> ## Content Index > Fetch the complete content index at: https://www.embeddedfinancereview.com/llms.txt > Use this file to discover other available public pages before exploring further. # The 10 Biggest Embedded Finance Stories of 2025 - URL: https://www.embeddedfinancereview.com/the-10-biggest-embedded-finance-stories-of-2025/ - Published: 2025-12-23T06:00:20.000Z - Updated: 2025-12-23T06:00:23.000Z - Description: The 10 biggest embedded finance stories of 2025: Allegro's BNPL success, Doctolib's fintech move, Qonto's BaaS launch, and what's ahead for 2026. - Author: Lars Markull - Tags: Newsletter Hi Embedded Finance Friend, I am writing this final newsletter edition of 2025 from a coffee shop in Mumbai. We arrived a few days ago and will be spending the holidays with my wife's family. Also, I attended my first-ever Christmas Market in India last weekend: sunshine, hot weather and Christmas decoration will probably never feel normal to me ;-) I will be taking a few days off, but I will also invest some time into planning Embedded Finance Review activities for 2026\. This includes: - **Events:** I am already working on a few events for 2026; most importantly, a side event during FIBE in Berlin on April 15th. - **Podcast:** I missed two publishing slots in Nov & Dec. That should not happen again, and I am creating a longer list of potential guests for the first half of 2026 (Ping me if you know a good candidate!) - **Content:** I plan to publish more builder-focused resources, such as an overview of infrastructure providers, detailed insights into how non-financial brands build fintech products and potentially some more explanatory YouTube videos. If you want to collaborate on one or want to suggest something totally different, please reach out. I am keen to grow collaboration efforts in 2026 as well! And now let’s dive in 👇 --- ⭐ My EFR highlight of the year: My YouTube Video '****Embedded Finance Explained**: How Companies Can Make 80% Revenue from Fintech' ([Link](https://www.youtube.com/watch?v=Fq4pcnpSJ0k&t=2s&ref=embeddedfinancereview.com)) --- # The Biggest Embedded Finance News of 2025 Based on a mix of website visits, newsletter clicks and a personal selection, these were the ten most popular Embedded Finance stories: 1. Polish marketplace **Allegro**'s BNPL has achieved 'bank-scale' ([Link](https://www.embeddedfinancereview.com/how-polish-marketplace-allegro-built-a-bank-scale-lending-business-through-embedded-finance/)), and it announced a partnership with **PKO Bank Polski** for merchant cash advance and open payment solution ([Link](https://www.embeddedfinancereview.com/allegro-and-pko-bank-polski-launch-strategic-partnership-including-embedded-merchant-lending/)). 2. French healthtech provider **Doctolib** is moving from appointment booking to full practice software, positioning them to embed payments and other Embedded Finance products ([Link](https://www.embeddedfinancereview.com/why-doctolibs-practice-management-move-makes-embedded-payments-inevitable/)). 3. French SME neobank **Qonto** launches a banking-as-a-service offering ([Link](https://www.embeddedfinancereview.com/qonto-launches-embedded-banking-offering-2/)), and its first major partner to integrate Qonto Embedded is payment provider **Mollie** ([Link](https://www.embeddedfinancereview.com/is-mollies-dependence-on-qonto-a-smart-move-or-a-risky-bet/)). 4. US e-commerce infrastructure provider **Shopify** quietly expanded its merchant financing product, Shopify Capital, to the UK and Germany, and it partners with the Embedded Lending provider **Youlend** ([Link](https://www.embeddedfinancereview.com/exclusive-shopify-capital-expands-to-uk-and-germany-via-youlend-partnership/)). 5. German Wholesaler **Metro** shut down **Metro Financial Service**, its fintech subsidiary that offered a detached debit card with cashback targeting German restaurant and hotel owners ([Link](https://www.embeddedfinancereview.com/german-wholesaler-metro-shuts-down-b2b-financial-services-after-25-000-customer-milestone/)). 6. Swedish regulator revokes **Intergiro**'s e-money license over money laundering failures. The company provided banking-as-a-service and payment services ([Link](https://www.embeddedfinancereview.com/swedish-regulator-revokes-intergiros-e-money-license-over-money-laundering-concerns/)). 7. Dutch digital accounting and tax provider **Accountable** launched Embedded Banking in partnership with **Swan** ([Link](https://www.embeddedfinancereview.com/accountable-launches-embedded-banking-offering/)) and gets acquired by **Visma** ([Link](https://www.embeddedfinancereview.com/visma-expands-with-accountable-acquisition-embedded-finance-on-the-horizon/)). 8. **Stripe** announced the expansion of its financing product, Stripe Capital, to Germany. Initially available only to merchants, with plans to roll it out to platforms ([Link](https://www.embeddedfinancereview.com/stripe-capital-expands-to-germany-as-embedded-lending-competition-intensifies/)). 9. **Amazon** Germany ends its partnership **ING** and switches to a true Embedded Lending solution ([Link](https://www.embeddedfinancereview.com/embedded-finance-reality-check-why-ing-amazon-germany-partnership-failed/)). 10. Dutch embedded banking frontend provider **Flow** has been acquired by one of its customers, digital accounting provider **Snelstart** ([Link](https://www.embeddedfinancereview.com/dutch-embedded-banking-provider-flow-acquired-by-accounting-software-customer-snelstart/)). --- ## Most Popular Podcast Episodes In 2025 Based on number of plays on Spotify, Apple Podcasts and Youtube, these were the six most popular podcast episodes of 2025: 1. Peace of Mind as a Product: How **ToolTime** Turned Payment Friction into Their Next Revenue Stream with **Marcel Mansfeld** ([Episode](https://www.embeddedfinancereview.com/podcasts/peace-of-mind-as-a-product-how-tooltime-turned-payment-friction-into-their-next-revenue-stream-2fa2d/)). 2. Bank Partnerships 2.0: Why Fintech Lessons Matter for Embedded Finance With **Richard Würl** from **Redstone** ([Episode](https://www.embeddedfinancereview.com/podcasts/bank-partnerships-2-0-why-fintech-lessons-matter-for-embedded-finance-with-richard-w-rl-from-redston/)). 3. Jobs To Be Done - Why Embedded Finance Must Solve Real Problems with **Paul Staples** ([Episode](https://www.embeddedfinancereview.com/podcasts/jobs-to-be-done-why-embedded-finance-must-solve-real-problems-with-paul-staples/)). 4. How can banks fight back in embedded finance? With **Hessel Kuik** from **Bizcuit** ([Episode](https://www.embeddedfinancereview.com/podcasts/hessel-kuik-founder-bizcuit-how-can-banks-fight-back-in-embedded-finance/)). 5. From Food Delivery to Embedded Finance - **Wolt**'s Journey to Financial Services with **Anniina Heinonen** ([Episode](https://www.embeddedfinancereview.com/podcasts/from-food-delivery-to-embedded-finance-wolt-s-journey-to-financial-services-with-anniina-heinonen-7f/)). 6. How **Nivoda** Built 'Buy Now, Grow Faster' for the Global Jewellery Trade with **Stefan Scherpenborg** ([Episode](https://www.embeddedfinancereview.com/podcasts/how-nivoda-built-buy-now-grow-faster-for-the-global-jewellery-trade-with-stefan-scherpenborg/)). --- Thank you for the support throughout the year. When I send out a newsletter, it sometimes feels like speaking into a void. Thus, I am thankful for any feedback, response or comment I have received from many of you in the past twelve months. Please continue to do so! And if you want to pick me up for a chat, the next two weeks would be ideal. Feel free to reach out! I am wishing you and your families Happy Holidays! Best Wishes from Mumbai, Lars Markull ([LinkedIn](https://www.linkedin.com/in/larsmarkull/?ref=embeddedfinancereview.com))