# Embedded Finance Index 2026 — APAC

What 546 APAC fintechs actually run on. Half the stack is auditable. The half regulators care most about isn't.

> Filtered to companies headquartered in APAC. The unfiltered report covers more companies: https://www.embeddedfinanceindex.com/llms-full.txt

- Generated: 2026-10-15
- Source URL: https://www.embeddedfinanceindex.com/regions/apac
- 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

- 546 fintech and embedded-finance companies analyzed
- 194 verified third-party providers (≥2 disclosed buyers or recognized Open Banking Tracker vendor)
- 52 fintechs name their sponsor bank
- 21 fintechs name their KYC vendor
- 3 fintechs name their fraud tools
- Ratio: 2.5× more fintechs disclose a sponsor bank than a KYC vendor
- 38 non-bank fintechs operate their own banking / clearing / issuing infrastructure
- $108B in disclosed venture funding across 109 of 194 verified providers
- 594 Embedded Finance Review articles indexed

## Layer disclosure rates

For each layer of the embedded-finance stack, what share of the 546 analyzed fintechs publicly named a vendor:

- Payments: 53.7% (293 fintechs)
- FX / Payouts: 20.1% (110 fintechs)
- BaaS: 19.8% (108 fintechs)
- Lending: 12.8% (70 fintechs)
- Card issuing: 11.7% (64 fintechs)
- Open Finance: 11.5% (63 fintechs)
- Sponsor bank: 9.5% (52 fintechs)
- Insurance: 5.9% (32 fintechs)
- Crypto / Stablecoin: 4.4% (24 fintechs)
- KYC / identity: 3.8% (21 fintechs)
- Payroll: 2.0% (11 fintechs)
- Fraud: 0.5% (3 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 — 60 buyers · 11.0%
2. Adyen — 21 buyers · 3.8%
3. PayPal — 13 buyers · 2.4%
4. Razorpay — 13 buyers · 2.4%
5. checkout.com — 11 buyers · 2.0%

### BaaS

1. Nium — 7 buyers · 1.3%
2. Federal Bank — 4 buyers · <1%
3. Mambu — 3 buyers · <1%
4. Yes Bank — 3 buyers · <1%
5. Airwallex — 3 buyers · <1%

### Card issuing

1. Nium — 9 buyers · 1.6%
2. Episode Six — 3 buyers · <1%
3. Paymentology — 3 buyers · <1%
4. Federal Bank — 2 buyers · <1%
5. RBL Bank — 2 buyers · <1%

### Lending

1. Affirm — 4 buyers · <1%
2. Butn — 2 buyers · <1%
3. rupifi — 2 buyers · <1%
4. Atome — 2 buyers · <1%
5. LiquiLoans — 2 buyers · <1%

### Payroll

1. RazorpayX Payroll — 2 buyers · <1%
2. PayPay Paycheck — 1 buyers · <1%
3. Request Finance — 1 buyers · <1%
4. Gusto Embedded — 1 buyers · <1%
5. MoMo Payroll API — 1 buyers · <1%

### Insurance

1. Cover Genius — 8 buyers · 1.5%
2. OneAssist — 1 buyers · <1%
3. LIC of India — 1 buyers · <1%
4. Star Health — 1 buyers · <1%
5. BIMA — 1 buyers · <1%

### FX / Payouts

1. Airwallex — 19 buyers · 3.5%
2. Nium — 15 buyers · 2.7%
3. Wise Platform — 13 buyers · 2.4%
4. Currencycloud — 8 buyers · 1.5%
5. Stripe — 4 buyers · <1%

### Open Finance / Data

1. GoCardless — 4 buyers · <1%
2. Plaid — 4 buyers · <1%
3. Codat — 3 buyers · <1%
4. Rutter — 2 buyers · <1%
5. TrueLayer — 2 buyers · <1%

### Crypto / Stablecoin

1. Fireblocks — 3 buyers · <1%
2. Circle — 2 buyers · <1%
3. Bastion — 1 buyers · <1%
4. BitGo — 1 buyers · <1%
5. Morpho — 1 buyers · <1%

### Accounting

1. Xero — 58 buyers · 10.6%
2. QuickBooks — 40 buyers · 7.3%
3. NetSuite — 20 buyers · 3.7%
4. MYOB — 12 buyers · 2.2%
5. Tally — 10 buyers · 1.8%

## Sponsor banks

53 distinct sponsor banks across 52 disclosed relationships.

A *sponsor bank* is the chartered institution that holds the regulatory charter — distinct from a *BaaS provider* (the API/platform layer), so this ranking differs from the BaaS leaderboard even where the same names appear.

1. Federal Bank — 4 fintechs (7.7% of disclosed)
2. RBL Bank — 4 fintechs (7.7% of disclosed)
3. Yes Bank — 3 fintechs (5.8% of disclosed)
4. YES Bank — 3 fintechs (5.8% of disclosed)
5. Column — 2 fintechs (3.8% of disclosed)
6. Evolve Bank & Trust — 2 fintechs (3.8% of disclosed)
7. Sutton Bank — 2 fintechs (3.8% of disclosed)
8. ICICI Bank — 2 fintechs (3.8% of disclosed)
9. PayPay Bank — 1 fintechs (1.9% of disclosed)
10. KASIKORNBANK — 1 fintechs (1.9% 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.

## Bank charter queue (2025–26)

Fintechs and infrastructure providers that have applied for their own US bank charter since the OCC reopened de novo chartering. Status follows the OCC ladder: applied → conditional approval → approved → opened. Every decided row links to the OCC's own letter. Full table with sources: https://www.embeddedfinanceindex.com/bank-charters
Not filtered to APAC — this is a US-only regulator queue, listed here unfiltered same as on the HTML APAC page.

- Rain — Rain National Trust Bank (National trust bank, OCC) — Application filed · filed 2026-10-06. Uninsured, non-depository national trust bank to provide fiduciary custody of digital assets and dollars for institutional clients, manage stablecoin issuer reserves, and issue/redeem USD-backed stablecoins — would not accept deposits or make commercial loans. Brandon Soto, CPA (former Square Financial Services president) proposed as President and CEO. Rain leadership: "The institutions we serve, and the people who use their products, want the custody, reserves, and issuance behind stablecoin payments held by a fiduciary that answers to a federal regulator." Source: https://www.linkedin.com/posts/fhmalik_rain-has-filed-an-application-with-the-occ-share-7512989783749632003-fv6U/.
- Modern Treasury — Modern Treasury National Trust Bank (National trust bank, OCC) — Application filed · filed 2026-10-05. Uninsured, non-depository national trust bank to unify digital-asset custody with Modern Treasury's existing payments/settlement platform, letting customers custody and move stablecoins and fiat through one infrastructure — explicitly would not make loans or issue stablecoins itself. CEO Matt Marcus: "We believe stablecoins are foundational economic infrastructure for the future." Modern Treasury's software/PSP business continues operating separately regardless of the outcome. Source: https://www.moderntreasury.com/newsroom/press-releases/modern-treasury-applies-to-establish-national-trust-bank.
- Bastion — Bastion Platforms Trust Company, LLC → Bastion Platforms National Trust Company (Conversion to national bank, OCC) — Conditional approval · Corporate Decision 1391 · 2026-09-18. Converts Bastion's trust company to a national trust bank for stablecoin custody and wallets, payment infrastructure and white-label stablecoin issuance for enterprises. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1391.pdf.
- Catena Labs — Catena Trust Bank, N.A. (National trust bank, OCC) — Conditional approval · Corporate Decision 1392 · 2026-09-18. Custody, conversion, clearing and payment services for AI agents — GENIUS Act stablecoins, fiat and securities — from Circle co-founder Sean Neville's agent-finance bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1392.pdf.
- Agora Finance — Agora National Trust Bank (National trust bank, OCC) — Conditional approval · Corporate Decision 1393 · 2026-09-18. Digital-asset custody, investment advisory and stablecoin issuance for the AUSD issuer under one federal framework instead of state money-transmitter licences. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1393.pdf.
- Block — Builders Bank & Trust, N.A. (National trust bank, OCC) — Application filed · filed 2026-09-04. Uninsured, non-depository trust bank for bitcoin and digital-asset custody, riskless-principal execution and stablecoin settlement — a second charter alongside Square Financial Services (Utah ILC), replacing 50+ state MTL and virtual-currency licences. Announced 2026-09-08. Source: https://www.businesswire.com/news/home/20260908/en/Block-Applies-to-Establish-Builders-Bank-a-National-Trust-Bank.
- Revolut — Revolut Bank US, N.A. (National bank, OCC) — Conditional approval · Corporate Decision 1390 · 2026-09-02. Full US national bank for Revolut's US expansion, filed the same month it received its full UK banking licence. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1390.pdf.
- OpenReserve — OpenReserve Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1389 · 2026-09-02. De novo bank with blockchain settlement, tokenized deposits and a GENIUS Act stablecoin subsidiary (ReserveUSD). Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1389.pdf.
- Zero Hash — Zerohash National Trust Bank (National trust bank, OCC) — Application filed · filed 2026-08-19. Stablecoin and crypto infrastructure provider seeking a federal trust charter. Second attempt: an earlier filing was returned by the OCC in July 2026; refiled the same charter the following month. Source: https://www.spotedcrypto.com/block-occ-charter-license-consolidation/.
- Itaú — Itaú Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1386 · 2026-08-14. US national bank for Brazil's largest private bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1386.pdf.
- World Liberty Financial — World Liberty Trust Company, National Association (National trust bank, OCC) — Conditional approval · Corporate Decision 1385 · 2026-08-14. Trust charter to expand the USD1 stablecoin business to institutional customers. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1385.pdf.
- bunq — bunq US Bank, National Association (National bank, OCC) — Denied · Corporate Decision 1384 (denial) · 2026-08-04. Second attempt after withdrawing a 2023 application; US deposits for European nomads resident in the US. The OCC denied the application after its field investigation, noting the proposed holding company would be majority-owned by a single individual who also controls bunq B.V. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1384.pdf.
- Upstart — Upstart Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1382 · 2026-07-23. Own charter for the AI lending marketplace, which has originated through partner banks (Cross River, FinWise) since 2012. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1382.pdf.
- Wise — Wise National Trust (National trust bank, OCC) — Denied · Corporate Decision 1381 (denial) · 2026-07-21. Trust charter that would have given Wise direct access to US payment rails without a sponsor bank. The OCC denied the application after its field investigation; the letter says a subsequent application would need to address the reasons for the denial. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1381.pdf.
- Circle — First National Digital Currency Bank, N.A. (Circle National Trust) (National trust bank, OCC) — Approved · Final OCC approval (Circle announcement) · 2026-07-10. Places USDC reserve management and digital-asset custody under federal oversight. Source: https://www.circle.com/pressroom/circle-receives-final-occ-approval-to-establish-national-trust-bank. Earlier: Conditional Approval 1356 (preliminary), 2025-12-12 (https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1356.pdf).
- Klarna — Klarna Bank USA (Industrial bank (ILC), FDIC / Utah DFI) — Application filed · filed 2026-07-06. Utah industrial bank to hold US deposits and fund Klarna's US lending directly, alongside its existing Swedish banking licence. Source: https://www.americanbanker.com/payments/news/klarna-applies-for-bank-charter-with-fdic-and-utah-regulator.
- Sony Bank — Connectia Trust, National Association (National trust bank, OCC) — Conditional approval · Corporate Decision 1380 · 2026-07-02. Sony Bank's wholly owned US trust bank ($40M capital) for dollar-stablecoin issuance and reserves, stablecoin custody and fiduciary asset management; targeting Q1 2027. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1380.pdf.
- Morgan Stanley — Morgan Stanley Digital Trust (National trust bank, OCC) — Conditional approval · Corporate Decision 1378 · 2026-06-18. Digital-asset custody trust bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1378.pdf.
- Nomura — Laser Digital National Trust Bank (National trust bank, OCC) — Conditional approval · Corporate Decision 1377 · 2026-05-29. Digital-asset custody trust bank for Nomura's Laser Digital unit. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1377.pdf.
- Augustus — Augustus National Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1374 · 2026-05-08. Full-service US bank for the European payments fintech formerly known as Ivy (processes for Kraken). Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1374.pdf.
- Kraken — Payward National Trust Company (National trust bank, OCC) — Application filed · filed 2026-05-08. Federally regulated digital-asset custody for individuals and institutions; opposed by community-bank trade groups. Source: https://www.americanbanker.com/news/fintechs-asking-for-and-receiving-bank-charters-in-2026.
- Interactive Brokers — Interactive National Trust Bank (National trust bank, OCC) — Conditional approval · Corporate Decision 1373 · 2026-05-05. Trust bank for custody and related fiduciary services. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1373.pdf.
- Mercury — Mercury Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1372 · 2026-04-24. Own bank to add Zelle, expand lending and run its own payments infrastructure instead of sponsor banks (Choice, Column, Evolve). Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1372.pdf.
- Coinbase — Coinbase National Trust Company (National trust bank, OCC) — Conditional approval · Corporate Decision 1370 · 2026-04-02. Migrates institutional custody from the NYDFS-chartered Coinbase Custody Trust Company to a federal trust bank over the three-year de novo period. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1370.pdf.
- VALT — VALT Bank, National Association (National bank, OCC) — Conditional approval · Corporate Decision 1368 · 2026-03-13. Digital business bank for SMBs — credit, deposits, treasury. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1368.pdf.
- Crypto.com — Foris DAX National Trust Bank (National trust bank, OCC) — Conditional approval · Corporate Decision 1367 · 2026-02-20. Trust subsidiary to do business as Crypto.com National Trust Bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1367.pdf.
- Protego Holdings — National Digital Trust Company (National trust bank, OCC) — Conditional approval · Corporate Decision 1366 · 2026-02-13. Digital-asset custody and fiduciary services (crypto, tokenized securities, stablecoins) — Protego's second run at a federal charter after its 2021 conditional approval lapsed. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1366.pdf.
- Bridge — Bridge National Trust Bank (National trust bank, OCC) — Conditional approval · Corporate Decision 1365 · 2026-02-12. Lets Stripe's stablecoin unit operate stablecoin products under federal oversight; Payoneer announced Bridge-powered stablecoins the same day. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1365.pdf.
- Erebor Bank — Erebor Bank, National Association (National bank, OCC) — Approved · Final national bank charter (OCC; reported by Banking Dive) · 2026-02-09. First de novo national bank granted in four years — crypto-friendly bank for tech, AI, defence and manufacturing companies. FDIC deposit insurance approved 2025-12-16 (fdic.gov); full charter followed in February 2026. Source: https://www.bankingdive.com/news/erebor-bank-receives-national-bank-charter/811724/. Earlier: Conditional Approval 1348 (preliminary), 2025-10-15 (https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2025/ca1348.pdf).
- Nubank — Nubank, National Association (National bank, OCC) — Conditional approval · Conditional Approval 1362 · 2026-01-29. US entry for the Brazilian neobank: deposits, credit cards, lending and digital-asset custody. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1362.pdf.
- Affirm — Affirm Bank (Industrial bank (ILC), FDIC / Nevada FID) — Application filed · filed 2026-01-23. Nevada industrial loan company so Affirm can fund and hold its own BNPL and consumer loans as an FDIC-insured subsidiary rather than through partner banks. Source: https://investors.affirm.com/news-releases/news-release-details/affirm-submits-applications-establish-industrial-loan-company.
- UKG — UKG National Trust Bank (National trust bank, OCC) — Conditional approval · Conditional Approval 1361 · 2026-01-22. Trust bank attached to the payroll / HCM platform — payroll funds handling under a federal charter. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1361.pdf.
- PayPal — PayPal Bank (Industrial bank (ILC), FDIC / Utah DFI) — Application filed · filed 2025-12-15. Utah industrial loan company for small-business lending and FDIC-insured savings, reducing reliance on partner banks; Mara McNeill (ex-Toyota Financial Savings Bank) as president. Source: https://newsroom.paypal-corp.com/2025-12-15-PayPal-Submits-Applications-to-Establish-an-Industrial-Bank-to-Expand-Access-to-Financial-Services-for-U-S-Small-Businesses.
- Ripple — Ripple National Trust Bank (National trust bank, OCC) — Conditional approval · Conditional Approval 1359 · 2025-12-12. Federal trust charter for RLUSD stablecoin reserves and custody. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1359.pdf.
- Paxos — Paxos Trust Company, LLC → national bank (Conversion to national bank, OCC) — Conditional approval · Conditional Approval 1358 · 2025-12-12. Converts the NYDFS-chartered stablecoin issuer to a national trust bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1358.pdf.
- Fidelity Digital Assets — Fidelity Digital Asset Services, LLC → national bank (Conversion to national bank, OCC) — Conditional approval · Conditional Approval 1355 · 2025-12-12. Converts Fidelity's digital-asset custodian to a national trust bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1355.pdf.
- BitGo — BitGo Trust Company, Inc. → BitGo Bank & Trust (Conversion to national bank, OCC) — Conditional approval · Conditional Approval 1353 · 2025-12-12. Converts the South Dakota trust company behind BitGo's custody to a national bank. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1353.pdf.
- OneSource Virtual — OneSource Virtual Trust Bank, National Association (National trust bank, OCC) — Conditional approval · Conditional Approval 1346 · 2025-09-12. Trust bank for the Workday payroll services provider's client-funds handling. Source: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2025/ca1346.pdf.

## Bank licence applications outside the US (2025–26)

Bank and bank-branch licence applications, authorisations and stated intents outside the US (UK, EU, Switzerland, Nordics, Latin America). There is no regulator feed to diff against, so each row needs the company's or regulator's own document, or two independent outlets; single-source bids are left out. Each row's date is its latest status event: a decision, a filing or an intent announcement. Filing and intent dates come from the announcement itself (the company's own release or press coverage of it), so they are recorded at month precision unless the company or regulator gave a day.
Not filtered to APAC — spans all non-US jurisdictions, listed here unfiltered same as on the HTML APAC page.

- Revolut — Colombia (Bank (credit institution), Superintendencia Financiera de Colombia) — Approved · 2026-09. Licence to operate as a bank in Colombia, part of Revolut's push to hold its own banking licence in each major market. Sources: https://www.finextra.com/newsarticle/48421/after-securing-colombian-banking-licence-revolt-applies-for-another-in-switzerland, https://www.fintechfutures.com/regulatory-actions/revolut-lands-colombian-banking-licence-applies-for-licence-in-switzerland.
- Revolut — Switzerland (Bank (credit institution), FINMA) — Application filed · filed 2026-09. Standalone Swiss bank for franc salary accounts, Swiss IBANs and deposit protection; Swiss customers are served today by the Lithuanian entity. Sources: https://www.reuters.com/business/finance/revolut-applies-swiss-banking-license-unveils-investment-plans-2026-09-16/, https://www.finextra.com/newsarticle/48421/after-securing-colombian-banking-licence-revolt-applies-for-another-in-switzerland.
- Allica Bank — Sweden (Bank (credit institution), Finansinspektionen) — Application filed · filed 2026-08. First market outside the UK for the digital SME bank; Swedish entity and executive team already set up, with EU passporting as the longer-term aim. Sources: https://www.allica.bank/press-releases/allica-bank-applies-for-swedish-banking-licence-in-expansion-to-europe.
- Revolut — Finland (Bank branch, Bank of Lithuania + ECB (home) / Finland (host)) — Application filed · filed 2026-08. Local Finnish account details for the 250,000+ customers served through the Lithuanian bank today. Note: A branch of Revolut Bank UAB, not a new bank. No timetable disclosed. One source also mentions a Greek application; nothing else confirms it, so it is not recorded. Sources: https://paymentsindustryintelligence.com/revolut-applies-for-banking-licence-in-finland/, https://www.fintechfutures.com/regulatory-actions/revolut-lands-colombian-banking-licence-applies-for-licence-in-switzerland.
- Revolut — France (Bank (credit institution), ACPR + ECB) — Approved · 2026-08-10. Second full EU bank licence, making Paris the Western European hub alongside Lithuania. Note: The ECB's product-launch restrictions on the Lithuanian arm (July 2025) are reported by Bloomberg to extend to the French entity; Revolut's announcement did not mention them. Sources: https://www.techtimes.com/articles/323715/20260810/revolut-gets-french-banking-license-ecb-clearance-new-products-remains-uncertain.htm, https://www.fxcintel.com/research/analysis/revolut-europe-bank-licences.
- Revolut — Australia (Bank (credit institution), APRA) — Approved · 2026-07. Full authorised deposit-taking institution (ADI) licence; banking operations activated in July 2026. Sources: https://www.techtimes.com/articles/323715/20260810/revolut-gets-french-banking-license-ecb-clearance-new-products-remains-uncertain.htm, https://www.fxcintel.com/research/analysis/revolut-europe-bank-licences, https://www.finextra.com/newsarticle/48421/after-securing-colombian-banking-licence-revolt-applies-for-another-in-switzerland.
- Defacto — France (Bank (credit institution), ACPR + ECB) — Application filed · filed 2026-06. Move an SME working-capital lender (today a société de financement) to a full EU credit institution ahead of expansion into Germany and Belgium from 2027. Sources: https://thepaypers.com/fintech/news/defacto-files-for-european-banking-licence-plans-2027-expansion, https://ibsintelligence.com/ibsi-news/defacto-files-for-european-banking-licence/.
- Mal — United Arab Emirates (Bank (credit institution), Central Bank of the UAE (CBUAE)) — Authorised, not yet fully operating · 2026-05-20. Abu Dhabi-based AI-native, Shariah-compliant digital bank spanning banking, wealth, payments and embedded finance, targeting the $7tn Islamic finance market — reportedly the first in-principle approval anywhere for an AI-native digital banking platform. Note: In-principle approval only — Mal has not yet become a fully licensed bank, and still needs final regulatory clearances before commencing operations. Reported alongside its $230M seed round (largest fintech seed round in MEA history), led by BlueFive Capital. Sources: https://www.wam.ae/en/article/c09wj59-mal-receives-in-principle-approval-for-bank, https://www.zawya.com/en/business/banking-and-insurance/mal-receives-in-principle-approval-for-bank-licence-from-cbuae-rrkstd5g, https://salaamgateway.com/story/mal-receives-in-principle-cbuae-approval-for-bank-licence.
- Revolut — United Kingdom (Bank (credit institution), PRA + FCA) — Approved · 2026-03-11. Full UK bank: FSCS-protected deposits and, over time, lending; ends the e-money-institution setup that served 13 million UK customers. Note: Authorised with restrictions (mobilisation) on 2024-07-25; the PRA lifted them in March 2026, about 20 months later, longer than the usual 12. Sources: https://www.revolut.com/blog/post/is-revolut-a-fully-licensed-bank-in-the-uk/, https://tech.eu/2026/03/11/revolut-wins-full-uk-banking-licence-as-finally-exits-mobilisation-phase/.
- Mintos — Latvia (Bank (credit institution), ECB) — Intent announced · announced 2026-02. Investment platform seeking an ECB banking licence for deposit funding and direct lending. Note: The release says Mintos is initiating the process and expects 12-18 months; it does not confirm a filing. Sources: https://www.eqs-news.com/news/corporate-news/mintos-pursues-ecb-banking-licence/a954165e-9cb8-400c-bbd8-5bf1af25635b_en.
- Nubank — Brazil (Bank (credit institution), Banco Central do Brasil) — Intent announced · announced 2026-01. Stated intention to obtain a full banking licence in Brazil in 2026, alongside the US national bank charter. Note: The release states the intention and the country, not the regulator or a filing date. Sources: https://www.businesswire.com/news/home/20260127041655/en/Nu-Secures-Approval-to-Establish-US-National-Bank.
- Monzo — Ireland (Bank (credit institution), ECB (Central Bank of Ireland)) — Approved · 2025-12. EU banking licence to serve the EU without partner banks; Ireland first, Spain launched since. Note: The sources say Ireland; the ECB / Central Bank of Ireland split is the standard route for a euro-area licence, not something either source spells out. Sources: https://www.paymentswrapup.com/p/monzo-secures-eu-banking-licence, https://www.fxcintel.com/research/analysis/revolut-europe-bank-licences.
- Qonto — France (Bank (credit institution), ACPR + ECB) — Application filed · filed 2025-07. Move from a French payment-institution licence to full credit-institution status: longer-term lending, savings and investment, and independence from partner banks for Pay Later. Note: Announced 2025-07-02. A January 2026 interview (JDN) says Qonto filed in 2024, and its CEO hoped for the licence in 2026. No decision found as of 2026-09-25. EU rules give the ECB six months from a complete application, twelve at most, so the announced date and the missing decision do not fit together: either the file was completed later, or a decision exists that was not found. Check before writing a status. Sources: https://www.reuters.com/business/finance/french-fintech-qonto-seeks-banking-license-it-targets-2-million-clients-by-2030-2025-07-03/, https://techcrunch.com/2025/07/02/french-b2b-fintech-qonto-reaches-600000-customers-files-for-banking-license/.
- Nubank — Mexico (Bank (credit institution), CNBV) — Authorised, not yet fully operating · 2025-04. CNBV authorisation for Nu México to organise as a banking institution. Note: Authorisation to organise as a bank; final operational approval was still pending as of the 2026-01-27 release. Recheck. Sources: https://www.businesswire.com/news/home/20260127041655/en/Nu-Secures-Approval-to-Establish-US-National-Bank.

## 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: 546 fintech and embedded-finance companies headquartered in APAC, deduplicated by canonical company key (one row per company, latest analysis version).
- Evidence sources: subprocessor lists, regulatory footers, trust pages, customer announcement pages, ~594 press articles.
- "Verified providers" = vendor with ≥2 disclosed buyers OR recognized Open Banking Tracker seed.
- Generated: 2026-10-15 (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. *Embedded Finance Index 2026 — APAC*. 2026-10-15. https://www.embeddedfinanceindex.com/regions/apac