# State of Embedded Finance 2026

What 2,182 fintechs actually run on. Half the stack is auditable. The half regulators care most about isn't.

- Generated: 2026-05-28
- Source URL: https://www.embeddedfinanceindex.com
- Publishers: Apideck × Open Banking Tracker × Embedded Finance Review
- License: free to quote with attribution and source link

> $185B B2B SaaS embedded-payments TAM · <20% captured (BCG + Adyen, Oct 2024)

## Headline numbers

- 2,182 fintech and embedded-finance companies analyzed
- 300+ verified third-party providers (≥2 disclosed buyers or recognized Open Banking Tracker vendor)
- 211 fintechs name their sponsor bank
- 105 fintechs name their KYC vendor
- 53 fintechs name their fraud tools
- Ratio: 2.0× more fintechs disclose a sponsor bank than a KYC vendor
- 129 non-bank fintechs operate their own banking / clearing / issuing infrastructure
- $247B in disclosed venture funding across 268 of the 300+ verified providers
- 478 Embedded Finance Review articles indexed

## Layer disclosure rates

For each layer of the embedded-finance stack, what share of the 2,182 analyzed fintechs publicly named a vendor:

- Payments: 46.6% (1,016 fintechs)
- BaaS: 23.4% (510 fintechs)
- Open Finance: 18.2% (397 fintechs)
- FX / Payouts: 17.5% (381 fintechs)
- Card issuing: 16.4% (358 fintechs)
- Lending: 10.3% (224 fintechs)
- Sponsor bank: 9.7% (211 fintechs)
- Crypto / Stablecoin: 4.9% (108 fintechs)
- KYC / identity: 4.8% (105 fintechs)
- Insurance: 3.8% (82 fintechs)
- Payroll: 3.3% (73 fintechs)
- Fraud: 2.4% (53 fintechs)

The payments side of the stack is auditable from outside. The risk side isn't. Public datasets of vendor relationships will systematically over-represent payments and under-represent KYC, fraud, and sanctions screening. Treat the bottom rows as a floor, not a ceiling.

## Category leaders (top 5)

### Payments / PSP

1. Stripe — 181 buyers · 8.3%
2. Adyen — 102 buyers · 4.7%
3. Checkout.com — 58 buyers · 2.7%
4. PayPal — 33 buyers · 1.5%
5. Worldpay — 30 buyers · 1.4%

### BaaS

1. ClearBank — 29 buyers · 1.3%
2. Modulr — 21 buyers · <1%
3. Mambu — 19 buyers · <1%
4. Swan — 18 buyers · <1%
5. Mangopay — 17 buyers · <1%

### Card issuing

1. Marqeta — 38 buyers · 1.7%
2. Mastercard — 24 buyers · 1.1%
3. Paymentology — 18 buyers · <1%
4. Visa — 14 buyers · <1%
5. Enfuce — 13 buyers · <1%

### Lending

1. YouLend — 26 buyers · 1.2%
2. Liberis — 12 buyers · <1%
3. Pipe — 11 buyers · <1%
4. finmid — 8 buyers · <1%
5. Parafin — 7 buyers · <1%

### Payroll

1. Salsa — 14 buyers · <1%
2. Finch — 9 buyers · <1%
3. Check — 8 buyers · <1%
4. Gusto Embedded — 8 buyers · <1%
5. Gusto — 5 buyers · <1%

### Insurance

1. Cover Genius — 22 buyers · 1.0%
2. Qover — 6 buyers · <1%
3. Zego — 5 buyers · <1%
4. Authentic Insurance — 5 buyers · <1%
5. Coverdash — 3 buyers · <1%

### FX / Payouts

1. Currencycloud — 52 buyers · 2.4%
2. Wise Platform — 44 buyers · 2.0%
3. Airwallex — 38 buyers · 1.7%
4. Nium — 37 buyers · 1.7%
5. Convera — 21 buyers · <1%

### Open Finance / Data

1. Plaid — 96 buyers · 4.4%
2. TrueLayer — 32 buyers · 1.5%
3. Salt Edge — 31 buyers · 1.4%
4. Yapily — 28 buyers · 1.3%
5. GoCardless — 22 buyers · 1.0%

### Crypto / Stablecoin

1. Fireblocks — 13 buyers · <1%
2. Circle — 13 buyers · <1%
3. BVNK — 9 buyers · <1%
4. Brale — 6 buyers · <1%
5. Toku — 5 buyers · <1%

### Accounting

1. QuickBooks — 246 buyers · 11.3%
2. Xero — 197 buyers · 9.0%
3. NetSuite — 127 buyers · 5.8%
4. Sage — 47 buyers · 2.2%
5. Sage Intacct — 41 buyers · 1.9%

## Sponsor banks

134 distinct sponsor banks across 211 disclosed relationships.

1. Cross River — 12 fintechs (5.7% of disclosed)
2. Community — 9 fintechs (4.3% of disclosed)
3. Sutton Bank — 9 fintechs (4.3% of disclosed)
4. Column — 8 fintechs (3.8% of disclosed)
5. Celtic Bank — 7 fintechs (3.3% of disclosed)
6. The Bancorp Bank — 7 fintechs (3.3% of disclosed)
7. Lead Bank — 6 fintechs (2.8% of disclosed)
8. Pathward — 6 fintechs (2.8% of disclosed)
9. WebBank — 6 fintechs (2.8% of disclosed)
10. Coastal Community Bank — 6 fintechs (2.8% of disclosed)

## BaaS failure cycle (2023–2025)

### Synapse (US, 2024)

Chapter 11. Serving ~100 fintechs and four partner banks. Over 100,000 customers locked out. Trustee identified $65-95M shortfall.
Root cause: Pooled FBO accounts with no independent source of truth.

### Blue Ridge Bank (US, 2024)

OCC consent order (original 2022, amended Jan 2024). Grew to ~70 fintech partnerships at peak without scaling compliance. Required to reduce partnerships and raise capital.
Root cause: BSA / AML breakdowns at scale.

### Evolve Bank & Trust (US, 2024)

Federal Reserve cease-and-desist (Jun 2024). Partner to Stripe, Mercury, Affirm, Airwallex, Dave. Created regulatory contagion across the BaaS ecosystem.
Root cause: AML / risk-management deficiencies.

### Solaris (Germany, 2024-25)

BaFin restrictions; special representative appointed. One of Europe's most-cited BaaS providers placed under sustained regulatory supervision.
Root cause: AML governance + capitalisation concerns.

### Railsr (UK / EU, 2023)

Special administration; forced downstream migrations across dozens of fintech customers.
Root cause: Compounding losses + funding gap.

### Intergiro (Sweden, 2025)

Finansinspektionen revoked authorization Jun 2025; wind-down through Sep 2025, bankruptcy filed Jul 2025. Downstream platforms lost access overnight.
Root cause: AML / CTF failures — STR filing + CDD deficiencies.

## Public-company benchmarks

### Toast — 82% of revenue is fintech

FinTech Solutions revenue reached $4.05B of $4.96B total in FY2024 — ~82% of revenue. The fintech mix is what makes the unit economics work; software alone wouldn't.
Source: Toast 10-K · FY2024

### Shopify — $4.2B in Shopify Capital originations

Shopify Capital originated $4.2B in 2025, ~40% year-over-year growth. Embedded lending now sits alongside payments as a primary monetization layer — the loan book scales with merchant GMV, not just SaaS seats.
Source: Shopify Capital · 2025 disclosure

### ServiceTitan — 95%+ gross dollar retention

Embeds payments, payroll, and financing across its contractor base. 95%+ gross dollar retention across FY2023-FY2025 — among the highest reported for vertical SaaS at scale.
Source: ServiceTitan S-1 / 10-K · FY2025

## Methodology

- Dataset: 2,182 fintech and embedded-finance companies, deduplicated by canonical company key (one row per company, latest analysis version).
- Evidence sources: subprocessor lists, regulatory footers, trust pages, customer announcement pages, ~478 press articles.
- "Verified providers" = vendor with ≥2 disclosed buyers OR recognized Open Banking Tracker seed.
- Generated: 2026-05-28 (refreshes via ISR every 10 minutes from the live dataset).

## Limitations

- Public-web evidence only. No NDAs, no provider APIs, no paid intelligence sources. If a vendor relationship isn't disclosed publicly somewhere, it's not in here.
- English-language sources with US/UK/EU bias. LATAM, APAC, MENA, and Africa fintechs are underrepresented because their stack disclosures live in non-English press and trust pages that weren't scraped.
- Mentions ≠ market share. A leaderboard count is the number of analyzed companies that publicly disclose using a vendor. Stripe scores high in part because companies are willing to say they use Stripe.
- Point-in-time snapshot. Vendor relationships churn — last quarter's Synapse customer is this quarter's Column customer.

## Citation

[Apideck](https://www.apideck.com/), Open Banking Tracker, Embedded Finance Review. *State of Embedded Finance 2026*. 2026-05-28. https://www.embeddedfinanceindex.com