Hi Embedded Finance Friend
It's already February, and the year is in full swing - at least when it comes to Embedded Finance. Last week, we had the quiet launch of Uber's embedded banking offering and this week, the potential acquisition of one of the first European Banking-as-a-Service providers. Additionally, a few companies also have bigger announcements lined up for the week - thanks to everybody who is informing me early with (embargoed) heads-ups 🙂
Also, I consider it a privilege that many of my readers and followers reach out when they are working on something new in Embedded Finance. This gives me a chance to learn about new projects, and I am also happy to provide feedback and offer introductions to my network (when beneficial and mutually agreed). To make this a bit more 'official', I have created an Office Hours page on my website. If you'd like to chat, get in touch via the link below.
And now let’s dive in 👇
Shares in exclusive talks to acquire Treezor from Société Générale
The French investment fintech Shares, founded in 2021 and backed by $90 million in funding, is negotiating to buy 100% of the BaaS platform that helped launch Qonto, Lydia, Swile, and Shine.
Treezor has processed over €130 billion in transactions and issued more than 8 million cards across 25 European countries. The deal would transform Shares from a BaaS customer (they currently use Modulr for payment accounts) into a BaaS owner, combining its investment firm license with Treezor's EMI license to offer both payment and investment infrastructure. This follows Société Générale's recent sale of Shine to Ageras, continuing a pattern of divesting fintech subsidiaries. Financial terms were not disclosed, and the transaction is subject to regulatory approval.
Read the full story on Embedded Finance Review.
When Banks Embed Software: HSBC's Accounting Move
HSBC UK launched "My Business Finances," an accounting and tax filing tool built into its business banking platform, powered by Sage's Embedded Services APIs.
The product launches in April 2026, timed to the UK's Making Tax Digital deadline. This is embedded finance in reverse: a bank adding software instead of software companies adding banking. Sage has been building toward this for years, with Tide as an earlier customer launching its Sage-powered accounting tool in 2022.
Meanwhile, accounting software providers are going the other way, embedding banking via BaaS providers such as Solaris (e.g., Lexware) and Swan (e.g., Accountable), or partnering with neobanks such as Holvi (e.g., NoCFO). Neobanks like Qonto and Tide have built accounting features natively. Both sides start with existing customers and upsell additional services. Who is more likely to succeed will depend on customer segments and demand.
Read the full story on Embedded Finance Review.
In other Embedded Finance news
- Mastercard launched "BIN Sponsor Plus," a new UK accreditation programme for BIN sponsors that gives fintech companies and non-financial brands entering payments a vetted list of trusted partners to help them launch card programmes without becoming issuers themselves. The programme launches with four founding sponsors: Transact Pay, PSI Pay, IDT Financial Services, and Edenred Payment Solutions. This follows the path that Monzo, Starling, and Revolut took: all three scaled with BIN sponsors before becoming Mastercard issuers directly (Mastercard).
- Dext Payments is now live, bringing supplier invoice, expense, and payroll payments into the bookkeeping automation platform. Powered by Airwallex, the product lets SMEs and their accountants pay suppliers, process expense claims, and receive payments directly within Dext (Fintech Finance News; I covered the Airwallex partnership when it was announced last year).
- Club Employés, the French employee benefits platform, has partnered with Mangopay to power its European expansion. The company already works with Weavr for its employee debit card (a Mastercard that lets employees spend benefits at merchants of their choice). Mangopay adds wallet infrastructure and multi-party payment flows for subsidies, reimbursements, and payouts across companies, employees, and partner brands. Club Employés serves over 1 million users across 5,000+ corporate clients
- Amazon is shutting down its Amazon One palm-recognition payment system by June 2026, citing low customer adoption. The move follows Amazon's closure of all 72 Amazon Fresh and Amazon Go stores in the US (The Paypers).
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)
