# State of Embedded Finance 2026

> 3,331 fintech stacks analyzed. Half the stack is auditable; the half regulators care most about isn't. Published by Apideck with Open Banking Tracker and Embedded Finance Review.

## Primary sources

- [Full report (HTML)](https://www.embeddedfinanceindex.com/)
- [Full report (Markdown, agent-readable)](https://www.embeddedfinanceindex.com/llms-full.txt)

## Sections (deep-linkable)

- [Section 02 · Disclosure rates](https://www.embeddedfinanceindex.com/#disclosure-rates) — Which layers are auditable. Which go dark.
- [Section 03 · Dataset composition](https://www.embeddedfinanceindex.com/#dataset-composition) — What kind of fintech are these?
- [Section 04 · Sponsor banks](https://www.embeddedfinanceindex.com/#sponsor-banks) — Who backs the banking.
- [Section 05 · Category leaders](https://www.embeddedfinanceindex.com/#category-leaders) — Top 5 vendors per layer.
- [Section 06 · Regional differences](https://www.embeddedfinanceindex.com/#regional-differences) — How disclosure varies by HQ.
- [Section 07 · Self-operated infrastructure](https://www.embeddedfinanceindex.com/#self-operated) — Companies that own the stack.
- [Section 08 · Compliance disclosure](https://www.embeddedfinanceindex.com/#compliance-disclosure) — Where the compliance stack goes dark.
- [Section 09 · The landscape](https://www.embeddedfinanceindex.com/#landscape) — Provider catalog by category.
- [Section 10 · The agent layer](https://www.embeddedfinanceindex.com/#agent-layer) — APIs for humans → APIs for agents.
- [Section 11 · ERP & accounting connectivity](https://www.embeddedfinanceindex.com/#erp-accounting) — Open finance beyond the bank account.
- [Predictions](https://www.embeddedfinanceindex.com/#predictions) — Four things to watch in 2027.
- [Methodology](https://www.embeddedfinanceindex.com/#methodology) — How the dataset was built.

## What's covered

- Layer disclosure rates across 12 stack layers (payments, BaaS, card issuing, sponsor bank, lending, payroll, FX, KYC, fraud, insurance, crypto, open finance)
- Category leaders (top 5) for each layer with disclosed-buyer counts
- Sponsor-bank ranking and concentration analysis
- BaaS failure cycle (Synapse, Blue Ridge, Evolve, Solaris, Railsr, Intergiro)
- Public-company benchmarks (Toast, Shopify, ServiceTitan)
- Methodology and limitations

## License

Free to quote with attribution to *State of Embedded Finance, Apideck × Open Banking Tracker × Embedded Finance Review* and a link back to the source URL.