About Embedded Finance
There are 4.54K companies in the Embedded Finance sector across the world, with 1.63K funded companies having collectively raised $79.4B in venture capital money and private equity. Overall 803 of these are Series A+ funded and the sector has seen the creation of 30 Unicorns.
Embedded Finance sector has seen 341 acquisitions and 63 IPOs. This represents almost 8.9% of all such companies - which is higher than the 4.0% exit rate of tech companies in general.
This sector includes companies providing solutions for Non-Financial companies to integrate/embed financial services like banking, payments, lending, etc with their main offerings.
Embedded Finance sector is also known as Embedded Finance Solutions, Advanced Embedded Finance or Digital Embedded Finance.
Companies included in Embedded Finance sector
It includes companies that are providing embedded banking, embedded insurance, embedded lending, and embedded investment solutions.Companies excluded in Embedded Finance sector
It excludes companies that are using embedded finance solutions, payment gateways, banking software suite, Internet First Lenders, Internet First Insurers, and Internet First BankMarket Map of Embedded Finance
The market map of Embedded Finance gives a visual overview of the sector, showing key business models, their interactions in the value chain, and industry evolution.
Reports related to Embedded Finance
Here are some reports related to Embedded Finance sector:
Free
Embedded Finance - Sector Report
Edition: September, 2026 (89 Pages)
Premium
Embedded Finance Investor Landscape
Edition: June, 2026 (10 Pages)
View all reports related to Embedded Finance. Sign up today!Top Companies in Embedded Finance
There are more than 4.54K companies in Embedded Finance. Razorpay is the top Embedded Finance company globally, ranked using Tracxn Score (what's this?).
Here are 5 of the top Embedded Finance companies globally:
Company | Description | Location | Founded | Current Stage | Private Funding Raised |
|---|---|---|---|---|---|
Provider of payment and business banking solutions for enterprises | Bengaluru (India) | 2014 | Series F | $742M | |
Developer of an online platform for point-of-sale financing | Stockholm (Sweden) | 2005 | Public | $4.19B | |
Provider of integrated point of sale and business management solutions | San Francisco (United States) | 2009 | Public | $520M | |
Provider of purchase financing solutions for businesses | Riyadh (Saudi Arabia) | 2019 | Series F | $837M | |
Provider of point of sale financing solutions for consumers and merchants | San Francisco (United States) | 2012 | Public | $1.22B |
Companies founded year-on-year in the Embedded Finance sector
82 new startups have been founded so far in 2026 in the Embedded Finance sector. 396 Embedded Finance startups were founded in 2021 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 82 |
2025 | 87 |
2024 | 144 |
2023 | 226 |
2022 | 277 |
2021 | 396 |
2020 | 389 |
2019 | 330 |
2018 | 331 |
2017 | 271 |
Companies founded across countries in the Embedded Finance sector
United States has 1,174 Embedded Finance startups, the most by any country, followed by United Kingdom which has 449 startups and India which has 436.
- Total Number of Companies
Country | No. of companies |
|---|---|
United States | 1,174 |
United Kingdom | 449 |
India | 436 |
Brazil | 142 |
Canada | 124 |
Germany | 120 |
Singapore | 106 |
China | 104 |
Australia | 96 |
Nigeria | 70 |
Stage-wise distribution of the Embedded Finance sector
Out of the total 4,540 Embedded Finance companies, 1,634 have secured funding. Among them, 803 have reached Series A or higher, and 593 to Series B or beyond.
Founded - 4,540
Funded - 1,634
Series A+ - 803
Series B+ - 593
Series C+ - 486
Company Stage | No. of companies |
|---|---|
Founded | 4,540 |
Funded | 1,634 |
Series A+ | 803 |
Series B+ | 593 |
Series C+ | 486 |
Want to know more about Embedded Finance ? Signup and explore Tracxn for free
- 4.5K+ Total Companies
- $79.4B+ Total Funding
- 1.6K+ Funded Companies
- 60+ IPOs
- 340+ Acquisitions
Funding Trends in the Embedded Finance sector
Total funding year-on-year in the Embedded Finance sector
The Embedded Finance sector saw a total funding of more than $71.8B in the last 10 years. The most amount of funding was in 2021 at more than $11.9B. There has been a total funding of $5.95B in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $5.95B |
2025 | $10.1B |
2024 | $3.92B |
2023 | $9.95B |
2022 | $10.9B |
2021 | $11.9B |
2020 | $6.51B |
2019 | $4.31B |
2018 | $5.59B |
2017 | $2.58B |
Total funding across countries in the Embedded Finance sector
In the last 10 years, Embedded Finance startups in United States have recieved the highest funding among all countries - $23.2B. United Kingdom follows with $11.4B and India with $3.04B.
- Total Funding
Country | Total Funding |
|---|---|
United States | $23.2B |
United Kingdom | $11.4B |
India | $3.04B |
Singapore | $1.92B |
Germany | $1.61B |
Brazil | $1.52B |
France | $1.49B |
Canada | $1.19B |
Australia | $850M |
China | $822M |
Total funding amount raised by stage in the Embedded Finance sector
Over the last 10 years, the Embedded Finance sector have seen $2.08B into Seed Stage funding rounds, $14.4B into Early Stage funding rounds and $20.4B go into Late Stage funding rounds.
Funding Stage | Total Funding |
|---|---|
Debt | $29.4B |
Late Stage | $20.4B |
Early Stage | $14.4B |
Post IPO | $3.21B |
Seed Stage | $2.08B |
ICO | $448M |
Grant | $122M |
PE | $68.5M |
Recent Funding Rounds in Embedded Finance
In the year 2026, till September 2026, Embedded Finance companies have raised $2.32B in equity funding across 79 rounds.
In the same period last year (i.e. till September 2025), Embedded Finance companies had raised $2.32B across 114 rounds.
So, 2026 has seen a 0.07% rise in funding in Embedded Finance companies as compared to 2025.
Here are some recent, important funding rounds in Embedded Finance:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 4377 | Sep 24, 2026 | ||
Seed | 6970 | Sep 16, 2026 | ||
Series F | 4058 | Sep 14, 2026 | ||
Series A | 2664 | Sep 09, 2026 | and 4 more | |
Series B | 2938 | Sep 09, 2026 | - |
Top Investors in Embedded Finance
Y Combinator is the top investor in Embedded Finance companies based on number of companies invested.
Here are some top investors in Embedded Finance:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Mountain View (United States) | ||
New York City (United States) | ||
Sunnyvale (United States) | ||
New York City (United States) | ||
Alexandria (United States) |
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M&A activity in Embedded Finance
In the year 2026, till September 2026, 19 acquisitions happened in Embedded Finance sector. Last year, in 2025, a total of 39 acquisitions happened in Embedded Finance sector.
Here are some recent, important acquisitions in Embedded Finance:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 21, 2026 | ||
Business Acquisition | Sep 15, 2026 | ||
Business Acquisition | Aug 14, 2026 | ||
Business Acquisition | Aug 12, 2026 | ||
Business Acquisition | Aug 06, 2026 |
Acquisition trends in Embedded Finance
Here are the acquisition trends in Embedded Finance:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 19 |
2025 | 39 |
2024 | 25 |
2023 | 43 |
2022 | 38 |
2021 | 47 |
2020 | 34 |
2019 | 23 |
2018 | 24 |
2017 | 12 |
IPOs in Embedded Finance
In the year 2026, till September 2026, 1 IPO happened in Embedded Finance sector.
Here are some recent, important IPOs in Embedded Finance:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Sep 01, 2026 | Canadian Securities Exchange (CSE) | |
Nov 04, 2025 | Johannesburg Stock Exchange (JSE) | |
Oct 24, 2025 | Tokyo Stock Exchange (TYO) | |
Sep 10, 2025 | New York Stock Exchange (NYSE) | |
May 15, 2025 | Athens Exchange (ATHEX) |
Colleges which produce the most Embedded Finance companies
Companies founded by alumni from top colleges in the Embedded Finance sector
Most number of Embedded Finance startups have been founded by alumni from Stanford University, Harvard University and Harvard Business School.
College | No. of companies |
|---|---|
Stanford University | 45 |
Harvard University | 36 |
Harvard Business School | 24 |
University of Pennsylvania | 20 |
Columbia University | 16 |
Wharton School | 16 |
Massachusetts Institute of Technology | 14 |
University of Oxford | 14 |
IIT Bombay | 13 |
Carnegie Mellon University | 12 |
Total funding in companies founded by alumni from top colleges in the the Embedded Finance sector
In the last 10 years, Duke University graduates' Embedded Finance companies have raised the most funding among top colleges. Wharton School alumni are second, and Harvard University alumni are third.
College | Total Funding |
|---|---|
Duke University | $4.36B |
Wharton School | $4.32B |
Harvard University | $4.12B |
Stanford University | $3.91B |
University of Michigan - Stephen M. Ross School of Business | $3.41B |
Harvard Business School | $2.91B |
Columbia University | $1.96B |
Massachusetts Institute of Technology | $1.67B |
Yale University | $1.42B |
Stanford Business School | $1.41B |
Top News in Embedded Finance
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Fintech Trustly Slashes 200 Jobs in Strategic Move for Profitable GrowthFintechinshorts•Sep 24, 2026•Trustly
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Afterpay inks BNPL deal with digital sports specialist FanaticsRetail Technology Innovation Hub•Sep 23, 2026•Afterpay
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Saudi Pro League Launches New International Distribution Model with RecastAdvanced Television•Sep 17, 2026•Recast
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Zest partners with Heart of England Co-op to roll out chargers in the UKMobilityplaza•Sep 09, 2026•ZestMoney
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LTi Names Myers Director of Release Management; Unifies Delivery, Enablement, DocumentationEquipment Finance Advisor•Sep 08, 2026•LTi Technology Solutions
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Solowin Holdings' AlloyX HK and EvolveQ Sign Strategic MOU for AI and Quantum Computing in FinanceGlobeNewswire•Sep 03, 2026•AlloyX
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RS2 and PXP Partner for Fintech Managed Acquiring ServicesFintechinshorts•Sep 02, 2026•RS2 Software, Impact Exploration And
