Intergiro was a bootstrapped Swedish BaaS provider with €20M in revenue, nearly 100 employees, and 40,000 clients. They had just hit profitability. Then, overnight, the Swedish regulator revoked their license. A month later, the company filed for bankruptcy.
In this episode of the Embedded Finance Review Podcast, former CEO Nick Root tells his side of the story: the AML investigation that started in 2022, the TV reports that accused the company of being run by criminals, the regulator appearing on television, and how a years-old inquiry suddenly came back to life.
Nick also shares lessons for founders building in regulated industries, including how to evaluate a regulator before choosing your jurisdiction and why relying on a single license was a mistake.
Please note: I did not independently verify the details. This is Nick sharing his perspective on what happened.
In this episode:
- How Intergiro built a full-stack BaaS platform without VC funding
- The 2022 AML investigation and the remediation plan they implemented
- How a journalist's TV report changed the regulator's approach
- Finding out about the license revocation by refreshing the regulator's website
- Winding down €600M in monthly payment volume and protecting client funds
- Nick's advice for fintech founders on jurisdiction and regulatory relationships
Connect with Nick Root on X: https://x.com/roots_cause
More about the Intergiro story: https://intergiro.com
I hope you enjoyed this episode. My name is Lars Markull, and I'm the host of this podcast and the person behind Embedded Finance Review. Through the podcast, newsletter, and events, I get to speak with many people building in embedded finance: from infrastructure providers to brands embedding financial products. If you're exploring the space and want honest feedback or introductions to my network, I offer free office hours calls: Book yours here.