Registry — Vantage Bank Texas (US) added to the registry
Enforcement — Termination of Enforcement Action issued against Deutsche Bank AG, DB USA Corporation, and Deutsche Bank AG New York Branch · Federal Reserve · Aug 25, 2026
Partnership — Revolut Japan Partners with Minna no Ginko via BaaS Banking Agency Agreement · Aug 25, 2026
Product — Absa Develops Embedded Payment Tool for Township Small Businesses · Aug 22, 2026
M&A — I-Remit Approves P20 Million Capital Infusion Into Surepay Technologies · Aug 22, 2026
U.S. Bank's Avvance platform partnered with Magwitch to expand its point-of-sale lending offering to more customers across 1,100+ merchants. The partnership integrates installment lending into white-label platforms, broadening embedded finance options for merchants. This represents a significant bank-fintech collaboration in the lending-as-a-service space.
Accenture acquired Percipient, a Singapore-based fintech developing digital twin technology for banks. The acquisition enhances Accenture's core banking modernization capabilities, which underpin BaaS infrastructure upgrades for financial institutions globally.
Paris-based embedded banking fintech Swan raised €42 million in additional Series B funding in January 2025. The round brings Swan's total equity to €100 million since its 2019 founding. The funds will support expansion into the UK and Belgium, hiring of 80 new staff, and enhancement of its BaaS platform with SMB offerings and custom card programs.
Atlantic Merchant Services, a Payroc subsidiary, and Virginia-based First Bank announced a strategic partnership effective January 1, 2025. The deal provides customized payment processing solutions for First Bank's clients. It emphasizes secure payment infrastructure and localized support, aligning with embedded finance concepts where banks partner with platforms to deliver financial services.
Entities: Atlantic Merchant Services · Payroc · First Bank
Mashreq Bank sold a majority stake in its payments subsidiary Neopay to a consortium including Dgpays and Arcapita for $385 million, retaining a minority position. The deal separates Neopay's embedded payments infrastructure from the parent bank to enable independent growth.
Entities: Mashreq Bank · Neopay · Dgpays · Arcapita
Highnote, an embedded payments infrastructure provider, raised $90 million in Series B funding in January 2025. The company provides card issuing and payment processing capabilities that enable businesses to embed financial services. The significant round positions Highnote as a major player in the embedded payments space.
Amazon agreed to acquire Axio, an Indian buy-now-pay-later fintech, after a six-year embedded finance partnership. The acquisition deepens Amazon's embedded lending capabilities in India and signals the growing strategic value of BNPL infrastructure to large platforms.
Ally Financial divested its $2.3 billion credit card portfolio, covering 1.3 million cardholders, to CardWorks and Merrick Bank. The deal reflects Ally's strategic focus away from card lending and positions Merrick Bank, a known partner bank in embedded finance, to grow its card portfolio significantly.
Entities: Ally Financial · CardWorks · Merrick Bank
Visa completed its acquisition of Featurespace, an AI-powered fraud and financial crime detection company. The deal strengthens Visa's real-time fraud prevention capabilities across its global payments network. This acquisition enhances embedded finance ecosystems by improving the security infrastructure underlying BaaS and payment platforms.
On December 19, the Bank of England welcomed recommendations from the CPMI API Panel of Experts to harmonize cross-border payment APIs. The endorsement supports standardized API infrastructure for faster, cheaper international payments. This is a significant regulatory signal for BaaS and embedded payment providers building cross-border capabilities.
Lenders Cooperative and Ventures Lending Technologies announced a merger on December 17, 2024, combining their lending technology platforms. The deal aims to create a more comprehensive embedded lending infrastructure for community banks and credit unions. The merger was completed in February 2025.
TAPCO Credit Union launched its new digital banking platform powered by Lumin Digital on December 16, 2024. The cloud-native solution features enhanced debit/credit card tools, business banking, payments integration, and fraud detection. The launch demonstrates growing credit union adoption of modern digital banking infrastructure.
Newline by Fifth Third, the bank's API-based embedded payments and deposits platform, was recognized as Most Innovative Financial Institution at the This Week in Fintech Awards. The platform was built following Fifth Third's acquisition of Rize Money in 2023. The award highlights Fifth Third's growing role as a BaaS provider offering embedded finance capabilities to fintechs and enterprises.
Entities: Fifth Third Bank · Newline by Fifth Third
MANTL announced the expansion of its platform on December 11, 2024, unifying deposit and loan origination into a single solution. The platform supports consumer and business loans with real-time cross-sells, automated underwriting, and account opening under three minutes. The launch targets banks seeking to deepen embedded relationship banking.
TD Bank partnered with Backbase to modernize its retail credit card business through a digital-first, multi-channel experience. The rollout began with over two million customers of a large strategic card partnership program. This collaboration aims to deliver a seamless, modern credit card service experience.
NymCard announced a strategic partnership with AlRayan Bank in Qatar to enable fintechs, banks, and non-bank financial institutions to create and scale innovative card programs and payment solutions. The partnership leverages NymCard's API-driven platform with AlRayan Bank's local market expertise, aligned with Qatar Vision 2030.
Gigs, a BaaS-style operating system enabling tech companies to embed mobile and telecom services, raised $73 million in Series B funding led by Ribbit Capital. Google's Gradient, Y Combinator, and Speedinvest also participated. The funding will support geographic expansion and new product development.
Entities: Gigs · Ribbit Capital · Gradient (Google) · Y Combinator · Speedinvest
KPay, an Asia-focused payments and financial management platform, raised $55M in the largest Series A in payments for 2024. Led by Apis Partners, the funding will fuel expansion across Indonesia, Philippines, Malaysia, and Thailand through organic growth and M&A. The round highlights growing embedded payments infrastructure demand in Southeast Asia.
B4B Payments and Banking Circle were named Best Bank & Fintech Partnership at the 2024 Banking Tech Awards. The partnership centers on Banking-as-a-Service capabilities. The recognition highlights the growing importance of BaaS-enabled collaborations between licensed banks and payment fintechs in the European market.
Parafin, a U.S.-based embedded finance infrastructure company, raised $100M in a Series C round at a $750M valuation. Led by Notable Capital with Redpoint Ventures and Ribbit Capital, the funding will expand its API-driven capital access for small businesses. The round highlights growing demand for embedded lending infrastructure integrated into platforms and marketplaces.
Entities: Parafin · Notable Capital · Redpoint Ventures · Ribbit Capital
BVNK, a stablecoin payments infrastructure provider, raised $50M in a Series B led by Haun Ventures with participation from Coinbase Ventures. The funding will scale its B2B payment APIs for global businesses using stablecoins. The round signals growing institutional interest in stablecoin-based embedded payment infrastructure.
Infinant closed a $15M Series A funding round led by FinTop Capital and JAM FINTOP BankTech to scale its Interlace cloud-based platform. The platform enables banks to launch and manage embedded banking programs including accounts, payments, and cards without core system dependency. The funding will support regulatory compliance tooling and market expansion.
Entities: Infinant · FinTop Capital · JAM FINTOP BankTech
Upvest, a Berlin-based investment API platform, raised €100M (~$104M) in a Series C round led by Hedosophia with participation from Sapphire Ventures. The funding will be used to double its 170-person team and scale its embedded investing platform. The round underscores strong investor appetite for API-driven financial infrastructure enabling banks and fintechs to embed investment products.
Walmart's majority-owned fintech, One, announced plans to relaunch the retailer's dual co-brand and private label credit card portfolio. One partners with Coastal Community Bank for installment loans. This move signals Walmart's deepening push into embedded financial services for its customer base.