Fiserv Delivers Embedded Banking to DoorDash via Crimson Program
On October 22, 2024, Fiserv announced it is delivering embedded finance capabilities to DoorDash's new Crimson Program, providing banking and financial services to Dashers (DoorDash delivery workers) within the delivery platform. The program is powered by Fiserv's Finxact cloud-native core banking platform, enabling DoorDash to offer streamlined payment and commerce experiences without requiring Dashers to leave the app. The integration allows gig workers to access financial services at the point of earning, addressing a key pain point for the gig economy workforce.
Fiserv contributes its processing infrastructure, core banking technology, and embedded finance APIs, while DoorDash provides the consumer-facing platform and distribution to its large Dasher network. Financial terms of the partnership were not disclosed. The initiative highlights the growing trend of non-financial platforms embedding banking services to improve user retention and financial inclusion among gig workers.
- Demonstrates Fiserv's ability to deploy Finxact as an embedded finance engine for major non-financial brands, strengthening its position against dedicated BaaS providers
- Signals accelerating adoption of embedded finance in the gig economy, potentially prompting competitors like Uber and Lyft to deepen their own financial service offerings
- Validates the B2B2C model where infrastructure providers enable large platforms to offer branded financial products to end users