GVR Report cover Embedded Finance Market Size, Share & Trends Report

Embedded Finance Market Size, Share & Trends Analysis Report By Type (Embedded Payment, Embedded Insurance), By Business Model (B2B, B2C, B2B2B, B2B2C), By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68040-067-3
  • Number of Report Pages: 130
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2023
  • Forecast Period: 2024 - 2030 
  • Industry: Technology

Embedded Finance Market Size & Trends

The global embedded finance market size was estimated at USD 83.32 billion in 2023 and is projected to grow at a CAGR of 32.8% from 2024 to 2030. The growth of the market can be linked to the rising prevalence of smartphones and internet access worldwide. Additionally, Account-to-Account (A2A) transactions, the payment method that facilitates fund transfer directly between two accounts, are also fundamental to embedded finance because they enable secure and frictionless movement of funds within non-financial applications. A2A transactions represent a burgeoning trend offering distinctiveness for both B2C and B2B enterprises. As per projections outlined in The Global Payments Report 2023, A2A payments are anticipated to expand at a CAGR of 13% until 2026, culminating in a worldwide market valuation nearing USD 850 billion.

Global Embedded Finance market size and growth rate, 2024 - 2030

Globally, providers of embedded finance solutions are increasingly concentrating on introducing embedded finance offerings aimed at offering financial services for businesses. For instance, in November 2023, Andaria, a FinTech company regulated in the U.K. and EU, launched its embedded finance solution, designed to assist non-financial businesses in seamlessly incorporating payment services into both new and established platforms. This innovative offering empowers partners to enrich their platforms with an expanded array of financial products and services, opening up fresh avenues for revenue generation while providing added value to their customer base. The goal of the solution is to enhance customer engagement by establishing a unified, user-friendly financial ecosystem experience within partner platforms. This integration allows partners to stay focused on their core business while still benefiting from an enriched financial framework.

Worldwide, banks are shifting their attention toward becoming a part of the embedded finance ecosystem, aiming to provide payroll services to their customers. For instance, in September 2023, JPMorgan Chase partnered with Gusto, a cloud-based payroll software company, to offer integrated payroll services tailored for small and mid-sized clients. This partnership enables JPMorgan Chase customers to seamlessly manage both banking and payroll activities within a single platform, eliminating the necessity for users to toggle between different applications. Moreover, growth in online shopping and e-commerce globally is also anticipated to fuel the growth of the market.

The increasing investments by several venture capital firms and fintech companies into embedded finance start-ups bode well with the growth of the market. For instance, in October 2023, Railsr, formerly known as Railsbank, a global embedded finance company, announced that it had successfully raised USD 24 million in funding from its current investors, including Moneta Venture Capital and D Squared Capital. This funding underscores their ongoing belief in the company's promising trajectory and strategic direction. With this funding, the company is focusing on expanding its business sustainably.

Though the embedded finance industry is expected to witness growth over the forecast period, some of the challenges are anticipated to restrain the growth of the market. Embedding financial services into different platforms involves managing sensitive customer data, encompassing personal and financial details. Upholding stringent data privacy and security protocols to safeguard against data breaches and unauthorized entry is crucial. However, the benefits, such as businesses embedding financial services into existing platforms and applications, can offer a seamless and integrated experience for their customers. Such factors are further anticipated to propel the market’s growth over the forecast period.

Market Concentration & Characteristics

The industry growth stage is high, and the pace of the industry growth is accelerating. Ongoing technological advances, including enhancements in financial infrastructure and digital capabilities, are reshaping the landscape of embedded finance. These innovations contribute to making financial services more seamless, accessible, and user-friendly for individuals and businesses alike. Notably, improvements in risk assessment models expanded data analytics capabilities, and the integration of cutting-edge technologies in transaction processes are key drivers of innovation within the embedded finance sector.

Embedded Finance Market Concentration & Characteristics

The embedded finance industry is also characterized by a high level of product launch activities by the leading and emerging players. Various leading players are focusing on launching embedded finance offerings to provide seamless payment solutions and strengthen their market position across the world.

Governments across the globe are actively implementing regulations and providing incentives to promote the widespread adoption of embedded finance. This strategic approach is aimed at fostering financial inclusion, enhancing digital financial services, and ensuring a secure and regulated environment for financial transactions. Leading nations in this endeavor include members of the European Union, China, and Norway, which are at the forefront of embracing embedded finance solutions.

The market currently lacks direct substitutes, and its relative newness positions it in a growth phase. The absence of direct alternatives can be attributed to the unique integration of financial services within various non-financial platforms, making it a distinctive and evolving sector. However, as the demand for embedded finance solutions escalates and technological advancements continue, there is potential for alternative financial technologies to emerge as substitute sources, presenting innovative ways to deliver financial services seamlessly within diverse platforms.

The embedded finance industry exhibits a high level of integration into various applications, mirroring the growing deployment of financial services within a wide range of settings. Retailers are adopting embedded finance solutions as they seamlessly integrate financial services into everyday activities and non-financial platforms. This integration eliminates the need for users to switch between multiple applications or platforms to access financial services, providing a more cohesive and user-friendly experience.

Type Insights

The embedded payment segment dominated the market with the largest revenue share of 28.14% in 2023. Embedded payments offer businesses a faster and more efficient way to receive payments than traditional invoicing methods. These payments not only provide access to alternative funding sources but also simplify the buying process for customers, resulting in higher levels of satisfaction and loyalty. Consequently, businesses can expect to experience increased revenue and strengthened brand loyalty. Hence, it is expected to drive segment growth over the forecast period.

The embedded lending segment is expected to be driven by the rapid growth of embedded lending as there is increasing demand for seamless and quick access to funds. According to The Future of Customer Experience in Embedded Lending survey in December 2022, a global study of 350 senior executives across the global lending industry, nearly 45% of loans could be withdrawn in the non-financial situation over the next five years. Additionally, 93% of respondents believed that embedded lending would lead to effortless loan applications. Hence, the aforementioned factors are anticipated to drive the segment’s growth over the forecast period.

Business Model Insights

The B2B segment dominated the market with the largest revenue sharein 2023. The B2B segment includes financial services offerings such as cross-border payments, digital payments, and inventory financing services, among others, by non-financial businesses. In addition, increasing launches of B2B embedded finance platforms globally are projected to drive the adoption of B2B embedded finance. For instance, in March 2023, SAP Fioneer, a software company, recently unveiled a B2B embedded finance platform designed for financial service institutions. The platform aims to help these institutions enhance their services in the rapidly digitalized trade environment and gain a competitive edge.

The B2C segment's growth can be attributed to the increasing adoption of B2C embedded finance. The increasing adoption can be attributed to the need for businesses to provide a seamless experience to their customers and increase revenue by offering innovative financial products and services. Furthermore, several e-commerce companies such as Shopify, Inc. and Amazon, Inc. are involved in offering embedded finance services such as buy now pay later, and wallet payment services, among others.

End-use Insights

The retail segment dominated the market with the largest revenue sharein 2023. Retailers across the globe are investing heavily in embedded finance platforms to offer embedded finance services to their customers. For instance, according to the 2023 State of Payments Report, 86% of mobile wallet users in the U.S. have completed a transaction using a retailer's embedded mobile application. Furthermore, embedded finance services such as cashback loyalty schemes and credit & debit card payments attract customers and help retailers build loyal customer groups.

Global Embedded Finance market share and size, 2023

The travel & entertainment segment is anticipated to witness the fastest growth over the forecast period. Travel & entertainment companies are involved in launching several embedded finance services, including buy now pay later services. For instance, in January 2023, Kayak, a part of Booking Holdings Inc., partnered with Affirm, a financial company, to launch a buy now pay later service for all eligible travelers on the firm's website. As a result of this launch, travelers were enabled with flexibility in payment through a BNPL option while booking trips on KAYAK.com.

Regional Insights

The North American region dominated the embedded finance market in 2023 and accounted for a 29.0% share. The presence of prominent market players across the region is expected to drive the regional market's growth. Furthermore, embedded finance startups across the region are involved in fundraising activities to accelerate the adoption of embedded finance. For instance, in December 2023, Liberis, an embedded finance company, announced that it had secured USD 112 million in debt financing. The company has been a pioneer in utilizing machine learning and AI-powered analytics to drive its embedded finance platform, delivering personalized and flexible finance solutions to small businesses. The funding had supported Liberis's further growth in Europe and North America, along with its expansion into new markets, including Canada and Germany.

Embedded Finance Market Trends, by Region, 2024 - 2030

U.S. Embedded Finance Market Trends

The embedded finance market in the U.S. is expected to grow at a significant CAGR of 32.0% from 2024 to 2030. The embedded finance market in the U.S. has seen the increasing integration of financial services into non-financial platforms, enabling businesses to offer customized financial products directly to their customers, thereby contributing to the country's growth.

Canada embedded finance market is expected to grow at a significant CAGR from 2024 to 2030. Small and medium-sized enterprises (SMEs) play a vital role in Canada's economy, and embedded finance solutions can offer valuable support to these businesses, thereby contributing to the country's growth.

Asia Pacific Embedded Finance Market Trends

The Asia Pacific region is anticipated to witness the fastest growth over the forecast period. The growth of the Asia Pacific region can be attributed to the initiatives taken by various players in the market. For instance, in June 2023, Visa, a financial technology company, announced its collaboration with SAP SE, a software technology company, aimed at streamlining and simplifying Business-to-Business (B2B) payments across various sectors, including small businesses, large enterprises, government agencies, and non-profit organizations. Led from the Asia Pacific region, this collaboration represented the first partnership between Visa Inc., a leading company in digital payments, and SAP SE, one of the market leaders in enterprise application software. The collaboration sought to introduce an innovative solution to seamlessly embed payments into the SAP ecosystem through the SAP Business Technology Platform (SAP BTP). Furthermore, the growing e-commerce industry across the Asia Pacific region also bodes well with the growth of the embedded finance industry in the region.

China embedded finance market is expected to grow at a significant CAGR of 32.8% from 2024 to 2030. The embedded finance market in China is driven by the rising adoption of financial services by tech giants such as Alibaba and Tencent, offering seamless integration into everyday activities.

The embedded finance market in Japan is anticipated to grow at a significant CAGR from 2024 to 2030. Japan's emerging embedded finance market is gaining momentum, fueled by a growing demand for digital financial solutions and a shifting regulatory landscape.

Europe Embedded Finance Market Trends

The embedded finance market in Europe is expected to grow at a significant CAGR from 2024 to 2030. The European embedded finance market's growth is driven by rising fintech innovation that fuels the development of embedded finance solutions, offering new ways to access and manage financial products and services seamlessly integrated into everyday activities.

Germany embedded finance market is expected to grow at a significant CAGR from 2024 to 2030. The embedded finance market is witnessing rapid growth, with fintech startups and traditional financial institutions collaborating to deliver seamless and personalized financial services in the country.

The embedded finance market in France is expected to grow at a significant CAGR from 2024 to 2030. From mobile payments to digital banking and beyond, France's embedded finance ecosystem offers a wide range of innovative solutions that cater to the evolving needs of a digitally savvy population.

MEA Embedded Finance Market Trends

The embedded finance market in the Middle East & Africa (MEA) is expected to grow at a significant CAGR from 2024 to 2030. The Middle East & Africa region is undergoing rapid digital transformation, driven by advancements in technology. This digitalization creates opportunities for embedded finance solutions to address evolving customer needs and enhance financial inclusion.

South Africa embedded finance market is expected to grow at a significant CAGR from 2024 to 2030. Mobile payments in South Africa are on the rise, fueled by growing smartphone usage, enhanced mobile infrastructure, and the allure of cashless transactions. Embedded finance solutions seamlessly integrating payment services into mobile apps and digital platforms stand poised to leverage this burgeoning trend.

Key Embedded Finance Company Insights

Some of the key players operating in the market include Stripe, Inc., PAYRIX, Cybrid Technology Inc., and Walnut Insurance Inc.

  • Stripe, Inc., a prominent player in the financial technology sector, stands out for its innovative approach to digital payments and financial services. Specializing in online payment processing, stripe leverages cutting-edge technologies, including artificial intelligence, to revolutionize the financial landscape. The company is at the forefront of facilitating seamless transactions through its platform, providing businesses with the tools they need to accept and manage online payments effortlessly.

  • PAYRIX is one of the prominent players in the embedded finance market, offering comprehensive solutions for businesses seeking to integrate financial services into their platforms and applications. PAYRIX provides a customizable platform that enables businesses to tailor financial services to their specific needs and requirements. From payment processing to digital banking and compliance services, PAYRIX offers a suite of tools that can be customized to fit each client's unique business model and objectives.

Fortis Payment Systems, LLC, Transcard Payments, Fluenccy Pty Limited are some of the emerging market participants in the embedded finance market.

  • Fluenccy Pty Limited provides businesses of all sizes with transparent insights for embedded finance payments. The company’s platform enables users to facilitate payments and provide efficient payment services effortlessly. Tailored for businesses, the software ensures that the costs associated with foreign invoices align precisely with their business needs, offering a more intelligent and cost-effective solution for cross-border payments.

  • Fortis Payment Systems likely integrates modern payment technologies to enhance transaction security and efficiency. This may include features such as EMV (Europay, Mastercard, Visa) compliance, contactless payments, and other advancements in the payments industry.

Key Embedded Finance Companies:

The following are the leading companies in the embedded finance market. These companies collectively hold the largest market share and dictate industry trends.

  • Stripe, Inc.
  • Cybrid Technology Inc.
  • Walnut Insurance Inc.
  • Lendflow
  • Finastra
  • Zopa Bank Limited
  • Fortis Payment Systems, LLC
  • Transcard Payments
  • Fluenccy Pty Limited

Recent Developments

  • In March 2023, Stripe Inc. announced a strategic agreement with Weave, the all-in-one customer engagement and communication platform for SMEs, to process payments on Stripe Connect for Weave’s more than 27,000 customers of specialty healthcare across the U.S.

  • In, March 2023, Bidmii, a technology startup headquartered in Toronto, Canada known for revolutionizing the home improvement industry, unveiled "Get it Done, Pay Later", the company’s latest embedded financial product that combines Humm Group's consumer financing program and Bidmii's payment protection platform.

  • In February 2023, Transcard Payments announced a partnership with Skyscend, Inc. Under this partnership, Skyscend Pay, a cloud-native platform for accounts payable invoice automation and supply chain finance, was integrated with Transcard Payments SMART Suite, an embedded payments solution. This integration allowed organizations to manage and disburse payments from any depository account of any type and any accounting software, legacy ERP application, or system of record.

  • In February 2023, Zopa Bank Limited announced the plans to acquire the point-of-sale (POS) finance technology and lending platform of the U.K.-based financial institution DivideBuy to deliver a buy now, pay later (BNPL 2.0) offering. The BNPL 2.0 offering would combine fintech innovation and technology to allow instant decisions and completely integrated consumer journeys with credit checks, consumer protection, and safeguards of a regulated bank.

Embedded Finance Market Report Scope

Report Attribute


Market size value in 2024

USD 107.27 billion

Revenue forecast in 2030

USD 588.49 billion

Growth rate

CAGR of 32.8% from 2024 to 2030

Actual data

2017 - 2023

Forecast period

2024 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, business model, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Mexico; Germany; UK; France; China; Japan; India; South Korea; Australia; Brazil; KSA; UAE; South Africa

Key companies profiled

Stripe, Inc.; PAYRIX; Cybrid Technology Inc.; Walnut Insurance Inc.; Lendflow; Finastra; Zopa Bank Limited; Fortis Payment Systems, LLC; Transcard Payments; Fluenccy Pty Limited.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Embedded Finance Market Report Scope Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global embedded finance market report based on type, business model, end-use and region.

Global Embedded Finance Market Report Segmentation

  • Type Outlook (Revenue, USD Billion, 2017 - 2030)

    • Embedded Payment

    • Embedded Insurance

    • Embedded Investment

    • Embedded Lending

    • Embedded Banking

  • Business Model Outlook (Revenue, USD Billion, 2017 - 2030)

    • B2B

    • B2C

    • B2B2B

    • B2B2C

  • End-use Outlook (Revenue, USD Billion, 2017 - 2030)

    • Retail

    • Healthcare

    • Logistics

    • Manufacturing

    • Travel & Entertainment

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Latin America

      • Brazil

    • Middle East and Africa (MEA)

      • Kingdom of Saudi Arabia (KSA)

      • UAE

      • South Africa

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