November's 14 Embedded Finance Stories: Doctolib, Allegro, Viber & More

Hi Embedded Finance Friend

This newsletter mailing brings me full circle. When I started summarising the biggest news of Embedded Finance in 2023, I actually started with a monthly mailing. Over time, this has turned into a biweekly newsletter and, eventually, a weekly newsletter. In the last few months, I've been wondering if there is an audience out there that wants monthly recap newsletters instead of weekly ones.

Almost 2,000 subscribers read my weekly newsletter, but this monthly newsletter has only 10 subscribers as of today. Since the workload seems pretty manageable, I expect to continue this monthly mailing for at least half a year as a test. If you want to ensure I continue with it, make sure to tell all your co-workers, friends and family about it ;-)

PS: Of course, you can subscribe to the weekly and monthly editions. However, the monthly newsletter is a summary of the weekly editions, and no new content is added.

Embedded Finance Review

Before we dive in, a quick update on my own activities:

1. I co-wrote a long article with Christian von Hammel-Bonten, "The Five Most Common Mistakes When Building Embedded Finance Products" Read here
2. We hosted our 8th Event in Berlin, and published a recap on my website: Read here
3. We are hosting our final virtual event of 2025 on December 12th. Join us for free and discuss the highs and lows in Embedded Finance in 2025: Register now.

Also, I am actively working on new events for 2026. Please reach out if you want to support, partner or join.

And now let’s dive in 👇

From the Knowledge Hub:

News

In November 2025, I covered 14 different Embedded Finance stories. Short summaries with a link to my website for a more extended version (sorted by number of views):

1. Doctolib is moving from appointment booking to full practice software, positioning them to embed payments and other Embedded Finance products. EFR
2. Allegro partners with PKO Bank Polski to launch embedded merchant lending and account-to-account payments, targeting 1 million new bank customers and PLN 1.5 billion in loans. EFR
3. EAM's Savin launches Germany's first embedded investment product in energy in partnership with Evergreen. Customers combine electricity payments with automated savings and investment. EFR
4. SNCF Connect & Tech launches Tesmo Business Mobility, an expense management platform with embedded cards powered by French BaaS provider Swan, targeting SME travel spending. EFR
5. FLEET220 launches ODOS, an embedded payment card unifying EV charging, fuel, parking, and fleet expenses through Visa Fleet 2.0, Enfuce, and Cardlay. EFR
6. Viber Pay switches from Rapyd to Paynetics for embedded finance infrastructure across 7 European markets, bringing Visa virtual cards to 1+ million users. EFR
7. Triffin and Froda partner to offer £100 million in embedded lending through AI-powered finance workflows for UK consumer brands. EFR
8. Visa and Transcard launch embedded finance platform for freight logistics, bringing flexible credit and automated payments to WebCargo by Freightos. EFR
9. Lyft launches Cash Rewards, a prepaid wallet offering up to 5% cashback on rides. The closed-loop account combines loyalty with embedded finance for retention. EFR
10. Revolut's Booking.com integration shows why they matter for embedded finance tracking. How travel and diversification drive their $75B valuation. EFR
11. HotelRunner launches Ruby, travel-native embedded finance infrastructure for B2B payments. The platform handles cross-border settlements and targets $4B in transactions. EFR
12. Vertical fintech Bueno launches Visa cards for foreign property owners in Spain through a partnership with Sefide EMI, the Loomis-owned infrastructure provider. EFRa
13. Germany extends its payment card program from refugees to unemployed citizens without bank accounts. Fourteen states use SocialCard, while two have chosen alternatives, streamlining welfare distribution and reducing administrative burden. EFR
14. The US bank Green Dot is splitting into two businesses: Smith Ventures will acquire the embedded finance unit known for powering Uber's checking account, while CommerceOne will acquire the bank. Here's why the separation unlocks growth. EFR

Podcast

In November, I published two podcast episodes:

1. Breaking into Embedded Finance: Building Your Fintech Team from Zero with Morten Laufer. How non-financial brands build fintech teams from zero: expert insights on hiring product managers, compliance roles, and attracting top talent. Full episode
2. Building Embedded Payments Right with Alex Schoonkind from Embed. Alex breaks down what it really takes to embed payments successfully: timing, misconceptions, support overhead, and why thinking as a financial services company matters. Full episode,

Thank you for reading. I hope you enjoyed this edition.

My newsletter, podcast, and event activities are free, but I need your support to continue. Please share Embedded Finance Review with your friends and coworkers, and let me know your feedback.

And if you need help understanding, building, or launching an embedded finance product, visit my website and get in touch.

Best wishes from Berlin,

Lars Markull (LinkedIn)