Whitepaper: Embedded finance in 2023


Posted on November 9, 2023
Whitepaper: Embedded finance in 2023
Embedded finance. Who’s using it? How? Where? Why? There’s no shortage of questions, which is why our latest whitepaper dives into how the sector is evolving.
OpenPayd Editorial Team
OpenPayd Editorial Team
November 9, 2023

Our latest research into embedded finance charts what the leaders in the sector are delivering, and what sets them apart from the rest of the pack.

So what are we seeing?

  • 74% of businesses are planning to launch embedded finance solutions.
  • Leaders in embedded finance are most likely to be in Payroll, B2B Fintech and SaaS.
  • Although only 9% of businesses currently have an embedded finance offering, of those, 57% have expanded/upgraded their existing offering in the last two years, while 29% are looking to expand their offering, despite the economic downturn.
  • 15% of respondents are already in the process of implementing an embedded finance offering.



Read our whitepaper online


Meet the Leaders, the Lingerers and the Laggards

Our survey revealed three camps of maturity.

Roughly a quarter are Leaders: those who have already launched embedded finance offerings to their users, or are currently in the process of launching.

Then there are the Lingerers: these are companies who have definitive plans for launching embedded finance services, but which – for several reasons – are yet to formally do so.

Finally, we have the largest group, the Laggards: the 50% of our respondents who have not yet launched embedded finance offerings, and have as yet no concrete plans to do so (though they may well be considering it).


Embedded Finance: 2 years on

Two years ago, we published our first whitepaper into the state of embedded finance. In 2021, we saw the huge appetite for embedded finance. But were people getting caught up in the hype? Has that exuberance survived 24 months of high inflation, high interest rates and a retrenching of business investment priorities? Take a trip back to our 2021 research to see how our predictions then stack up to today:

Get up to speed on embedded finance

Find answers to all your biggest questions about embedded finance and Banking-as-a-Service:

What is embedded finance?

Embedded finance: quite simply, it’s about bringing financial services into non-finance environments. Normally these are digital environments, so the ‘embedding’ is happening via API. Click here to read our deep-dive.

How do embedded finance projects work?

Getting an embedded finance project off the ground is no simple task. Here’s our full guide to the considerations that go into an embedded finance project, as well as the ingredients you need to have in place.

How is BaaS different from embedded finance?

Banking-as-a-Service, vs embedded finance. We bust some buzzwords, with our full explainer on how financial services are embedded and how the BaaS infrastructure that sits in the background makes it possible.

Ready to find out more?

If you’re ready to start your own journey into embedded finance, you’re in the right place. Contact our team to find out more.