Hi Embedded Finance Friend
Last Wednesday, we hosted EFR Event #9 in Berlin: our biggest event yet, with 240 people joining us at Alice Rooftop. Thank you to everyone who came, and a special welcome to all the new subscribers who signed up through the event. Glad to have you here (You can adjust the type of emails you receive from me here).
The evening included a presentation by Eliot Marcus of Visa on flexible credentials and BNPL infrastructure, an interview by Guy Webster of Marqeta with Axel Neumann of Mondu on Building for the B2B Buyer, and a fireside chat on embedded lending in marketplaces with Leonard Strigel of YouLend and Felix Kristl of eBay. I have written a full recap on the EFR website if you want all the details.
And one more thing before the news: on May 6th at 5 pm CEST, I am joining Wallester and Beneflo for a webinar on how tech platforms are scaling revenue with embedded card programmes. If that sounds relevant, you can register here.
And now let’s dive in 👇
Provider Spotlight: Hopae
Most embedded finance products start with a question nobody talks about enough: how do you verify who your user actually is? Document photos and facial biometrics have been the default for years, but they were never designed for the internet. Deepfakes and synthetic identities have worsened the problem, and regulators are responding. In Europe, eIDAS 2.0 requires AML-regulated organisations and large platforms to support government-backed eIDs. Similar shifts are happening across the US, Latin America, and Asia.
Hopae is building the infrastructure layer for this transition. Their global eID network connects 65+ government identity schemes through a single API and contract, without the complexity of integrating with each country individually. For fintech platforms, lenders, and any company onboarding users across markets, it removes one of the hardest parts of launching financial products compliantly at scale.
Canva Adds Embedded Payments via PayPal for 265 Million Users
What happened: Canva launches PayPal Payment Links app inside its Marketplace ++ Creators attach payment links or QR codes directly to any design ++ Customers pay via PayPal, Venmo, or Pay Later across nearly 200 markets
Canva has added a payment layer to its design workflow, allowing 265 million monthly users to turn any design into a checkout experience. Until now, creators had to send customers to an external website or manage a separate storefront. The interesting editorial question is not what Canva built but what it chose not to build. A PayPal integration works well for selling event tickets or digital products to individual consumers, but it leaves revenue on the table and does not cover B2B transactions. WeTransfer went further by embedding Stripe payments for file delivery between designers and clients. Whether Canva follows a similar path is worth watching.
Read the full story on Embedded Finance Review
TikTok Applies for Payment and Credit Licences in Brazil
What happened: TikTok applies for EMI and direct credit company licences in Brazil ++ EMI licence covers prepaid accounts and in-app payments ++ Credit licence would allow lending from own balance sheet or as a platform connecting borrowers and lenders ++ Applications still pending and not officially confirmed by TikTok or Brazil's central bank
TikTok has applied to Brazil's central bank for two licences that would allow it to offer payments and credit directly inside the app to its 131 million adult users in the country. EFR has followed TikTok's financial services moves since 2023, from a wallet interface test to a cash advance product with Storfund in the US marketplace. The Brazil application is the most significant step yet, and the first time TikTok is seeking its own regulatory standing rather than partnering with a third party. Indonesia showed that approval is not guaranteed, but the direction has been consistent across years and geographies.
Read the full story on Embedded Finance Review
OpenAI Acquires Personal Finance App Hiro
What happened: OpenAI acquires Hiro Finance, founded by Ethan Bloch, who previously sold Digit to Oportun for over $200 million ++ Full team joins OpenAI, app shuts down on April 20 ++ Second personal finance acquisition after Roi ++ Terms not disclosed
OpenAI has now acquired two personal finance apps in quick succession, with Bloch describing the mission as building an AI personal CFO inside ChatGPT. The acquisitions signal that OpenAI is deliberately investing in financial expertise, not just general AI capability. What remains unclear is how far it intends to go: one path is open banking, connecting to existing accounts and providing advice on top; the other is offering financial products directly inside ChatGPT. Either way, if consumers start using ChatGPT to make financial decisions, banks and fintech companies face a distribution problem that exists independently of OpenAI's path.
Read the full story on Embedded Finance Review
In other Embedded Finance news
- Treezor + I.B.E.: Munich-based employee benefits provider I.B.E. Institut für betriebliches Entgeltmanagement has migrated its Primecard product to Treezor's BaaS infrastructure, enabling over 2,600 German corporate clients to manage tax-exempt non-cash compensation digitally with funds ring-fenced at Treezor. (Treezor)
- Synctera acquires Cable: US BaaS provider Synctera has acquired Cable, a compliance control testing platform used by sponsor banks to continuously verify that their fintech partners are adhering to regulatory requirements, as an alternative to traditional sampling-based compliance reviews. (Fintech Global)
- Swiss banking experts on embedded finance: MoneyToday, the Swiss banking and finance publication, has published a series of expert perspectives on embedded finance in Switzerland from six industry figures, including Thierry Kneissler (co-founder of Twint) and Marianne Wildi (chair of Hypothekarbank Lenzburg). The consensus: demand for embedded finance already exists in Switzerland, but Swiss banks have been slow to position themselves as active BaaS partners on the supply side. (MoneyToday)
- Fifth Third grew embedded banking fee revenue 53% in 2025: US regional bank Fifth Third reported a 53% increase in embedded banking fee revenue in 2025, one of the clearest public data points on how traditional banks are monetising their embedded finance programmes. (American Banker)
- Xero introduces online bill payments: Accounting platform Xero has launched online bill payments for small businesses in the US, allowing users to pay suppliers directly from within Xero without switching to a separate banking tool. (Business Wire)
- Pipe raises $16m: US Embedded lending provider Pipe has raised $16 million in its first equity round since relaunching its core product in 2024, with partners including GoCardless and Uber distributing working capital advances to small businesses through their platforms. (Fintech Futures)
- The case for embedded payments pricing reform: A Forbes piece by Dara Oke argues that while embedded payments infrastructure has become increasingly optimised and automated, the pricing models banks and fintechs charge for those payments have not kept pace, creating a growing disconnect between what the technology actually costs and what businesses are charged. (Forbes)
That's it for this edition. If you enjoy my newsletter, podcast, or events, the best way to support me is to share them with others in your network. Feedback is always welcome, too.
Need help with an embedded finance project? Visit my website and let's talk.
Best wishes from Berlin,
Lars Markull (LinkedIn)
