Embedded Finance Market - Forecast(2024 - 2030)

Report Code: ITR 0412 Report Format: PDF + Excel

Embedded Finance Market Overview:

Embedded Finance Market size is estimated to reach $379 billion by 2030, growing at a CAGR of 25.7% during the forecast period 2023-2030. Increasing demand for digital payment solutions, increasing adoption of APIs (Application Programming Interfaces) and rising demand for real-time payments are propelling the Embedded Finance Market growth.

Additionally, advances in technology such as artificial intelligence (AI), machine learning (ML), and blockchain are creating substantial growth opportunities for the Embedded Finance Market.  According to a CompTIA report, over 63% of companies surveyed have plans to maintain or increase their spending on AI and machine learning in 2023. These factors positively influence the Embedded Finance industry outlook during the forecast period.

Market   Snapshot:  

Embedded Finance Market   - Report Coverage:

The “Embedded Finance Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Embedded Finance Market.



By Type

  • Embedded Insurance

  • Embedded Payment

  • Embedded Lending

  • Embedded Investment

  • Embedded Banking

By Business Model  

  • B2B

  • B2C

  • B2B2B

  • B2B2C

  • Others

By Industry Vertical

  • Retail and E-commerce

  • Education

  • Telecommunications

  • Consumer Health

  • Others

By Geography

  • North America (U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe)

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific)

  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  • Rest of the World (Middle East and Africa).

COVID-19 / Ukraine Crisis - Impact Analysis:
● The pandemic has created economic uncertainty and has impacted investor confidence, which led to a reduction in funding for fin-tech startups and other businesses that offer embedded finance solutions. However, the pandemic has created financial uncertainty for many people, there has been a greater focus on financial health and wellness. This has led to an increased demand for embedded finance solutions that offer financial education, budgeting tools and other features that promote financial wellness.

● The crisis in Ukraine has led to regulatory changes such as increased scrutiny on cross-border payments or changes to regulations related to financial stability. However, the crisis in Ukraine has led to rise in new use cases for embedded finance such as offering financial services to small businesses that operate in regions affected by the crisis. 
Key Takeaways:

● Fastest Growth of Asia-Pacific Region
Geographically, in the global Embedded Finance Market share, Asia-pacific is analyzed to grow with the highest CAGR of 26.5% during the forecast period 2023-2030. The growth in this region is attributed to the rapidly growing digital economy and increasing demand for digital financial services. Additionally, governments are implementing policies and initiatives to promote financial inclusion are also driving the Embedded Finance Market in the Asia-Pacific region. In 2023, as per a report from BSFI, about 71% of fin-tech companies and financial services have plans to make substantial investments in the development of embedded finance products in India by 2024.

● Embedded Insurance to Register the Fastest Growth
In the Embedded Finance Market analysis, the Embedded Insurance segment is estimated to grow with the highest CAGR of 26.1% during the forecast period. The growth is attributed to the increased demand for digital and convenient insurance solutions, personalized offerings, advancements in data analytics and AI, and regulatory changes. As per Insurance Thought Leadership (ITL), U.S. embedded insurance is expected to experience substantial growth, reaching over $70 billion by 2025.

● Retail and E-commerce is Leading the Market
According to the Embedded Finance Market forecast, the Retail and E-commerce held the largest market share of 42.1% in 2022 owing to the increasing demand for seamless and convenient payment options for online transactions. With the growth of e-commerce, more businesses are integrating payment solutions directly into their platforms and creating a more efficient and streamlined customer experience. This has led to the rise of embedded payments and other embedded finance solutions in the e-commerce industry. 

● Increasing Adoption of API
The adoption of APIs is owed to several factors such as easier integration, improved scalability and lower costs. APIs make it easier for businesses to build and implement financial services and products directly into their applications, websites and other digital platforms, without needing to develop these services from scratch. As per AI Multiple report, in May 2022, over 1 billion API calls were initiated to access open banking APIs, indicating the growing adoption and utilization of these interfaces. 

● Increasing Demand for Digital Payment Solutions
The rise of digital payments has paved the way for new types of embedded finance products such as digital wallets which allow consumers to store and manage their funds within a single platform. The increase in the number of people using digital platforms is owing to user-friendly, convenient and offer a wide range of services. According to a Payments Association report, the non-traditional financial service providers are expected to handle 74% of consumer payments by 2030.

● Data Security Hampers Market Growth
Data security breaches cause significant reputational damage and financial losses for businesses offering embedded finance and lead to a loss of customer trust. This is a major concern for businesses, as customer trust is essential for the success of embedded finance. The consequences of a data breach has severe impact and customers are hesitant to use the services of businesses that have experienced a breach. This factor impedes the Embedded Finance Market growth. In 2022, IBM revealed that the average cost of a data breach amounted to $3.86 million attributed to human error, highlighting the significance of human factors in data security. 

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Embedded Finance Market. The top 10 companies in this industry are listed below:

  1. Bnkbl Ltd (Fintech100, L39)      
  2. Banxware GmbH (Telecash, Forto)     
  3. Flywire Corporation. (venmo, Union Pay)
  4. Finix Payments, Inc.(ForeUP, Revvable)
  5. Cross River Bank  (Stripe, Daily pay)   
  6. Plaid Inc. (Acorns, Betterment)
  7. Akulaku Inc. (Zenuis, Pegipegi)
  8. 10x Banking Technology Services Ltd. (SuperCore™ )
  9. TrueLayer Ltd. (Cazoo, Freetrade)
  10. ClearBank Ltd(Pay Point, Coinbase)

Scope of the Report:

Report Metric


Base Year Considered


Forecast Period




Market Size in 2030

$379 billion

Segments Covered

Type, Business Model, Industry Vertical and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe

(Germany, France, UK, Italy, Spain, Russia and Rest of

Europe), Asia-Pacific (China, Japan, South Korea, India,

Australia, New Zealand and Rest of Asia-Pacific), South

America (Brazil, Argentina, Chile, Colombia and Rest of

South America), Rest of the World (Middle East and Africa).

Key Market Players

  1. Bnkbl Ltd       

  2. Banxware GmbH 

  3. Flywire Corporation.

  4. Finix Payments, Inc.

  5. Cross River Bank

  6. Plaid Inc.

  7. Akulaku Inc.

  8. 10x Banking Technology Services Ltd.

  9. rueLayer Ltd.

  10. ClearBank Ltd

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1. Embedded Finance Market - Overview
    1.1. Definitions and Scope
2. Embedded Finance Market - Executive Summary
3. Embedded Finance Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Embedded Finance Market - Start-up Companies Scenario
    4.1.Key Start-up Company Analysis by
        4.1.3.Venture Capital and Funding Scenario
5. Embedded Finance Market – Market Entry Scenario Premium
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Embedded Finance Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1.Bargaining Power of Suppliers
        6.4.2.Bargaining Powers of Customers
        6.4.3.Threat of New Entrants
        6.4.4.Rivalry Among Existing Players
        6.4.5.Threat of Substitutes
7. Embedded Finance Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Embedded Finance Market – by Type (Market Share – $Million/$Billion) 
    8.1. Embedded Insurance
    8.2. Embedded Payment
    8.3. Embedded Lending 
    8.4. Embedded Investment 
    8.5. Embedded Banking
9. Embedded Finance Market – by Business Model (Market Share – $Million/$Billion) 
    9.1. B2B
    9.2. B2C
    9.3. B2B2B
    9.4. B2B2C
    9.5. Others
10. Embedded Finance Market – by Industry Vertical (Market Share – $Million/$Billion) 
    10.1. Retail and E-commerce
    10.2. Education
    10.3. Telecommunications
    10.4. Consumer Health
    10.5. Others
11. Embedded Finance Market – by Geography (Market Share – $Million/$Billion) 
    11.1. North America
        11.1.1.The U.S.
    11.2. Europe
        11.2.7.Rest of Europe
    11.3. Asia-Pacific
        11.3.4.South Korea
        11.3.5.Australia & New Zealand
        11.3.6.Rest of Asia-Pacific
    11.4. South America
        11.4.5.Rest of South America
    11.5. Rest of the World
        11.5.1.Middle East
12. Embedded Finance Market – Entropy
    12.1. New product launches
    12.2. M&A's, collaborations, JVs and partnerships
13. Embedded Finance Market – Industry/Segment Competition Landscape
    13.1.Market Share Analysis
        13.1.1.Market Share by Type – Key Companies
        13.1.2.Market Share by Region – Key Companies
        13.1.3.Market Share by Country – Key Companies
    13.2. Competition Matrix
    13.3.Best Practices for Companies
14. Embedded Finance Market – Key Company List by Country Premium
15. Embedded Finance Market - Company Analysis
    15.1. Bnkbl Ltd        
    15.2. Banxware GmbH      
    15.3. Flywire Corporation. 
    15.4. Finix Payments, Inc.
    15.5. Cross River Bank     
    15.6. Plaid Inc.
    15.7. Akulaku Inc.
    15.8. 10x Banking Technology Services Ltd.
    15.9. TrueLayer Ltd.
    15.10.Starling Bank

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Embedded Finance Market is projected to grow at 25.7% CAGR during the forecast period \\\\r\\\\n2023-2030.\\\\r\\\\n

Embedded Finance Market size is estimated to be $76 billion in 2023 and is projected to reach $379 billion by 2030

Top Cmpanies in the Embedded Finance Market are Bnkbl Ltd, Banxware GmbH, Flywire Corporation., Finix Payments, Inc., Cross River Bank and others.

Emergence of cashless transactions, high demand for mobile-based embedded finance solutions, the integration of the latest technologies are some of the major Embedded Finance Market trends in the industry which will create growth opportunities for the market during the forecast period.

Increasing demand for digital payment solutions is driving the market growth. Increased access to financial services is creating opportunities in embedded finance services during the forecast period.