Hi Embedded Finance Friend
Welcome to the last regular newsletter of the year. I am sprinting towards the end of the year, with lots of work and personal to-dos. If all works out, I will send a yearly recap next week, then take a one-week break from publishing newsletters, and be back on January 6th.
You might have noticed as well that I did not publish any new podcast episodes during the last few weeks. A few things came together here, but I am recording new episodes this and next week and should be back to a regular cadence in January (and maybe even make up for the missed ones in Nov & Dec).
Lastly, we hosted our final virtual event of 2025 last week, where I recapped 2025 together with Paul Staples. As usual, it was a small group with lots of fintech-nerd discussions. It's the first time we recorded this session, and maybe I will publish a summary of it over the holidays.
And now let’s dive in 👇
Botim money: UAE super-app turns 150 million users into fintech customers
UAE super-app Botim rebranded its payment platform PayBy to "botim money" and consolidated all financial services under that brand. The app started as a VoIP calling service and now has 150 million users globally. The financial product suite includes transfers, prepaid cards, BNPL-style lending, and investments in National Bonds and gold—plus a B2B arm for merchants. Botim also signed an MoU with Binance to explore adding crypto.
Read the full story on Embedded Finance Review.
Sony plans USD stablecoin for PlayStation and streaming payments
Sony is planning to issue a USD-pegged stablecoin in 2026 for payments across its entertainment ecosystem: PlayStation, games, anime, and music. Bastion, a stablecoin infrastructure provider backed by Coinbase, will handle issuance and reserve management. Sony says the stablecoin should reduce card fees, though the economics only work if users fund wallets via bank transfer rather than cards. Rather than integrating an existing stablecoin like USDC, Sony is building its own through a dedicated US subsidiary.
Read the full story on Embedded Finance Review.
Modulr joins Conferma's network for travel and hotel payments
Conferma, a virtual payment platform connecting 90+ banks with 90,000 travel suppliers, has added Modulr as a connected issuer. TMCs and OTAs can now issue Modulr virtual cards directly within Conferma's platform for hotels, airfares, and other travel spend, without pre-funding over weekends or holding excess balances. As a principal issuing member of Visa and Mastercard, Modulr controls the full card stack.
Read the full story on Embedded Finance Review.
In other Embedded Finance news
- 63% of SMBs secure first-ever funding through Embedded Finance, a survey conducted by Liberis reveals. The survey across the US and UK finds that Embedded Finance drives measurable revenue growth for more than three-quarters of SMBs, with 90% reporting positive operational impact (Fintech Finance News).
- Gusto launched Payroll Bridge, an embedded line of credit built directly into its payroll platform using Parafin as the infrastructure partner. The product targets a specific pain point: roughly one in three SMBs report cash shortages at precisely the time they need to run payroll. (Tearsheet).
- Weavr launched a "Delegation of Authority" feature that enables SaaS platforms to act on behalf of their customers in a PSD2-compliant manner. The problem it solves: embedded finance platforms that manage financial processes for customers typically require every action to be initiated and authenticated by the end user, which limits automation. By delegating authority, customers can grant explicit consent for specific actions, allowing the SaaS embedder to automate routine, low-risk financial tasks while maintaining Strong Customer Authentication compliance (Finextra).
- Mondu, a B2B BNPL provider, secured a €100 million debt facility from J.P. Morgan Payments and joined the bank's Partner Network. J.P. Morgan's corporate clients in Europe can now access Mondu's deferred payment products directly through the bank's infrastructure, embedding B2B payment terms into existing treasury and cash-management workflows (The Paypers).
- Finnish card issuer Enfuce partnered with Belgian Monizze to launch open-loop employee benefit cards in Luxembourg and hybrid closed/open-loop cards in Belgium. This marks Monizze's shift from closed-loop only infrastructure (cards work only at pre-selected merchants) to open-loop cards that can be used anywhere Visa or Mastercard is accepted. Enfuce provides the card-issuing platform with real-time spend controls, fraud protection, and digital wallet integration, enabling Monizze to scale its employee benefits product across borders without rebuilding infrastructure (Enfuce).
Thank you for reading. I hope you enjoyed this edition.
My newsletter, podcast, and event activities are free, but I need your support to continue. Please share Embedded Finance Review with your friends and coworkers, and let me know your feedback.
And if you need help understanding, building, or launching an embedded finance product, visit my website and get in touch.
Best wishes from Berlin,
Lars Markull (LinkedIn)
