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# Accountable built an embedded banking product because PSD2 failed them with Tino Keller
- URL: https://www.embeddedfinancereview.com/podcasts/accountable-built-an-embedded-banking-product-because-psd2-failed-them-with-tino-keller-05c40d25e82a/
- Published: 2025-05-27T08:22:11.000Z
- Updated: 2026-09-14T20:01:57.000Z
- Description: Tino Keller shares how Accountable launched an embedded banking product for freelancers after PSD2 and open banking failed to deliver a smooth user experience.
- Author: Lars Markull
- Tags: Podcast, Embedded Banking, Embedder, Accounting, Germany, Accountable, Swan

📄

Prefer to read? The full transcript of this episode is available [here](https://www.embeddedfinancereview.com/tino-keller-accountable-transcript/).

In this episode of the Embedded Finance Review podcast, I sat down with [**Tino Keller**](https://www.linkedin.com/in/tinokeller/?%5Fbhlid=2bf8f2c0fd167e4c36b469a9b72ee03011cc5d60&ref=embeddedfinancereview.com), co-founder of [**Accountable**](https://www.accountable.eu/?%5Fbhlid=56afd333877f7ba20c957329c146cc86ae6f8eda&ref=embeddedfinancereview.com), a Belgian startup helping freelancers in Belgium and Germany manage their taxes and finances. Recently, Accountable launched its own embedded banking product, a milestone in its journey to make self-employment as seamless as employment. We discussed why Accountable entered the embedded banking space, how the launch is going, and what the future holds following their acquisition by Visma.

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## The Origins and Mission of Accountable

- Founded to help self-employed individuals manage taxes and gain financial clarity.
- Users can scan receipts, send invoices, and file tax declarations from one app.
- Launched a banking feature to transition from "All your taxes done" to "All your finances done right."

## Accountable's Growth and Market Footprint

- Active in Belgium and Germany, with a product live since early 2020.
- 40,000 users in total, 26,000 of which are paying customers.
- The team has grown to \~70 people and expects to hit 100 by the end of the year.

## From Open Banking to Embedded Banking

- Initially, Accountable relied on open banking integrations enabled by PSD2.
- Challenges with open banking included poor user experience (UX), broken connections, and limited transaction history.
- The decision to build their banking stack was driven by user feedback and the maturity of their infrastructure.

## Why Accountable Launched a Banking Product

- Open banking didn’t meet their quality standards.
- Embedded banking became feasible due to improved BaaS infrastructure and better business case viability.
- Launch timed when product-market fit, internal readiness, and tech maturity aligned.

## The Accountable Banking Product

- Offers a free business account and debit card with built-in tax-savings features.
- Frees freelancers from having to choose expensive or unsuitable business bank accounts.
- Encourages better financial hygiene by physically separating tax money from spendable income.

## Customer Adoption and Financial Impact

- Soft-launched in February with strong early traction: 300+ users in the first week, 40% user growth, and 20% increase in ARPU.
- 95% user satisfaction with the banking feature.
- Uses Swan as the banking-as-a-service partner.

## How Embedded Banking Changed the Organization

- Created a dedicated banking product team and customer success team.
- Introduced new internal workflows and faster iteration cycles.
- Elevated Accountable's identity from tax assistant to full-stack fintech for freelancers.

## Looking Ahead: Insurance, Pensions & More Embedded Finance

- Accountable sees future potential in offering insurance and pension products.
- The mission is to make freelancing feel as financially secure and seamless as full-time employment.
- Embedded finance unlocks opportunities to become a digital CFO for solopreneurs.

## Acquisition by Visma and Strategic Synergies

- Recently acquired (via investment) by **Visma**, the Norwegian software giant.
- Will remain operationally independent but benefit from group synergies and expertise.
- Opens up future collaboration opportunities around financial services across Visma’s portfolio.

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**Final Thoughts**

Tino Keller and Accountable are a perfect case study in how embedded finance can evolve from solving a niche pain point (freelancer taxes) into offering a broader financial services stack. By owning the banking layer, they’ve deepened customer loyalty, improved monetisation, and positioned themselves for long-term growth.