Registry — Vantage Bank Texas (US) added to the registry
Enforcement — Licence Revocation issued against Paytm Payments Bank · RBI · Apr 26, 2026
Partnership — Qolo Expands KeyBank Partnership to Launch Virtual Commercial Card Program · Apr 28, 2026
Product — Aven Launches Bitcoin-Backed Visa Credit Card with BitGo and Coastal Community Bank · Apr 28, 2026
M&A — Capacity Acquires DevRefactory to Expand Embedded Middleware and AI Capabilities · Apr 28, 2026
Funding — UAE B2B Embedded Finance Platform Comfi Raises $65M Pre-Series A · Apr 27, 2026
Deal Feed
Partnerships, funding rounds, product launches, and M&A across the ecosystem.
At a Bpifrance fintech event on October 18, 2019, French fintech Manager.one presented its white-label online banking solution for entrepreneurs. The offering enabled business clients to access branded banking services, highlighting Europe's growing BaaS and embedded finance ecosystem.
Galileo Financial Technologies, a payments and financial services API platform powering fintech programs, raised $77 million in its first outside funding round. The Series A positioned Galileo as a key BaaS infrastructure provider after 19 years of bootstrapped growth. The investment recognized Galileo's role as the behind-the-scenes processor for major fintechs.
Railsbank (now Railsr), a Banking-as-a-Service platform, raised €10M (~$11M) with participation from Banco BPM and existing investors. The funding supported expansion of its European API infrastructure offering modular banking services including payments, cards, and accounts for fintechs.
Diamond Trust Bank (DTB) partnered with DPO Group and Mastercard as DPO's sponsor bank to enable virtual Mastercard card issuance for B2B digital payments in Kenya and Tanzania. The BaaS arrangement allows DPO to issue virtual cards without requiring physical cards or bank accounts, targeting African businesses for cross-border transactions.
German BaaS provider Solarisbank (now Solaris) raised €30M (~$33M) in a Series B extension led by BBVA and Target Global. The funding scaled its API-based banking infrastructure for lending, payments, and cards, with a focus on PSD2 and open banking compliance.
OnDeck's white-label digital lending platform ODX partnered with Investors Bank to power digital small business loan origination. The partnership enabled the bank to offer a streamlined digital lending experience to SME customers. This is an early example of BaaS-style lending infrastructure powering a traditional bank.
BBVA's U.S. open banking platform continued to gain attention in 2019 as a key example of a traditional bank offering white-label banking-as-a-service. The platform allowed fintechs and non-bank brands to build custom banking solutions on BBVA's infrastructure, representing an early institutional commitment to BaaS.
Mambu, a cloud-native core banking SaaS platform, received a $20M equity investment from TSB Bank UK in October 2019. The investment emphasized Mambu's API extensibility and its role powering digital banks globally with customizable banking infrastructure.
Mastercard partnered with Rakuten Viber to launch an instant money transfer service within the messaging app in Hungary, marking a fintech world premiere. The embedded finance integration allowed Viber users to send money directly through the app, powered by Mastercard's payment infrastructure.
KPMG's Q3 2019 Venture Pulse report highlighted the maturation of Brazilian fintechs increasingly offering white-label banking services to other brands. This signaled that the BaaS model was gaining traction in Latin America, with fintechs evolving from direct consumer players to infrastructure providers.
Lloyds Banking Group announced plans to migrate customers from its legacy Intelligent Finance division to Thought Machine's cloud-based core banking platform. The move addresses growing risks from mainframe skills shortages and legacy IT dependencies. This partnership signals a major UK high-street bank's commitment to cloud-native core banking infrastructure powered by a fintech provider.
JPMorgan Chase was reported to be exploring a partnership with Amazon to offer white-label checking accounts, representing one of the highest-profile potential embedded finance deals of 2019. The arrangement would allow Amazon customers to access bank accounts branded for the e-commerce platform but powered by JPMorgan's banking infrastructure.
Discover Financial Services partnered with JAGGAER to embed virtual card payments into JAGGAER's procure-to-pay platform. The solution leverages Discover's virtual card numbers to serve over 2,000 customers and 4 million suppliers across 70 countries. Rollout was expected to begin in early 2020, targeting B2B procurement workflows with embedded payment capabilities.
FinServ Acquisition Corp. filed a $220 million IPO prospectus targeting acquisitions of fintech companies with differentiated technology platforms for financial services. The SPAC aims to acquire firms enabling interconnectivity in banking. This signals significant capital formation directed at the BaaS and embedded finance ecosystem.
Visa announced a new agreement with UK-based fintech Revolut to expand its digital banking services to five new regions. The partnership builds on Visa's fintech strategy and Fast Track program. This deal highlights Visa's effort to embed its network into fast-growing neobanks globally.
Bnext, a Spanish fintech building a mobile banking alternative, raised $25 million in a round led by DN Capital, Redalpine, and Speedinvest. The company had attracted 300,000 active users. The funding supports Bnext's mission to offer a challenger banking experience in the European market.
ASAPP Financial Technology and LoanConnect announced a strategic digital lending partnership on September 27, 2019. The integration connects LoanConnect's consumer loan search platform with ASAPP's OXP omnichannel lending origination software. This enables Canadian credit unions to access digital lending leads, automated adjudication, and risk-based pricing on a per-acquisition basis.
Mercury partnered with Evolve Bank & Trust to provide FDIC-insured checking and savings accounts as a white-label banking service for startups. The platform offers modern dashboards, 10-minute online sign-ups, and multi-user activity monitoring. This enables fintechs to offer branded banking without building their own infrastructure.
A Los Angeles Times investigation reported that fintech companies are increasingly teaming up with small-town banks rather than pursuing their own banking charters. Companies like Square and SoFi faced regulatory obstacles, with SoFi withdrawing its ILC application entirely. The trend underscored the growing importance of bank-fintech partnerships as the foundation of embedded finance.
Mercury, a banking-as-a-service platform for startups, raised $20 million in Series A funding led by CRV with participation from Andreessen Horowitz. The round valued the company at $100 million post-money. Mercury had seen rapid growth since its April 2019 launch, with 1,500 signups in its first week and 40% monthly growth.
PayMongo, a Philippine online payment provider, raised $2.7 million from strategic investors including Stripe, Peter Thiel's Founders Fund, and Y Combinator. The investment highlights Stripe's strategy of backing embedded payments infrastructure in emerging markets. PayMongo aims to simplify online payments for businesses in the Philippines.
Deutsche Bank acquired a 4.9% stake in Deposit Solutions, a fintech company that operates an open banking platform for deposit products. The investment amount was not disclosed. The strategic stake signals Deutsche Bank's interest in leveraging fintech infrastructure to expand its deposit marketplace capabilities.
Stripe raised a $250 million funding round at a $35 billion pre-money valuation. The raise came shortly after the launch of Stripe Capital and amid Stripe's broader push into embedded financial services. The funding underscored investor confidence in Stripe's expanding platform beyond core payments.
Wallit, rebranded from Ourly, raised $2.6 million in funding to support its white-label rewards-savings platform for banks and credit unions. The app targets millennials and Gen Z to drive deposits and customer loyalty. The company partners with financial institutions to offer branded savings experiences.