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# The Intergiro Story: How a Profitable BaaS Provider Lost Its License Overnight - Told by Nick Root
- URL: https://www.embeddedfinancereview.com/podcasts/the-intergiro-story-how-a-profitable-baas-provider-lost-its-license-overnight-told-by-nick-root/
- Published: 2026-02-05T06:45:40.000Z
- Updated: 2026-09-14T20:43:52.000Z
- Description: Intergiro was profitable and bootstrapped. Then the Swedish regulator revoked its license overnight. CEO Nick Root tells his side of the story.
- Author: Lars Markull
- Tags: Podcast, Enabler, Sweden, Embedded Banking, Intergiro, Europe

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.

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Listen now on [Spotify](https://open.spotify.com/episode/3v7xxy29xI38fJwvf33Yis?si=7112e5e30b6142bd&ref=embeddedfinancereview.com), [Apple Podcasts](https://podcasts.apple.com/de/podcast/the-intergiro-story-how-a-profitable-baas-provider/id1748335340?i=1000748308611&ref=embeddedfinancereview.com), or [YouTube](https://www.youtube.com/watch?v=NPtly9h8-fs&ref=embeddedfinancereview.com).

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

In this episode of the Embedded Finance Review Podcast, former CEO [Nick Root](https://www.linkedin.com/in/rootnick/?ref=embeddedfinancereview.com) 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](https://x.com/roots%5Fcause?ref=embeddedfinancereview.com)

More about the Intergiro story: [https://intergiro.com](https://intergiro.com/?ref=embeddedfinancereview.com)

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*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*](https://www.embeddedfinancereview.com/office-hours/)*.*