What are the fundraising trends in the embedded finance market?
In our updated market reports, you will find everything you need
SUMMARY
We analyzed every publicly disclosed equity round raised by pure-play embedded finance companies between January 2024 and July 2026. We only kept disclosed equity rounds of $300K or more and excluded companies that were not focused on financial products or infrastructure distributed inside software platforms, marketplaces, merchants, employers, or partner ecosystems.
The embedded finance market expanded in capital terms in 2025, but the freshest 2026 signal is weaker. Full-year funding rose from $470.8M in 2024 to $596.8M in 2025, but disclosed equity funding fell from $408.9M in the comparable 2025 year-to-date period to $236.25M in year-to-date 2026.
The market is not being driven by more deals. Deal count fell from 19 in 2024 to 16 in 2025, and then slipped from 10 deals in the comparable 2025 year-to-date period to 9 quantified deals in year-to-date 2026.
Round size is the main driver of market totals. Median round size rose from $15.0M in 2024 to $26.0M in 2025, but then dropped to $7.6M in year-to-date 2026, showing that the current period has much thinner typical company-level funding.
Capital in the embedded finance market is moving toward proven companies. In 2025, Series B and Series C rounds captured 92.3% of total capital, while Seed and Series A captured only 5.1%.
First financings remain rare. New company financings represented 31.6% of 2024 deals, only 6.3% of 2025 deals, and 11.1% of year-to-date 2026 quantified deals, meaning the market is mostly funding companies that already existed.
Card Issuing Platforms is the most consistently validated category. It raised $128.7M in 2024, $183.0M in 2025, and $181.2M in year-to-date 2026, making it the strongest repeated capital magnet across the full period.
Embedded Insurance remains important but volatile. The category raised $126.5M in 2024 and $165.5M in 2025, but only $5.95M in quantified year-to-date 2026 funding, showing how dependent the category can be on one or two scaled platform rounds.
The market is geographically global by company presence but concentrated by capital. North America dominated 2024, Asia-Pacific surged in 2025, and Europe dominated year-to-date 2026 because of Paymentology’s $175M round.
The central market interpretation is that embedded finance is becoming more selective. Investors are still backing the category, but the largest checks are going to infrastructure companies with regulated rails, processing scale, credit capacity, insurance distribution, or platform partnerships.
Is more or less capital going into the embedded finance market?
Less capital is going into the embedded finance market in the freshest period, even though the last completed full-year comparison still showed growth. Year-to-date 2026 disclosed equity funding was about $236M, down from about $409M over the comparable period in 2025, which is a decline of roughly 42%.
The full-year comparison gives important context. In 2025, total disclosed equity funding rose to $596.8M from $470.8M in 2024, which means the embedded finance market grew by about 27% on a completed-year basis.
But that 2025 growth was not broad-based. Deal count fell from 19 in 2024 to 16 in 2025, so the increase came from larger rounds rather than more funded companies.
The 2026 signal should be treated as preliminary because the year-to-date sample contains only 9 quantified deals. It is also heavily distorted by Paymentology’s $175M round, which represents 74.1% of all quantified capital raised so far in 2026.
The best interpretation is that the embedded finance market expanded in capital intensity in 2025 but has weakened sharply in 2026. Capital is currently going down, and without one large issuer-processing round, the current market would look extremely thin.
Is embedded finance funding driven by more deals or larger rounds?
Embedded finance funding is being driven much more by larger rounds than by more deals. Full-year 2025 had fewer deals than 2024, falling from 19 to 16, but total capital rose from about $471M to about $597M.
The round-size indicators confirm that the 2025 market was a larger-check market. Median round size rose from $15.0M in 2024 to $26.0M in 2025, while average round size rose from $24.8M to $37.3M.
The year-to-date 2026 comparison reverses the direction but keeps the same lesson. Deal count only fell slightly, from 10 deals over the comparable 2025 period to 9 quantified deals in 2026, but capital fell much more sharply, from $408.9M to $236.25M.
The median round also dropped from about $24.6M over the comparable 2025 period to $7.6M in year-to-date 2026. That means the current weakness is not mainly about a disappearance of companies raising; it is about the disappearance of multiple mid-size and large rounds.
The practical takeaway is that deal count alone is a weak health indicator for the embedded finance market. The better question is whether the market is producing repeated $20M to $100M rounds, because those rounds determine whether funding activity is truly scaling.
Is embedded finance capital moving toward later-stage or earlier-stage companies?
Embedded finance capital is moving toward later-stage companies, although year-to-date 2026 contains a small counter-signal of renewed seed activity by deal count. In full-year 2025, Series B and Series C companies captured $551.1M, or 92.3% of total capital.
That was a major shift from full-year 2024, when Seed plus Series A represented $173.3M, or 36.8% of capital. By 2025, Seed plus Series A fell to just $30.7M, or 5.1% of capital.
Year-to-date 2026 looks more mixed. Seed rounds represented 4 of 9 quantified deals, or 44.4%, which makes the current market look earlier-stage by deal count.
But by dollars, late-stage and growth capital still dominate. Paymentology’s $175M growth-equity round alone captured 74.1% of all year-to-date 2026 quantified capital.
The better interpretation is that the embedded finance market has early-stage experimentation, but not early-stage capital leadership. Investors are still reserving the largest checks for companies that have already proven infrastructure scale, distribution, or regulatory readiness.
Is the embedded finance market maturing or still experimental?
The embedded finance market is maturing in capital allocation, but it is still experimental at the edges. The strongest maturity signal is that capital has moved toward follow-on rounds, Series B and Series C companies, and scaled infrastructure platforms.
In 2025, only 1 of 16 qualifying deals was a first financing, and first financings captured just 0.4% of capital. That is not the profile of a market dominated by new company creation.
The stage mix says the same thing. Series B and Series C rounds represented 75.0% of 2025 deals and 92.3% of capital, which means investors were mainly backing companies that had already passed early validation.
Year-to-date 2026 adds some experimentation back into the picture. Seed rounds represented 44.4% of quantified deals, and funded companies included stablecoin card infrastructure, embedded legal payments, AI-native embedded insurance, Lombard lending, and POS financing.
The embedded finance market is therefore mature in dollars and experimental in niches. Large checks go to proven infrastructure, while newer concepts receive smaller option-sized rounds.
Are new startups still entering the embedded finance market?
Yes, new startups are still entering the embedded finance market, but new-company formation is weak relative to follow-on funding. First financings represented 31.6% of deals in 2024, only 6.3% in 2025, and 11.1% of quantified deals in year-to-date 2026.
The capital share is even more telling. First financings captured 5.1% of capital in 2024, 0.4% in 2025, and 1.7% in year-to-date 2026.
This distinction matters because seed-stage activity does not automatically mean new startups are entering the market. Several seed rounds in embedded finance are follow-on seed rounds for companies that had already been operating.
The embedded finance market therefore still has new entrants, but not enough to call it a new-formation wave. Investors are mostly funding companies already in motion, and true first financings are receiving small checks.
The practical interpretation is that embedded finance remains open to new ideas, but the funding environment is not rewarding new startups with large launch rounds. New entrants need a very specific infrastructure wedge to stand out.
Are more investors entering the embedded finance market?
No, the evidence does not show a broad wave of more investors entering the embedded finance market. Full-year 2025 had at least 71 disclosed investors versus at least 68 in 2024, which is only a small increase.
The number of unique tier-1 investors stayed flat at 17 in both 2024 and 2025. That suggests the rise in full-year 2025 capital did not come from a major expansion of top-tier investor participation.
The freshest comparison is weaker. Over the comparable year-to-date period in 2025, there were about 48 disclosed investors, while year-to-date 2026 had about 39 disclosed investors across quantified deals.
There is one nuance: the year-to-date 2026 sample includes roughly 13 tier-1 investors versus 10 over the comparable 2025 period. So the quality of some syndicates remains strong, even though the overall investor base has narrowed.
The better reading is that investor breadth is not expanding meaningfully. The embedded finance market still attracts serious fintech, venture, and growth investors, but participation is selective rather than broad-based.
Are top investors getting more or less active in embedded finance?
Top investors are not clearly getting more active in the embedded finance market. Repeat participation remains limited, and the market is not being controlled by a small group of specialist investors.
In full-year 2024, no disclosed investor clearly appeared in more than one qualifying deal after normalization. In full-year 2025, only Accel, QED Investors, and Citi / Citi Ventures appeared more than once.
That was a modest improvement, but it was not a true specialist-investor cluster. The repeat investors made two deals each, not a large number of repeated category-defining bets.
The freshest 2026 signal points back toward fragmentation. In year-to-date 2026, no disclosed investor appears in more than one quantified equity deal.
The conclusion is that top investors are underwriting specific embedded finance companies rather than increasing category-wide exposure. A strong investor logo validates a company, but it does not yet validate the whole embedded finance market.
Which embedded finance subcategories are gaining momentum?
The embedded finance subcategories gaining momentum are Card Issuing Platforms, Embedded Lending, Merchant Financing, and selectively Banking as a Service. Card Issuing Platforms is the clearest winner because it led full-year 2025 capital and year-to-date 2026 capital.
Card Issuing Platforms raised $128.7M in 2024, $183.0M in 2025, and $181.2M in year-to-date 2026. That continuity makes it the most consistently validated category in the embedded finance market.
Embedded Lending is gaining momentum in a more complicated way. Full-year capital increased from $29.5M in 2024 to $67.1M in 2025, and the comparable year-to-date figure rose from $8.5M in 2025 to $20.1M in 2026.
Merchant Financing is also becoming visible. The category had no separately classified pure-play capital in 2024, then Froda raised $21.2M in 2025 and Pipe raised $16.0M in year-to-date 2026.
Banking as a Service improved from $32.0M in 2024 to $59.0M in 2025, but year-to-date 2026 quantified capital is weak because Netbank’s Series B amount was not disclosed. The category is still investable, but only for platforms that can clear the regulatory and sponsor-bank credibility bar.
Which embedded finance subcategories are losing momentum?
The embedded finance subcategories losing momentum are Payroll Finance, Embedded Payments, and, in the freshest period, Embedded Insurance and Banking as a Service. Payroll Finance is the clearest weakening category because it fell from $92.3M in 2024 to $44.0M in 2025 and has no quantified year-to-date 2026 deal.
Embedded Payments has also softened in capital terms. It raised $61.8M in 2024, $57.0M in 2025, and then dropped from $28.0M over the comparable 2025 period to $9.0M in year-to-date 2026.
Embedded Insurance needs a more careful reading. Full-year capital rose from $126.5M in 2024 to $165.5M in 2025, but the 2025 total was heavily driven by bolttech’s $147M round.
In the freshest comparison, Embedded Insurance fell from $149.2M over the comparable 2025 period to only $5.95M in year-to-date 2026. That suggests the category remains real but is highly dependent on whether scaled platforms raise in a given window.
Banking as a Service also weakened in quantified year-to-date 2026 capital, falling from $59.0M over the comparable 2025 period to $4.0M. That does not mean the category disappeared, but it does suggest that source-verifiable, disclosed-equity BaaS rounds have become more selective.
Which regions are gaining momentum in embedded finance funding?
Europe is gaining the most momentum in the freshest embedded finance funding data, but the conclusion is heavily distorted by one large round. Europe rose from $67.4M over the comparable 2025 period to $190.5M in year-to-date 2026.
Europe also produced 4 of 9 quantified year-to-date 2026 deals, which makes it the most active region by deal count in the current period. That activity spans card issuing, embedded insurance, embedded lending, and issuer processing.
The caution is that Paymentology alone accounts for $175M of Europe’s $190.5M year-to-date 2026 capital. Without Paymentology, Europe would look much less dominant in dollar terms.
Africa and Latin America are also gaining visibility from low bases. Africa had no qualifying full-year 2025 capital in the screened dataset, then Blnk contributed $12.5M in year-to-date 2026; Latin America had no qualifying full-year 2025 capital, then Gangkhar contributed $4.25M.
The full-year 2025 comparison showed Asia-Pacific gaining sharply, from $2.5M in 2024 to $195.5M in 2025. So the regional momentum story is rotating: Asia-Pacific was the big 2025 gainer, while Europe is the big year-to-date 2026 gainer.
Which regions are losing momentum in embedded finance funding?
North America is losing momentum in the freshest embedded finance funding data. North American capital fell from $153.0M over the comparable 2025 period to $29.0M in year-to-date 2026.
The full-year comparison already showed some North American softening. North America raised $332.6M in 2024 and $266.0M in 2025, even as total market funding increased.
Asia-Pacific is also losing momentum in the freshest quantified data, but that signal is more fragile. Asia-Pacific captured $155.5M over the comparable 2025 period, mostly because of bolttech, but has no quantified year-to-date 2026 deal in the supplied evidence.
The Middle East fell from $33.0M over the comparable 2025 period to zero quantified year-to-date 2026 capital. However, Comfi’s 2026 $65M package included equity but could not be counted because the equity amount was not separately disclosed.
Latin America lost momentum in 2025 after Pomelo’s 2024 round, but it has reappeared in 2026 through Gangkhar. That makes Latin America a weak full-year 2025 story but a small positive year-to-date 2026 signal.
Is embedded finance becoming more global or regionally concentrated?
The embedded finance market is becoming more global by company presence, but more regionally concentrated by capital in each period. Full-year 2024 was dominated by North America, which captured 70.6% of capital.
Full-year 2025 became more geographically diversified. North America captured 44.6% of capital, Asia-Pacific captured 32.8%, Europe captured 17.1%, and the Middle East captured 5.5%.
The freshest 2026 picture looks concentrated again. Europe captured 80.6% of quantified year-to-date 2026 capital, largely because of Paymentology.
Deal count tells a more global story than dollars. In year-to-date 2026, quantified deals appeared in Europe, North America, Africa, and Latin America, while unquantified activity appeared in Asia-Pacific and the Middle East through Netbank and Comfi.
The correct conclusion is that the embedded finance market is structurally globalizing, but dollar leadership remains unstable and outlier-driven. Regional share should be interpreted cautiously unless it is supported by both multiple deals and multiple sizable rounds.
Is embedded finance capital moving toward proven winners or new opportunities?
Embedded finance capital is moving strongly toward proven winners. In full-year 2025, first financings were only 6.3% of deals and captured just 0.4% of capital, while Series B and Series C companies captured 92.3% of capital.
Year-to-date 2026 reinforces the same pattern. Only 1 of 9 quantified deals looks like a first financing, and it captured only 1.7% of capital.
The largest current deal, Paymentology’s $175M growth-equity investment, went to a scaled issuer-processing and card-issuing platform. That is capital moving toward proven infrastructure, not new market entry.
New opportunities are still visible, but they are being funded cautiously. Stablecoin card infrastructure, embedded legal payments, AI-native embedded insurance, Lombard lending, and merchant financing all appear in year-to-date 2026, but most of those rounds were below $20M.
The embedded finance market is not closed to new ideas. But the capital hierarchy is clear: proven infrastructure wins the large checks, while new opportunities receive smaller validation rounds.
Is the embedded finance market becoming winner-takes-most?
Yes, the embedded finance market is becoming more winner-takes-most in the freshest period. In year-to-date 2026, the largest deal captured 74.1% of all quantified disclosed equity, the top three deals captured 86.1%, and the top five captured 93.2%.
The comparison with the same period in 2025 is stark. Over the comparable 2025 period, the largest deal captured 36.0% of capital and the top three captured 68.7%.
The full-year comparison is more nuanced. In 2024, the top three deals captured 51.0% of capital, while in 2025 the top three captured 49.8%, so top-three concentration was fairly stable.
But the bottom-half share shows how extreme the current period is. In full-year 2025, the bottom half of deals captured 21.1% of capital; in year-to-date 2026, the bottom half captured only 6.8%.
The embedded finance market is not structurally winner-takes-all, because multiple categories and regions still produce deals. But the current funding environment is clearly winner-takes-most, with most dollars going to one or two infrastructure companies.
Is the next wave of embedded finance winners becoming visible?
Yes, the next wave of embedded finance winners is becoming visible, but the signal is much clearer in infrastructure than in distribution-led models. The strongest candidates are companies that own difficult infrastructure layers such as card issuing, issuer processing, embedded payments, BaaS, embedded insurance rails, and embedded credit infrastructure.
Card Issuing Platforms provide the clearest evidence. The category raised $128.7M in 2024, $183.0M in 2025, and $181.2M in year-to-date 2026, with repeated evidence from companies such as Brim, Pomelo, Highnote, NymCard, Cardless, Kulipa, and Paymentology.
Embedded Payments also has visible future winners, but the capital signal is less dramatic. Payabli and Rainforest both raised in 2024 and again in 2025, while Confido’s 2026 round adds a vertical-specific legal payments angle.
Embedded Insurance has visible winners at the top but remains uneven below that. Cover Genius in 2024, bolttech in 2025, and smaller 2026 rounds such as Gangkhar and Kayna show both scaled platforms and early infrastructure experiments.
The next wave is visible where infrastructure depth and distribution proof overlap. Companies with one but not the other are more likely to raise small experimental capital than category-defining capital.
Is the embedded finance funding landscape fragmenting or consolidating?
The embedded finance funding landscape is fragmenting by investor syndicate and subcategory, but consolidating by capital allocation toward a few scaled companies. Investor repetition remains limited across all three periods.
In 2024, no disclosed investor clearly made more than one qualifying deal. In 2025, only Accel, QED Investors, and Citi / Citi Ventures appeared more than once. In year-to-date 2026, no disclosed investor appears more than once in the quantified equity set.
That points to fragmentation. The embedded finance market is not being financed by a single club of repeat specialist investors.
But capital allocation points to consolidation. The top three deals captured about 51.0% of capital in 2024, 49.8% in 2025, and 86.1% in year-to-date 2026.
The right conclusion is that the market is fragmented in participation but consolidated in outcomes. Many investors are placing selective bets, but most dollars accrue to a small number of proven platforms.
Where is investor attention shifting in embedded finance?
Investor attention in the embedded finance market is shifting toward regulated infrastructure, card issuing, issuer processing, embedded credit with real funding capacity, and vertical-specific financial infrastructure. Card Issuing Platforms is the clearest sustained signal, rising from $128.7M in 2024 to $183.0M in 2025 and $181.2M in year-to-date 2026.
Investor attention is also shifting away from broad embedded finance positioning and toward specific operational wedges. Recent funded companies include stablecoin card issuing, legal payments, AI-native embedded insurance, vertical SaaS insurance, merchant financing, Lombard lending, issuer processing, and POS financing.
Embedded lending and merchant financing are gaining attention, but they require a different underwriting lens. Mixed debt and equity packages show that credit models need funding capacity and risk control, not just software distribution.
Investor attention is weaker in Payroll Finance and Compliance Infrastructure. Payroll Finance had strong 2024 capital, smaller 2025 follow-ons, and no quantified 2026 year-to-date deal, while Compliance Infrastructure had no strict pure-play qualifying deal across the supplied periods.
The strongest summary is that investor attention is shifting from embedded finance as a distribution idea to embedded finance as regulated operating infrastructure. The companies attracting the strongest capital make it easier for other platforms to issue cards, process payments, extend credit, embed insurance, or monetize financial workflows without becoming full financial institutions themselves.
INSIGHTS
The insights below come from reviewing disclosed equity rounds in the embedded finance market between January 2024 and July 2026.
- The embedded finance market’s headline capital trend is misleading unless concentration is examined first. Full-year 2025 capital rose 27% versus 2024, but deal count fell from 19 to 16, meaning the apparent growth came from larger checks rather than broader market expansion.
- The freshest 2026 signal is not just less funding; it is less funding with more dependence on one company. Year-to-date 2026 capital fell 42% versus the comparable 2025 period even though Paymentology alone contributed 74.1% of quantified capital.
- The market has shifted from company formation to company selection. First financings fell from 31.6% of deals in 2024 to 6.3% in 2025 and only 11.1% in year-to-date 2026, showing that investors are mostly choosing among existing companies.
- Series B became the center of gravity in 2025 because embedded finance requires proof of distribution, compliance, and transaction economics before large capital arrives. Series B deals represented 62.5% of 2025 deal count and 57.7% of capital.
- The 2026 market looks early-stage by deal count but late-stage by dollars. Seed rounds were 44.4% of quantified year-to-date 2026 deals, but Growth Equity alone captured 74.1% of capital.
- Card Issuing Platforms is the most structurally validated category because it shows repeated capital formation across 2024, 2025, and year-to-date 2026. The category raised $128.7M in 2024, $183.0M in 2025, and $181.2M in year-to-date 2026.
- Embedded Insurance is more volatile than its headline totals suggest. The category looked strong in 2025 because bolttech raised $147M, but year-to-date 2026 quantified capital was only $5.95M.
- Embedded Lending is gaining strategic relevance but remains structurally harder to finance than payments or card issuing. Recurring debt-plus-equity structures show that embedded lending companies need capital supply and underwriting credibility, not only software traction.
- Merchant Financing is becoming visible as its own category, but it is not yet a large standalone venture category. Froda in 2025 and Pipe in 2026 show traction, but the category remains much smaller than Card Issuing Platforms or Embedded Insurance.
- Compliance Infrastructure’s absence is analytically important. Even though compliance is an obvious embedded-finance pain point, no strict pure-play qualifying deal appeared, which suggests compliance is being funded as a feature inside broader platforms rather than as a standalone category.
- The embedded finance market is becoming more verticalized. Recent funded companies target legal payments, automotive insurance, vertical SaaS insurance, Lombard lending, stablecoin cards, POS financing, and merchant financing rather than broad horizontal fintech infrastructure.
- The best predictor of funding quality is not the category label but the embedded distribution endpoint. Companies tied to software platforms, insurers, banks, card programs, merchants, OEMs, employers, or legal workflows receive more credible funding than companies with generic financial API claims.
- The market’s apparent globalization is real by company presence but fragile by capital. North America dominated 2024, Asia-Pacific surged in 2025, and Europe dominated year-to-date 2026, but each regional shift was strongly influenced by one or two large rounds.
- North America’s weakening is one of the more reliable regional signals because it appears in both full-year and year-to-date comparisons. North American capital fell from $332.6M in 2024 to $266.0M in 2025, then fell again from $153.0M over the comparable 2025 period to $29.0M in year-to-date 2026.
- The embedded finance market is fragmented by investors but concentrated by winners. No investor repeated in year-to-date 2026 quantified deals, but the largest company captured 74.1% of capital.
- The median round is the most useful health indicator in year-to-date 2026 because the average is badly distorted. Average round size was $26.25M, but the median was only $7.6M, showing that the typical company raised far less than the headline average implies.
- Embedded payments has become a mid-market category rather than a mega-round category in the supplied evidence. Payabli, Rainforest, Ansa, Zūm Rails, and Confido show repeat activity, but recent round sizes mostly sit below the largest card and insurance platforms.
- Stablecoin-related embedded finance is emerging through infrastructure rather than speculation. Rhythmic and Kulipa indicate investor interest in stablecoin-enabled cards, rewards, stored value, and payment products when they are packaged as embedded rails.
- The top-three concentration pattern means annual market size can change dramatically without a real change in underlying startup activity. Removing the top three deals reduces 2025 capital from $596.8M to $299.8M and year-to-date 2026 capital from $236.25M to $32.75M.
- The bottom-half capital share is a useful stress test for broad-based health. The bottom half captured 21.1% of capital in 2025 but only 6.8% in year-to-date 2026, which means the current period is much less broadly supported.
- The most defensible forecasting rule is that embedded finance companies will be rewarded when they reduce the regulatory, operational, or balance-sheet burden for non-financial platforms. Companies that merely add a financial product to a workflow without owning hard infrastructure or risk control will be funded more cautiously.
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this embedded finance funding tracker by reviewing publicly disclosed equity rounds raised by pure-play embedded finance companies between January 2024 and July 2026. A company counts as pure-play when more than 80% of its activity is dedicated to financial products or financial infrastructure distributed inside non-financial software, marketplaces, platforms, merchants, employers, or consumer journeys.
We applied four filters to build the dataset. First, we only included equity rounds, so grants, acquisitions, debt-only facilities, and structured financings were excluded. Second, we only counted disclosed rounds of $300K or more. Third, we only kept pure-play embedded finance companies, which means we excluded broad fintech infrastructure, generic payments, generic lending, generic insurance, and generic compliance companies unless embedded distribution was clearly the core use case. Fourth, every entry had to be confirmed by a direct company announcement, press release, tier-1 media report, specialized industry source, investor announcement, or relevant regional publication.
We also excluded mixed debt/equity financings when the equity amount was not separately disclosed, because including the total package would distort dollar-based venture metrics. For year-to-date 2026, two identified rounds were reviewed but excluded from capital metrics because the equity amount could not be responsibly quantified. The final dollar-based year-to-date 2026 calculation therefore uses only the 9 quantified disclosed-equity deals, while the unquantified rounds are treated as context rather than capital.
The methodology is intentionally strict. Embedded finance is a broad label, so the tracker excludes adjacent fintech companies whose products could be used in embedded settings but are not primarily built for embedded financial distribution. This makes the dataset smaller, but more analytically useful for understanding funding into true embedded finance companies.
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