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
In October 2024, the OCC, FDIC, and Federal Reserve received multiple comment letters on bank-fintech partnership risks. Submissions addressed supervision gaps, deposit-taking risks, and examination authority over fintechs. Fed Governor Bowman called for uniform regulations across banks, credit unions, and fintechs. FDIC consent orders requiring banks to offboard fintech partners signaled escalating enforcement.
Entities: FDIC · OCC · Federal Reserve · Mercury Technologies · Woodstock Institute · Bank Policy Institute
Lili launched Lili Connect, an embedded finance solution enabling partner platforms to offer small business banking accounts, accounting tools, tax features, and fast online account opening. The product is designed to shield platforms from typical BaaS risks such as fraud liability and compliance burdens. This positions Lili as a turnkey provider for platforms seeking to embed SME financial services.
African fintech Moniepoint secured $110 million in Series C funding on October 29, 2024, led by Development Partners International. Other investors include Google's Africa Investment Fund, Verod Capital, and Lightrock. The round will scale Moniepoint's digital payments and banking solutions across Africa.
Entities: Moniepoint · Development Partners International · Google Africa Investment Fund · Verod Capital · Lightrock
BlockFills launched API-based services enabling enterprise payments firms and fintechs to handle crypto-fiat on/off ramps with 24/7 access and same-day settlement. The product targets businesses needing seamless integration of digital asset conversion into traditional payment workflows.
The Hong Kong Monetary Authority announced participation in Project Aperta at Hong Kong FinTech Week, focusing on open finance APIs for SME trade finance. Alongside this, HKMA unveiled Project Ensemble for asset tokenization including the Ensemble Sandbox and Digital Bond Grant Scheme.
Finfra, an Indonesia-based banking platform infrastructure provider, raised $2.5 million in a round led by Cento Ventures with participation from Accion Venture Lab and others. The funding brings total capital raised to $4.3 million. The company provides API-driven infrastructure enabling non-financial platforms to embed lending solutions including loan management, credit scoring, and portfolio analytics.
Fintel Connect launched Fintel Check, an automated monitoring tool designed for BaaS sponsor banks and middleware providers to track fintech partners' marketing compliance. Coastal Community Bank piloted the product. The tool addresses growing regulatory scrutiny on sponsor banks overseeing fintech partnerships.
LendingClub, a digital marketplace bank, partnered with Pagaya to acquire intellectual property assets from Tally Technologies, a defunct credit card debt management fintech. The deal enhances LendingClub's lending and credit management capabilities. It highlights how bank-fintech partnerships are absorbing distressed fintech IP to expand embedded lending products.
First Bank of the Lake partnered with Infinant to launch a white-label banking product for fintech firms and businesses. The program leverages Infinant's Interlace platform to enable partners to offer branded financial services under their own brand. The bank also hired Ana Liza Grandner and Phil Bianco to lead the initiative, emphasizing bank-owned compliance over traditional BaaS models.
Green Dot launched Arc by Green Dot, a cloud-based embedded finance platform providing FDIC-insured banking products, money processing, payment APIs, fraud protection, and access to U.S. deposit and ATM networks. The platform targets businesses seeking scalable banking infrastructure. As a regulated bank itself, Green Dot positions Arc as a direct-from-bank embedded finance offering.
Fiserv partnered with DoorDash to power the Crimson Program, embedding banking and financial services for Dashers directly within the DoorDash platform. Built on Fiserv's Finxact core banking platform, the program streamlines payments and commerce experiences for gig workers. This represents a significant embedded finance deployment in the gig economy sector.
Mastercard announced an industry-first cross-border payments innovation enabling banks to offer enhanced international transfer capabilities. While primarily focused on bank-to-bank transfers rather than accounts or cards, the product supports embedded payment use cases. The launch strengthens Mastercard's infrastructure for banks seeking to embed cross-border payment features.
Stripe acquired Bridge, a stablecoin infrastructure platform, for $1.1 billion in the largest crypto acquisition at the time. Bridge was founded by Coinbase and Square alumni and had raised $40 million led by Sequoia. The deal strengthens Stripe's ability to offer fast, low-cost stablecoin-based payments across chains like Solana, Ethereum, and Polygon.
Zenus Bank integrated Tuum's Accounts and Payments modules into its technology ecosystem to launch a global BaaS platform. The platform enables banks, fintechs, super apps, and businesses in over 120 countries to embed U.S. banking services. Tuum indicated it had over a dozen BaaS partnerships in development, with many expected to go live in Q4 2024.
Worldline and Online Payment Platform (OPP) unveiled a joint embedded payments solution targeting European platforms and marketplaces. The turnkey product includes split payments, escrow, mediation, multi-currency support, and built-in compliance. It was formally presented at an event on October 22, 2024, and addresses the growing demand for integrated payment infrastructure among platform businesses in Europe.
Coreless banking fintech XYB partnered with IBM to offer its modular banking platform on IBM Cloud for Financial Services. The partnership helps banks modernize core systems through componentized, API-driven modules. It targets compliance with upcoming UK FCA resilience rules and EU DORA regulations.
HSBC launched SemFi by HSBC, a joint venture with Tradeshift, to provide embedded finance solutions such as payments, trade, and invoice financing for SMEs on e-commerce platforms. The venture initially targets the UK market and combines HSBC's global banking scale with startup agility. SemFi embeds digital invoice financing, virtual cards, and payment solutions into B2B marketplaces.
Plumery, a digital banking platform provider, raised $3.3 million in additional funding on October 2, 2024, from DN Capital and QED Investors. The funding will accelerate growth and expansion of its platform that enables banks and fintechs to build digital banking experiences.
Canadian fintech Zūm Rails partnered with Fiserv to expand its embedded payments platform into the US market. The partnership enables embedded AP/AR and payment processing for US businesses via Fiserv's infrastructure, with plans to add future BaaS capabilities such as debit cards. This marks Zūm Rails' entry into the US embedded finance market.
SoFi Technologies announced it will adopt Galileo's Cyberbank Core platform for its new commercial payment services sponsor banking program. The implementation leverages Galileo's modern core banking technology to power SoFi's expanding BaaS capabilities. Rollout was expected to complete in November 2024.
Embedded finance platform YouLend announced a $1B+ financing facility backed by Castlelake to fund revenue-based lending for U.S. small businesses. The lending is embedded within e-commerce platforms such as Shopify and eBay. This significant capital commitment enables YouLend to scale its embedded SMB lending operations in the U.S. market.
Square, part of Block, began searching for a replacement banking partner after Wells Fargo exited a key market relationship. The departure created operational gaps for Square's financial services. This highlights the fragility of fintech-bank partnerships and the ongoing dependency of major fintechs on sponsor bank relationships.
Fibabanka, a Turkish digital bank, launched what it claims to be Turkey's first Banking-as-a-Service platform in October 2024. Fintech startup GetirFinans was announced as the platform's first partner. The launch marks a significant milestone for embedded finance in the Turkish market.
Veritas Capital completed the acquisition of NCR Voyix's Digital Banking business for $2.45 billion plus up to $100 million in contingent payments, rebranding the unit as Candescent. The deal transfers a major digital banking platform serving banks and credit unions to private equity ownership. This is significant for the BaaS ecosystem as Candescent provides core digital banking infrastructure used by financial institutions offering embedded and digital banking services.
Entities: Veritas Capital · NCR Voyix · Candescent