Report Overview

Juniper Research’s latest Embedded Finance research provides in-depth analysis and evaluation of how this environment is rapidly emerging and evolving; delivering critical insights on the changing state of adoption, key vendors driving the evolution of the market and their future prospects. It also provides an evaluation of the market progress of embedded finance across various segments, and what its rise means in terms of future opportunities for stakeholders in the embedded finance ecosystem. The study contains the Juniper Research Competitor Leaderboard; positioning 19 key embedded finance vendors.

The research into the embedded finance industry within the digital lending sector provides insightful analysis of the growth potential and infrastructure readiness factors for embedded finance, including the growth of open APIs (Application Programming Interfaces) and Open Banking. It also features a comprehensive forecast suite, encompassing embedded finance adoption and market share revenue across a range of segments:

  • Embedded Banking (split by consumer and B2B [Business-to-Business])
  • Embedded Payments (split by consumer and B2B)
  • Embedded Lending (split by mobile and online)
  • Embedded Insurance (split by mobile and online)
  • Embedded Investments
This research suite comprises:
  • Market Trends & Strategies (PDF)
  • Competitor Leaderboard (PDF)
  • Data & Forecasts (PDF & Excel)
  • 12 Months' Access to harvest Online Data Platform
Key Market Statistics
Market size in 2021: $43bn
Market size in 2026: $138bn
2021 to 2026 CAGR: 215%

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Key Features

  • Sector Dynamics: Analysis of key trends and primary challenges across the emerging embedded finance space, including the following elements:
    • Open Banking and what is needed to support embedded finance
    • Key challenges restricting growth and how these can be overcome
    • How BaaS (Banking-as-a-Service) will enable new entrants
    • Capturing the B2B embedded finance opportunity
  • Segment Assessment & Future Outlook: Specific assessment of how embedded finance is going to fare across several different verticals in the future market, including embedded banking, embedded payments, embedded insurance, embedded investments and embedded lending, as well as a future outlook for the overall market growth.
  • Key Takeaways & Strategic Recommendations: Key opportunities for vendors highlighted across the embedded finance landscape; making for important reading for key stakeholders within the financial services industry when setting their future strategies.
  • Benchmark Industry Forecasts: 5-year forecasts are provided for embedded finance adoption and revenue streams, split by embedded banking (split by consumer and B2B), embedded payments (split by consumer and B2B), embedded lending (split by mobile and online), embedded insurance (split by mobile and online) and embedded investments. The data is also split by our 8 key forecast regions and 60 key countries:
    • North America:
      • Canada, US
    • Latin America:
      • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
    • West Europe:
      • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
    • Central & East Europe:
      • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
    • Far East & China:
      • China, Hong Kong, Japan, South Korea
    • Indian Subcontinent:
      • Bangladesh, India, Nepal, Pakistan
    • Rest of Asia Pacific:
      • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
    • Africa & Middle East:
      • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates
    • Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 19 embedded finance vendors across the competitive landscape, via the Juniper Research Competitor Leaderboard:
      • Bankable
      • Banxware
      • Bond
      • Cross River
      • Finix
      • Flywire
      • Jifiti
      • Marqeta
      • OpenPayd
      • Plaid
      • Q2
      • Railsr
      • SoFi
      • Stripe
      • Synapse
      • Tink
      • UNIPaaS Payment Technologies
      • Vodeno
      • Weavr

Key Questions Answered

  1. What trends are driving the growth of embedded finance?
  2. What are the most significant and profitable uses of embedded finance?
  3. Who are the leading vendors for embedded finance and what are they doing successfully?
  4. What is the predicted value of the embedded finance market by 2027?
  5. What challenges are the market and its stakeholders likely to face?

Companies Referenced

Interviewed: Jifiti, OpenPayd, SoFi, Vodeno.
 
Case Studied: Shopify, Zeal.
 
Included in Juniper Research Competitor Leaderboard: Bankable, Banxware, Bond, Cross River, Finix, Flywire, Galileo, Jifiti, Marqeta, OpenPayd, Plaid, Q2, Railsr, Stripe, Synapse, Tink, UNIPaaS Payment Technologies, Vodeno, Weavr.
 
Mentioned: AAZZUR, Aion Bank, American Express Ventures, An Post, Aplazo, Apple, Bain Capital Ventures, Beelivery, Bitfinex, British Red Cross, CaixaBank, Capital, Citizens Bank, Cogo, Coppel, Crédit Agricole, Cyberbank, DataVisor, DVS Group, eToro, Family Money, Fattmerchant, Finway, Focused Labs, Fundbox, FuturePay, Galileo, Gemini, Gigable, Google, Gopuff, GreenDropShip, Hawk:AI, Homebrew, IKEA, Ingka Group, Inspired Capital, Irish Life, Klarna, LendingUSA, Lieferando, Lightspeed Venture Partners, Lineage Bank, Mastercard, McLaren, Metabank, METRO AG, Mollie, MONET, MyPocketSkill, NatWest, PAYONE, Paysafe, PostNord Strålfors, QNTMPAY, Qoins, Quadient, Quantiphi, RBC (Royal Bank of Canada), Revolut, Rocket Mortgage, Sequoia Capital, SmartBiz, Sonae, Sparkassen-Finanzgruppe, TabaPay, Tap, Technisys, Texas Medical Center, The Platform Group, Tribal Group, Tricount, Troc Circle, UnitPlus, Vodeno, Western Union, Wise, Worldline, WPM, Yapily, YayPay.
 

Data & Interactive Forecast

Key Market Forecast Splits
  • Embedded Banking (split by consumer and B2B)
  • Embedded Payments (split by consumer and B2B)
  • Embedded Lending (split by mobile and online)
  • Embedded Insurance (split by mobile and online)
  • Embedded Investments
Data is split by adoption in terms of users, usage and revenue associated with this.

Geographical splits: 60 countries
Number of tables: 136 tables
Number of datapoints: Over 61,000 datapoints

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.
 

Forecast Summary

Revenue from embedded financial services will exceed $183 billion globally in 2027, increasing from just under $65 billion in 2022. Growing by 182% over the period, this expansion will be largely driven by non-financial businesses incorporating embedded finance options into their product offer. These options will usually be introduced within the checkout process of an eCommerce transaction or incorporated seamlessly within a mobile app, resulting in enhanced financial options for the consumer and potential new revenue streams for vendors.
  • It will be crucial for businesses to identify which financial services work best within their customer environment, whether B2B (Business-to-Business) or consumer. Choosing products that align with target demographics and offer genuine consumer benefits will be the most successful.
  • Financial services are currently less well saturated within B2B markets, resulting in a significant untapped opportunity for B2B businesses to augment their revenue streams by incorporating embedded finance solutions.
  • Bringing the innovations seen within the consumer environment, such as Banking-as-a-Service, to a B2B environment is a powerful, underserved opportunity. Businesses wishing to offer embedded finance must choose the right offerings, that solve genuine challenges targeted specifically at their customers, or they will lose out to better-targeted competitors.
  • Additionally, embedded investments, where stock trading and investment products are integrated within other apps, will be the fastest-growing segment. It will increase by 421% over the next five years; accounting for almost $11 billion revenue globally by 2027. Brands serving high-net-worth individuals should pursue embedded investment strategies, in order to broaden their appeal to premium users.

Embedded Finance Full Research Suite

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Full Research Suite

  • Market trends, strategies and forecasts report (pdf)
  • Market data & forecasts - All topic data and interactivity (xls)
  • harvest market data platform (12 months’ online access)  - find out more

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Research FAQs

What is embedded finance?
How big is the embedded finance market?
What are the embedded finance market trends?

Research Details

Publisher:
Juniper Research
Published:
22/11/2022
Author(s):
Dominique Tetnowski
Category:
Fintech & Payments
Regions:
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Countries:
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam