Hi from Berlin,
We had a great event in Berlin last week with our friends from Airwallex (Thanks, Tom!) and Debtist (Thanks, Matteo!). Check out some LinkedIn posts to get some impressions: post 1, post 2 & post 3.
Virtual Event: Next week, we are finally hosting a virtual event again! This time with a proper conversation about embedded lending. I am sitting down with Temi Ofong (HSBC) and Nicolas Kipp (Credibur) to discuss whether embedded lending actually moves GMV, why growth so often plateaus after launch, and what it takes to hit the volumes people keep predicting. Request your spot now, and we will start approving participants later this week. Register here
Lending Summit: Embedded Finance Review is a media partner of the upcoming Lending Summit in Paris on September 24th, 2026. It's the space where digital lenders meet and network. If that's you, check the event details.
Now let's dive in 👇
ROLLER embeds business lending with Adyen Capital across 3,000 venues
ROLLER has launched ROLLER Capital, embedding business financing directly into its venue management platform through Adyen Capital. ROLLER is the all-in-one software platform for the leisure and attractions industry, founded in 2011 in Melbourne and now US-headquartered, running ticketing, point-of-sale, memberships, and payments for more than 3,000 venues across 30+ countries, from trampoline parks and family entertainment centres to indoor play cafes and cultural attractions. The product is live in the United States, Canada, Australia, the United Kingdom and Ireland, with Finland, the Netherlands, Spain and Sweden to follow, and has issued over US$1 million during a US pilot. Offers are pre-approved on a venue's payment history, with amounts from US$500 to US$100,000, repaid as a fixed 1 to 15% share of daily sales over a term of up to nine months, no early repayment penalty and no late fees. Adyen carries the credit risk and holds the licences, while ROLLER builds the branded experience and owns the customer relationship.
So why does ROLLER offer this now? Because it has been sitting on the payment flow since 2021, and five years of ticketing and POS transactions are exactly the data that make a cash advance underwritable. Payments came first, and lending followed. While ROLLER calls Capital a business loan, it behaves like a revenue-based cash advance: there is no fixed monthly instalment, and borrowers repay a percentage of what they take each day, accelerating in a good week and slowing in a quiet one. For a leisure vertical, this makes a lot of sense. A trampoline park clears its advance fast over the school holidays and barely touches it through a wet November, where a fixed instalment loan would bite hardest in the months a venue can least afford it.
Read the full story on Embedded Finance Review
Circle K moves 400,000 closed-loop cards to Enfuce
Circle K, the convenience and fuel retailer owned by Couche-Tard, has agreed to migrate its consumer card programme across Sweden, Norway and Denmark to Enfuce's cloud-native platform, covering more than 400,000 cards. Circle K is one of the world's largest convenience and mobility retailers, running a dense Nordic network of staffed and unmanned stations under the Circle K and Ingo brands. The card is a consumer product used mostly by drivers who fill up regularly, working across that network for fuel, EV charging, car wash and convenience, and people use it for fuel and charging discounts, its link to the Extra loyalty programme, and because spending is settled by direct debit rather than charged at each visit. The card stays closed-loop and keeps working across the same networks, but the shift to issuing and processing on Enfuce brings two upgrades that (future) cardholders will notice: digital onboarding to replace the manual sign-up journey, and direct debit run through integrations built for local Nordic schemes.
So what does closed-loop mean here? The card only works inside Circle K's own network, accepted at its stations and at Ingo, but nowhere else. Thus, it is a gas station company issuing its own loyalty card to reduce costs. A card locked to the network keeps customers coming back, ties straight into the loyalty programme, and lets Circle K wire fuel discounts directly into it. It also avoids the fees retailers pay when someone uses a Visa or Mastercard, and it keeps the spending data in-house. Circle K describes the migration in its own terms: modernise the platform, tighten security, smooth onboarding, and add new services over time.
Read the full story on Embedded Finance Review
In other Embedded Finance news
Shopware launches its own native payments product with PayPal: The German ecommerce platform has rolled out Shopware Payments, a built-in payment system powered by PayPal that lets merchants manage and offer PayPal's checkout options directly inside Shopware, with no separate plugins or integrations. It is live first in Germany and Austria, with a wider rollout planned across the EU and the US. (Yahoo Finance)
Swiss embedded finance has crossed into the mainstream in three of five banking areas: A new analysis by Synpulse's Manuel Thomet, drawing on the Swiss NextGen Finance "Outlook 2024" study, finds regular use of embedded banking past the 16% mark that usually signals mainstream adoption: payments sit at 33.1%, pensions at 26.6% and investing at 25.1%, with saving and financing close behind. Between 50 and 86% of non-banks say their embedded offerings already make real money, yet more than half the banks surveyed had not decided whether to offer BaaS at all. (MoneyToday; German)
B2B payables are becoming the next embedded finance frontier: In Australia, ANZ first announced its Visa and SAP virtual card partnership back in March 2025, and has now launched a pilot to embed those payments into SAP's ERP, so businesses can pay suppliers and auto-reconcile in one system. It is part of a wider B2B shift, which Deloitte expects to reach US$13tn by 2030, with a more recent tie-up between JPMorgan and SAP pointing in the same direction. (ANZ)
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)
