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
Funding — Startup Embedd Raises Pre-Seed Investment Round · Aug 25, 2026
Deal Feed
Partnerships, funding rounds, product launches, and M&A across the ecosystem.
Unit, an API-first banking infrastructure platform, raised a $10M seed round led by KKR and QED Investors. The company enables fintechs and non-banks to launch banking products such as accounts and cards via developer-friendly APIs. Bessemer Venture Partners also participated in the round.
Bank of America unveiled a redesigned mobile banking app with embedded loan applications for credit cards, auto loans, and home loans. The app also features AI assistant Erica, serving 29 million users. This represents an early example of embedded lending within a major bank's digital platform.
Current, a mobile banking app offering FDIC-insured accounts through partner banks, raised $20 million in Series B funding. The round brought total fundraising to $45 million and supported growth past 500,000 accounts. New investors included Wellington Management, Galaxy Digital EOS VC Fund, and CMFG Ventures, with returning investors QED Investors, Expa, and Elizabeth Street Ventures.
Evolve Bank & Trust partnered with i2c to leverage its cloud-based payments processing platform. The deal enables Evolve to offer customizable credit, debit, prepaid, and DDA products to its fintech clients. This strengthened Evolve's position as a leading BaaS bank serving fintechs nationwide.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.