in each company’s dossier; descriptions are written from the dossier. Click a company for what it embeds and who powers it.