Ledger infrastructure providers: market share 2026
- Modern Treasury is the most-named ledger infrastructure provider, linked to 35 companies through their public disclosures and provider customer lists (Embedded Finance Index, October 2026). Details →
- The 5 most-named ledger infrastructure providers are Modern Treasury (35), Formance (12), Mambu (11), Layer (7) and Fragment (7), by number of linked companies (Embedded Finance Index, October 2026). Details →
- 15 ledger infrastructure providers are linked to two or more companies, across 142 documented relationships (Embedded Finance Index, October 2026). Details →
- The top 5 ledger infrastructure providers account for 50.7% of all documented ledger infrastructure provider relationships (Embedded Finance Index, October 2026). Details →
Ledger infrastructure providers by region 2026
- Modern Treasury is the most-named ledger infrastructure provider among fintechs headquartered in the US, linked to 30 companies there through their public disclosures and provider customer lists (Embedded Finance Index, October 2026). Details →
- Formance is the most-named ledger infrastructure provider among fintechs headquartered in the EU, linked to 6 companies there through their public disclosures and provider customer lists (Embedded Finance Index, October 2026). Details →
How to cite these statistics
Embedded Finance Index, October 2026, published by Apideck. https://www.embeddedfinanceindex.com/statistics/ledger-infrastructure. Figures are recomputed as dossiers are added; quote the month alongside the number.
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