Zeta and Mastercard announced a 5-year global partnership to launch next-generation credit card programs for banks and fintechs. Mastercard made a capital investment in Zeta as part of the deal. The collaboration leverages Zeta's cloud-native Tachyon Credit stack to enable rapid card issuance, fraud management, rewards, and BaaS capabilities.
FIS announced its 2022 Fintech Accelerator program on March 3, 2022, with embedded finance and Banking-as-a-Service among its core focus areas. The 16-week program selects ten startups for monetary investment and access to FIS's network of over 100 financial institutions. The initiative prioritizes companies with existing customers and recurring revenue, with a focus on diversity.
Treasury Prime highlighted that its partner banks achieved 50% lower deposit acquisition costs and 30% higher deposits through its BaaS platform. The company's white-label banking model uses both individual on-core and FBO account structures to connect fintechs with banks. These results demonstrated concrete ROI for banks adopting BaaS strategies.
Finastra published its BaaS Outlook 2022 report revealing that 70% of financial services distributors planned to increase spending on financial partnerships including BaaS. Additionally, 50% of enablers sought to expand their partnership numbers. The report underscored the accelerating demand for banking-as-a-service across the financial ecosystem.
Visa completed its acquisition of Tink, a European open banking API platform, solidifying its position in embedded finance infrastructure. The deal, originally announced in 2021 for approximately €1.8 billion, gives Visa access to Tink's connectivity to over 3,400 banks across Europe. This acquisition strengthens Visa's open banking and data-driven financial services capabilities.
The OCC issued Conditional Approval 1281 for Summit National Bank (Hulett, Wyoming) to establish a FinTech Division offering traditional banking products to fintech-sourced customers. The approval was granted under 12 CFR 5.53 for a substantial asset change. This represents an existing bank expanding into BaaS-style services rather than a de novo fintech charter.
Entities: Summit National Bank · Office of the Comptroller of the Currency (OCC)
Mmob secured funding in March 2022 for its no-code tools that simplify fintech-bank partnerships and embedded finance integration. The startup's platform lowers technical barriers for banks and fintechs to collaborate, with existing users including PensionBee. Mmob also announced plans for expansion into Southeast Asia.
Grasshopper Bank relaunched with new leadership and technology, highlighting partnerships with BaaS enablers like Treasury Prime to serve underserved small businesses and fintech platforms. The relaunch positions Grasshopper as a digital-first bank offering BaaS capabilities. The move addresses growing demand from fintechs seeking sponsor bank relationships.
Embedded banking platform Rize and financial data platform MX announced a partnership to provide fintechs and neobanks with combined BaaS APIs. The integration enables faster development of financial products by pairing Rize's banking infrastructure with MX's data connectivity and insights. The deal aims to streamline the embedded finance stack for emerging financial services companies.
Barcelona-based embedded finance platform Hubuc raised a $10 million seed round to expand its API-based financial services infrastructure. The platform, described as an 'AWS for financial services,' offers payments, cards, and bank accounts across 58 territories. The funding will support Hubuc's scaling efforts as demand for embedded finance APIs grows.
U.S. Bank and Microsoft announced a partnership on February 22, 2022, to embed payment capabilities into Microsoft's platforms. The collaboration aims to accelerate cloud-based banking innovations including invoicing and business payments.
Swedish fintech Intergiro publicly launched in February 2022 as an all-in-one embedded banking platform. It offers accounts, multi-currency wallets, card issuing (Visa/Mastercard), acquiring, FX, and payments through a single B2B/B2B2C API suite under its own banking licenses.
Piermont Bank and BaaS platform Unit announced a partnership to simplify the launch of embedded banking products for fintechs. The collaboration combines Piermont's digital commercial banking charter with Unit's API-driven platform. New fintech clients were already secured and expected to launch within weeks of the announcement.
Brazilian neobank Neon raised $300 million in Series D funding with participation from BBVA. Neon operates as a full-stack digital banking platform in Brazil. The investment reflects continued interest from traditional banks in embedded finance and digital banking infrastructure in Latin America.
UK-based BaaS and Pay by Bank fintech Banked raised $20 million in a Series A round led by Bank of America and Edenred Capital Partners. The round brought total funding to over $30 million. Proceeds will support US expansion and development of Banked's two-sided payments network for businesses and consumers.
Entities: Banked · Bank of America · Edenred Capital Partners · Acrew · Force Over Mass · Firestartr · Sidekick · 9Yards
Fiserv announced the acquisition of Finxact, a cloud-based core banking software provider, for approximately $650 million. Finxact served banks including FirstBank and Woodforest National Bank. The deal strengthens Fiserv's ability to offer modern core banking infrastructure to financial institutions and fintechs.
Entities: Fiserv · Finxact · FirstBank · Woodforest National Bank
Central Payments launched financial technology products for six fintech partners—Kinly, Wellthi, Soon, DraftFuel, Fourth, and Tapcheck—via its Open*CP Fintech API Marketplace. The platform provides BaaS capabilities including prepaid card issuing and payments technology. This enables embedded finance solutions such as Kinly's digital banking app and Fourth's early wage access in payroll systems.
Entities: Central Payments · Central Bank of Kansas City · Kinly · Wellthi · Soon · DraftFuel · Fourth · Tapcheck
John Marshall Bank launched LendUX as its fourth fintech lending solution, focused on streamlining SBA 7(a) loan applications for small businesses. The partnership reflects community banks increasingly leveraging fintech platforms to modernize lending operations. It demonstrates how bank-fintech partnerships can improve access to small business financing.
IXOPAY partnered with FinTecSystems to integrate open banking payments into its PCI-DSS certified payment orchestration platform. The integration supports white-label clients with scalable open banking payment capabilities. This partnership strengthens embedded payment infrastructure for fintechs and merchants across Europe.
Q2 Holdings introduced Helix, its evolved BaaS platform, featuring a network of sponsor bank partners and Visa DPS as a preferred card processor partner. The platform enables fintechs and brands to embed personalized banking products. This positions Q2 as a major infrastructure player in the embedded finance ecosystem.
Mashreqbank acquired a stake in NymCard, a MENA-focused banking-as-a-service provider. The investment reflects growing bank interest in BaaS infrastructure across the Middle East. NymCard enables fintechs and enterprises to embed card and payment products via APIs.
Mastercard launched its Send Partner Program, onboarding technology players including Fenige, Adyen, Checkout.com, PayPal, and Stripe to drive innovation in real-time digital payments. The program enables banks and fintechs to embed Mastercard Send capabilities via white-label or integrated solutions. This broadens embedded payment rails across B2C and C2C use cases.
SoFi announced the acquisition of Technisys, a cloud-native core banking platform, for approximately $1.1 billion. The deal supports SoFi's banking ambitions following its acquisition of Golden Pacific Bancorp and national bank charter. Technisys gives SoFi in-house core technology to power its banking and potential BaaS offerings.
Entities: SoFi · Technisys · Golden Pacific Bancorp
Fintech infrastructure provider Amount acquired Linear Financial Technologies for $175 million in cash and stock. The deal combines consumer and business banking technology, serving major banks including TD, Regions, American Express, and PNC. The acquisition expands Amount's ability to offer end-to-end digital banking and lending solutions to financial institutions.
Entities: Amount · Linear Financial Technologies · TD Bank · Regions Financial · American Express · PNC