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
Connect Money, an Egypt-based Banking-as-a-Service fintech, raised $8 million in a seed round co-led by DisrupTech Ventures, Algebra Ventures, and Lorax Capital Partners. The funding will support expansion into Morocco and Kenya, enabling non-bank businesses to offer white-label financial products. The company provides embedded finance infrastructure including cards, payments, KYC, and mobile banking apps for trade companies across Africa.
Entities: Connect Money · DisrupTech Ventures · Algebra Ventures · Lorax Capital Partners · One Stop Capital · MDP
Celcoin, a Brazilian Banking-as-a-Service provider, announced a $125 million investment led by Summit Partners. The deal represents one of the largest BaaS-related funding rounds in Latin America in 2024. Celcoin provides financial infrastructure enabling businesses to embed banking services into their platforms in Brazil's rapidly growing fintech market.
TD Bank Group launched TD Innovation Partners (TDIP), a bespoke banking solution tailored for technology startups. The offering includes accounts, lending, investments, and wealth management services. While not explicitly branded as BaaS, it represents a major bank creating dedicated embedded banking infrastructure for the fintech and startup ecosystem.
GM Financial withdrew its 2020 industrial loan company charter application from the FDIC on June 17, 2024, despite having received conditional approval from Utah's Department of Financial Institutions just days earlier. The automaker's finance arm indicated plans to refile at a later date. The withdrawal came three days after the FDIC approved Thrivent's competing ILC application.
Entities: GM Financial · FDIC · Utah Department of Financial Institutions
The Federal Reserve issued a cease-and-desist order against Evolve Bank & Trust on June 14, 2024, citing deficiencies in risk management related to its fintech partnerships. The order requires Evolve to obtain prior regulatory approval before onboarding new fintech partners. This is a landmark enforcement action signaling heightened scrutiny of BaaS sponsor banks.
The FDIC approved an industrial loan company charter for Thrivent Financial for Lutherans on June 14, 2024, the first ILC approval since Block and Nelnet in 2020. The new Thrivent Bank will be based in Salt Lake City and will absorb Thrivent Federal Credit Union. The approval followed a February 2021 application and prior conditional approval from Utah's Department of Financial Institutions.
Entities: Thrivent Financial for Lutherans · FDIC · Utah Department of Financial Institutions
Canadian digital bank VersaBank received Federal Reserve approval to acquire Stearns Bank Holdingford, a small OCC-chartered bank with $78M in assets. The deal gives VersaBank a U.S. bank charter to expand its digital lending operations into the American market. OCC approval was expected shortly after.
Mastercard announced Deposit Switch and Bill Pay Switch, integrated with Open Banking and Atomic, to streamline direct deposit and bill payment updates for digital accounts. The tools simplify account switching for consumers and are expected to be available in 2024. The launch strengthens Mastercard's embedded finance capabilities for banks and fintechs.
Mastercard launched its "Mastercard For Fintechs" program on June 5, 2024, targeting early-stage fintechs in Western Europe across payments, embedded finance, Web3, and banking/SME verticals. The program offers education, networking, competitions, and a €50,000 marketing prize plus fast-track access to Mastercard Start Path. It aims to support fintechs in Belgium, France, Italy, Luxembourg, Netherlands, Spain, and Portugal amid challenging fundraising conditions.
OpenPayd, an embedded finance infrastructure provider, announced it achieved profitability and reached €40 million in annual recurring revenue by June 2024. The company reported over 100% growth for the second consecutive year, serving more than 400 global clients. This milestone highlights the maturing embedded finance market.
Boost Bank, a joint venture between Axiata Group's Boost and RHB Banking Group, launched its digital banking app in Malaysia targeting unbanked populations. The app offers savings accounts and loyalty services. The venture received its digital banking license from Bank Negara Malaysia in January 2024, and the product went live in June 2024.
Entities: Boost · RHB Banking Group · Axiata Group
Plend launched its 'powered by Plend®' embedded credit API, offering an ethical alternative to buy-now-pay-later. The API integrates affordable credit with automated KYC, fraud checks, and assessments in under 10 seconds. It enables partners to embed responsible lending directly into their customer journeys.
Morpheus launched as a UK bridging loan provider in June 2024, offering loans up to £750,000 powered by digital KYC, open banking integrations, and biometric verification. The fintech aims to modernize short-term property lending with embedded finance technology.
BKN301 Group partnered with Finastra to deliver BaaS and payment white-label solutions, achieving go-live with Finastra's Essence core banking platform in less than six months. The partnership enables BKN301 to rapidly offer embedded banking and payment services. This highlights the growing demand for turnkey BaaS infrastructure that accelerates time-to-market for financial services.
Arab Bank's fintech arm Acabes launched a Banking-as-a-Service API platform targeting the Middle East and North Africa region. The platform enables third parties to access banking services via APIs. This represents a significant BaaS expansion by a major traditional bank into the MENA market.
FintechOS, a financial product management and digital infrastructure platform, raised $60 million in a Series B+ round led by Molten Ventures, Cipio Partners, and BlackRock. The funding will support global expansion and core banking systems modernization, reinforcing the platform's role in enabling embedded finance capabilities for banks and insurers.
Majority, a mobile banking platform serving migrants, raised $20 million ($12.5M equity, $7.5M debt) in its fifth funding round. The round was led by prominent fintech founders including Klarna co-founder Victor Jacobsson and iZettle co-founders, with follow-on from Avid Ventures, Valar Ventures, and Heartcore Capital. The funding supports the company's push toward profitability.
Leap Financial and Mastercard launched a white-label embedded remittance solution enabling banks, fintechs, retailers, and telcos in Latin America to integrate a 'request remittance' button into their platforms. Powered by AI agent LOLA on WhatsApp, the solution targets the $155 billion U.S.-to-Latin America remittance market with instant disbursements and revenue-sharing models.
Adro announced Stearns Bank N.A. as its sponsor bank for Banking-as-a-Service, enabling financial services for international students and workers in the U.S. The partnership allows users to open accounts before arriving without a Social Security number, access debit and credit cards, and build credit immediately. Adro plans to launch through university partnerships for the 2024-2025 academic year.
British accounting automation startup Ember partnered with HSBC UK to provide embedded tax services directly within HSBC's online business banking platform. The partnership allows HSBC's business customers to access Ember's tax automation offerings without leaving their banking environment. The deal followed Ember's £5 million funding round in May 2024.
Layer, an embedded accounting startup, secured $2.3 million in funding to develop its embedded accounting solutions. The platform positions itself as an alternative to traditional accounting software like QuickBooks. The investment supports Layer's efforts to enable platforms to integrate accounting capabilities directly into their products.
FIS unveiled Atelio, a fintech platform providing building blocks for financial institutions and non-financial companies to embed financial services. The platform enables deposit collection, money movement, card issuance, invoicing, fraud prevention, and cash flow forecasting. KeyBank, College Ave, and RoyalPay Inc. were announced as lighthouse clients at launch.
Entities: FIS · KeyBank · College Ave · RoyalPay Inc.
Mastercard partnered with Boost Capital to deploy a white-label tech platform targeting over 10,000 small businesses in the Philippines. The platform enables digital onboarding via chat apps like WhatsApp and Messenger, with AI verification and financial literacy tools. The partnership focuses on women-led enterprises and provides 24/7 access to loans, credit, savings, and merchant services.
The Hong Kong Monetary Authority launched FiNETech, a collaborative platform connecting approximately 100 banks, insurers, and technology firms to facilitate fintech adoption. The platform covers Wealthtech, Insurtech, Greentech, AI, and DLT, and includes access to the Fintech Supervisory Sandbox. This initiative formalizes a regulator-led framework for bank-fintech collaboration in Hong Kong.