Build native integrations through our scalable Unified APIs
Showcase integrations, partners, and apps to your customers
Embedded finance is now a $185 billion opportunity for B2B SaaS platforms, and less than 20% of it is captured. This report maps 300+ providers across 16 categories, drawing on public filings, 1,200 companies, and an original practitioner survey.
Six findings from public filings, an analysis of 1,200 companies, and a practitioner survey of industry operators conducted between March and May 2026.
BCG and Adyen estimate $185 billion in addressable embedded finance revenue for SaaS platforms, with less than 20% captured today — roughly $150 billion still in play, and the gap is widest in lending, banking and financial management.
Source: BCG & Adyen
Platforms report 2× to 5× revenue per customer after adding financial products. Toast now earns 82–85% of revenue from financial technology solutions, and Shopify earns 73% from Merchant Solutions — financial services revenue has overtaken software at the most mature platforms.
Source: a16z · Toast & Shopify filings, 2024–25
68% of practitioners name embedded lending as their next priority, ahead of payments processing at 59%. Shopify Capital originated $4.2 billion in 2025 and Square has lent over $22 billion cumulatively with aggregate loss rates below 3%.
Source: Apideck Practitioner Survey, 2026 · company filings
The 2024 enforcement cycle produced six documented failures — Synapse, Blue Ridge Bank, Evolve Bank, Solaris, Railsr and Intergiro — making sponsor-bank selection, reconciliation architecture and compliance staffing business-continuity decisions, not checkboxes.
Source: Regulatory filings & enforcement actions, 2023–25
Accounting software is fragmented across 20+ major platforms, with the top five vendors holding only 45–53% of global share. Direct integrations cost $50,000–$150,000 each per year; the inflection point favoring a unified API arrives at just 4–5 integrations.
Source: Truto · Apideck analysis
Over 50% of North American ISVs already offer embedded payments, and 74% of digital platforms are expected to embed a financial capability by 2030. For most B2B SaaS companies the question is no longer whether to embed finance, but which product to embed first — and which accounting and banking data powers it.
Source: EY-Parthenon · BCG · Apideck analysis
Want the full picture?
All 65 pages — market data, vendor landscape, build-vs-buy frameworks and risk guidance. Free, no email required.
The report covers every major embedded finance vertical, from infrastructure to distribution. Click any category to explore the providers on Open Banking Tracker.
Regulated banking infrastructure via APIs: accounts, deposits, cards, and payments for non-banks.
Launch branded debit, credit, or prepaid programs with virtual and physical cards and digital wallet provisioning.
Payouts, marketplace payments, and merchant services so platforms can offer payments without becoming processors.
Working capital, B2B BNPL, invoice financing, and revenue-based financing via APIs.
Your platform becomes the payroll provider, powered by infrastructure you did not build.
Invoicing, bill pay, and collections so vertical SaaS and marketplaces can offer finance automation.
Manage overdue receivables through APIs, accounting integrations, and regulated collection workflows.
Corporate cards, expense policies, and reconciliation so platforms can embed spend controls.
Usage metering, subscription billing, invoicing, and entitlements via APIs for native billing.
Programmable ledgers, payment operations, and money movement infrastructure for fintechs.
Multi-currency accounts, international payouts, and hedging via APIs for global payments.
Identity verification, AML screening, and fraud decisioning via APIs for onboarding and compliance.
Distribute coverage at the point of transaction so platforms can offer policies without underwriting.
Mobile plans, business phone numbers, and eSIM directly inside apps. No extra device, one bill.
Health, retirement, commuter, and wellness benefits distributed inside HR and payroll platforms via APIs.
The foundational layer that powers embedded finance: open banking, accounting, and payroll data APIs that feed lending, KYB, payments, and reconciliation use cases.
Tracked providers per embedded finance category. Source: Apideck & Open Banking Tracker, as of May 2026.
| Category | Providers | What it covers |
|---|---|---|
| BaaS (Banking-as-a-Service) | 43 | Regulated banking infrastructure via APIs: accounts, deposits, cards, and payments for non-banks. |
| Embedded Card Issuing | 44 | Launch branded debit, credit, or prepaid programs with virtual and physical cards and digital wallet provisioning. |
| Embedded Payments | 88 | Payouts, marketplace payments, and merchant services so platforms can offer payments without becoming processors. |
| Embedded Lending | 33 | Working capital, B2B BNPL, invoice financing, and revenue-based financing via APIs. |
| Embedded Payroll | 14 | Your platform becomes the payroll provider, powered by infrastructure you did not build. |
| Embedded AP/AR | 5 | Invoicing, bill pay, and collections so vertical SaaS and marketplaces can offer finance automation. |
| Embedded Collections & Recovery | 1 | Manage overdue receivables through APIs, accounting integrations, and regulated collection workflows. |
| Expenses & Spend Management | 5 | Corporate cards, expense policies, and reconciliation so platforms can embed spend controls. |
| Embedded Billing | 1 | Usage metering, subscription billing, invoicing, and entitlements via APIs for native billing. |
| Ledger-as-a-Service | 14 | Programmable ledgers, payment operations, and money movement infrastructure for fintechs. |
| Embedded FX & Cross-Border | 10 | Multi-currency accounts, international payouts, and hedging via APIs for global payments. |
| Embedded Compliance (KYC/KYB) | 38 | Identity verification, AML screening, and fraud decisioning via APIs for onboarding and compliance. |
| Embedded Insurance | 7 | Distribute coverage at the point of transaction so platforms can offer policies without underwriting. |
| Embedded Connectivity | 1 | Mobile plans, business phone numbers, and eSIM directly inside apps. No extra device, one bill. |
| Embedded Benefits | 1 | Health, retirement, commuter, and wellness benefits distributed inside HR and payroll platforms via APIs. |
| Financial Data Connectivity | 19 | The foundational layer that powers embedded finance: open banking, accounting, and payroll data APIs that feed lending, KYB, payments, and reconciliation use cases. |
| Total | 324 | 300+ providers across 16 categories |
The State of Embedded Finance 2026 draws on public filings, independent research, regulatory documentation and real implementation data. It combines a vendor landscape analysis of 300+ embedded finance providers tracked by the Open Banking Tracker, an embedded finance stack analysis of 1,200 companies, and a practitioner survey of industry operators conducted between March and May 2026. Provider counts are as of May 2026.
Prepared by Apideck & Open Banking Tracker, 2026. Market sizing from BCG, Adyen, Bain, McKinsey and EY-Parthenon; revenue evidence from Toast, Shopify, Block and ServiceTitan filings; 30+ sources cited in the full report.
Market data, vendor landscape, build-vs-buy frameworks and risk guidance for B2B SaaS, vertical SaaS and fintech decision-makers. Free, no email required.
The report covers the market, the use cases, and the risks. The Index goes further. We analyzed the public stacks of 3,580 embedded finance companies across 781 verified providers, 12 infrastructure layers, and 9 regions to answer a question no one had mapped before: what does the embedded finance ecosystem actually run on?
The Index updates continuously as providers appear, disappear, and get acquired — so the data is always current in a market that shifts fast. Be the first to get full access when it goes live.
Join the Waitlist
Connex Commerce
Kikin
WeThrive
Praiz
Setyl
Kadonation
Invoice2go by BILL
Optimizely
Salesflare