Hi Embedded Finance Friend
Last week, we hosted our 10th Embedded Finance Review Event in Frankfurt. As part of the TQ Digital Finance Accelerator, we brought together the Embedded Finance and Fintech Ecosystem. On stage, we dove into nerdy topics like Fintech Compliance and Cross-border payments. Thanks again to our sponsors Copla and Thunes. You can find the detailed recap here.
And after the event is before the event. Yes, I have said this many times, but guess what: it's true ;-) On June 11th, we are co-hosting a Fintech Drinks and Stories Get-Together with our friends from Airwallex at their new Berlin office. We are preparing a panel discussion with Debtist & Airwallex and will have plenty of time for networking, drinks and food. Sounds like the place to be? Register now.
And now let’s dive in 👇
Provider spotlight: Hopae
Most embedded finance products start with the same question: how do you verify who your user actually is? Document photos and facial biometrics have been the default for years, but neither was designed for the internet. Deepfakes and synthetic identities have worsened the problem, and regulators are responding. In Europe, eIDAS 2.0 requires AML-regulated organisations and large platforms to support government-backed eIDs. Similar shifts are happening across the US, Latin America, and Asia.
Hopae is building the infrastructure layer for this transition. Their global eID network connects 65+ government identity schemes through a single API and contract, without the complexity of integrating with each country individually. For fintech platforms, lenders, and any company onboarding users across markets, it removes one of the hardest parts of launching financial products compliantly at scale.
Vinted renews Mangopay across Europe
Vinted and Mangopay have extended their long-term payment partnership across Europe. Vinted is the Lithuania-headquartered C2C marketplace for second-hand fashion and other consumer goods, where members buy and sell directly with one another across more than 26 European markets. When a buyer purchases an item, Vinted holds the funds in escrow and releases them to the seller only after the buyer has received the item and confirmed it is as described. The two companies have worked together for over a decade, from Vinted's early-stage days to its current scale of €10.8bn GMV in 2025, €1.1bn in revenue, and an €8bn valuation following a secondary share transaction in April. Mangopay continues to provide wallet infrastructure, payment processing, and multi-currency payouts across European markets, and the press release notes that it will work alongside Vinted's in-house PSP, Vinted Pay.
The interesting part is that Vinted Pay received an EMI from the Bank of Lithuania in September 2023 and added a UK EMI from the FCA in March 2026, with the wallet rolling out so far in eight smaller markets and not yet in any of Vinted's core markets. Neither company has explained how Vinted Pay and Mangopay are being combined or used, which could be a geographical split or a product split. The standard framing of build versus buy is binary: depend on a provider, or obtain a licence and bring everything in-house. Vinted has done both simultaneously and signed a long-term renewal to lock it in. For most embedders, the question is therefore not "should we get our own licence?" but which parts of the payments stack are worth the regulatory overhead, and which parts will always be better bought.
Syspro extends its payment gateway with Nuvei
Syspro and Nuvei have partnered to embed integrated payments directly into Syspro's ERP for manufacturers and distributors. Syspro is a nearly 50-year-old ERP vendor headquartered in South Africa and the UK, with around 17,000 customers across 60+ countries, focused on mid-sized manufacturers and distributors. Nuvei is a Canadian global payments company, taken private by Advent International in November 2024 at a $6.3bn enterprise value, with a presence in 200+ markets. The partnership enables Syspro customers to process payments, update accounts receivable, and run cash flow reporting in the same environment where the sales order is created, and it includes the ability to reserve funds at order creation, a credit control feature that matters for B2B companies selling on net terms.
What makes this notable is that Syspro already had its own payment gateway, PayThem, for years. The Nuvei deal does not replace PayThem; it extends PayThem by connecting it to Nuvei's global payments network. Therefore, Syspro is not doing what most ERPs do: referring customers to a third-party payment page. The job an ERP user is trying to get done is to move a sales order from quote to cash, which for a manufacturer or distributor means quoting, booking, reserving stock, shipping, invoicing, collecting payment, and posting to the general ledger. Historically, the payment step was the one that broke out of the ERP and required separate tools, manual reconciliation, and a finance clerk matching transfers back to invoices. Embedding payments collapses that step back into the same workflow, which is what makes embedded payments in ERP commercially different from a standalone gateway: the ERP vendor sells the workflow, not the payment method.
In other Embedded Finance news
- Equipment lenders shift from standalone portals to embedded tech in dealer systems: At Equipment Finance Connect 2026 in Houston, lenders said their stickiness with dealers is now tied to how well their financing tools integrate into dealer CRMs and ERPs, with one Worldpay stat underlining the shift: 65% of small and midsize businesses would switch software providers if their platforms failed to integrate financial tools. (Equipment Finance News)
- NMI acquires Dwolla to extend its embedded payments platform: NMI's sixth acquisition adds Dwolla's API-first account-to-account, real-time payments, and FedNow capabilities to its payment acceptance stack, with the combined business processing nearly $700 billion in annual transaction volume, and Dwolla CEO Dave Glaser becoming NMI's new COO. (BusinessWire)
- Deel launches stablecoin salary payouts powered by BVNK: The global employment platform has rolled out stablecoin salary payouts in the US and Eurozone, processed $250 million in crypto payouts in 2025, and appointed Thierry Edde as its first Head of Crypto to lead a new dedicated division. (FF News)
- Deem Finance partners with Yusr to bring embedded BNPL to the UAE automotive sector: Yusr, a regulated fintech originally from Kazakhstan, will provide the technology and customer interface while Deem will provide the regulated financial infrastructure and governance. The first vertical is automotive, with additional sectors planned over time. (Gulf Business)
- Matt Brown publishes a primer on card issuing in ~1,000 words: The latest entry in his short-form series walks through the mechanics of card issuing, the different licence models, and the BIN sponsor versus principal member trade-off; a useful read for product managers at embedders thinking about adding a card programme. (Matt Brown's Notes)
- Tearsheet on finance becoming ambient infrastructure: Sara Khairi argues that finance is moving from a request-response model to an always-on interpretation layer, with the recent Plaid-OpenAI integration as a key example: banks own the accounts, fintechs own the experiences, but AI systems are positioning themselves to own the interpretation layer above both. (Tearsheet)
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)
