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Embedded Finance

Banking as a Service: Technology and Business Model Innovations

As Wired writes, 2022 will be the year that any organisation can become a financial services company, through ‘Embedded Finance’ capabilities.

Thanks to the API integration innovations of Open Banking and the Neobank-driven changing of consumer expectations there is now a market readiness for accessing a variety of banking services via non-financial brands, a market that will leap from $40 billion in 2021 to $140 billion by 2026. 

Citing examples including Uber, Tesla and Klarna they describe key scenarios from car insurance through buy now, pay later e-commerce, and forecast growth markets like B2b financing services like invoicing, escrow payments and foreign exchange.

“The opportunity is clear. In 2022, financial services will no longer be the exclusive domain of the banks.”

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