Embedded Finance Review

Lars Markull

Welcome to the Embedded Finance Review Podcast, hosted by Lars Markull. Join us biweekly as we delve into the transformative world of embedded finance. Each episode features in-depth conversations with the builders and shapers of embedded finance, who are integrating financial services into everyday products and experiences. We go beyond the surface to explore the relevant details, ensuring a comprehensive understanding of how embedded finance is reshaping vertical SaaS, marketplaces, and more. Perfect for professionals, enthusiasts, and anyone curious about the evolving financial landscape.

  1. Embedded Insurance for Horses: How Equine MediRecord Tackles Massive Underinsurance with Kayna and WTW

    16 OCT

    Embedded Insurance for Horses: How Equine MediRecord Tackles Massive Underinsurance with Kayna and WTW

    In this episode, Lars explores embedded insurance through an unusual but fascinating lens: horses. Finlay Dargan (COO, Equine MediRecord), Paul Prendergast (Kayna), and Anthony Borgman (WTW) share how they partnered to bring mortality insurance directly into a horse health record management platform. The conversation reveals broader insights about embedded insurance opportunities, the challenges of serving underinsured markets, and why this distribution model is 3-4 years behind embedded fintech. Key Insights: The opportunity: The vast majority of horses globally have no insurance due to difficulty obtaining coverage and high costs, creating significant financial risk for ownersSeamless integration: Horse owners can now access insurance directly within their existing workflow: clicking an insurance tab in the platform they already use for medical records, with data automatically passed through to reduce administrative burdenEmbedded insurance is catching up: Although it is 3-4 years behind embedded fintech, the infrastructure is rapidly improving. Hiscox estimates 15% of its European P&C business will be embedded within five yearsTrust matters in insurance: Unlike payments, where "new kids on the block" can win, insurance buyers want established brands with century-long track records—making partnerships between nimble tech providers and traditional insurers crucial.The under-insurance crisis: 43% of UK small business insurance claims involve under-insurance. Embedded solutions can help by using platform data to flag when risk profiles change (like hiring the first employee or a racehorse winning and increasing in value)Future possibilities: Dynamic coverage adjustments, micro-insurance for specific events (like horse transport), and compliance-driven embedded insurance across sectors from construction to franchises You can download the whitepaper here: https://www.kayna.io/news/kayna-and-wtw-white-paper---vertical-saas-for-uk-smes Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Start (01:50) Introduction and Welcome (01:53) Introducing the Topic: Embedded Insurance in the Horse Sector (02:40) Finlay's Background and Equine MediRecord (03:04) Digitizing the Horse Racing Industry (03:37) Insurance Opportunities in the Horse Sector (06:08) Paul's Perspective on Embedded Insurance (06:34) Challenges and Opportunities in Embedded Insurance (11:20) Anthony's Role and Affinity Insurance (20:07) The Importance of Data and Trust (20:55) Future of Embedded Insurance in the Horse Sector (23:28) Broader Developments in Embedded Insurance (32:22) Conclusion and Contact Information

    35 min
  2. Building the Real Estate Operating System with GetMomo's Marcel Meitza

    2 OCT

    Building the Real Estate Operating System with GetMomo's Marcel Meitza

    What if property managers across Europe are spending hours every day just trying to figure out which tenants have paid their rent? In this episode, I speak with Marcel Meitza, founder and CEO of GetMomo, a Berlin-based vertical Fintech building what he calls "the real estate operating system for Europe." With a background in banking and consulting at BCG, Marcel identified a massive opportunity in an industry where the average property manager oversees 900 units and hundreds of bank accounts but still relies on manual spreadsheets and outdated processes to track payments and allocate funds. We dive into The ageing workforce crisis in property management: How demographic shifts are forcing the industry to automate or face operational collapse as experienced workers retireWhy traditional banks abandoned real estate: The relationship breakdown that created opportunities for specialised vertical FinTech solutionsBuilding trust in conservative industries: The critical importance of German banking partnerships for customer acceptance and why foreign providers failedERP integration strategy: How GetMomo positions itself as a "Fintech plugin" rather than replacing existing systems, enabling gradual adoptionFrom 15-year banking relationships to modular solutions: the shift from monolithic bank relationships to specialised workflow-focused Fintech toolsVertical Fintech advantages: Why industry-specific solutions can outcompete both traditional banks and horizontal FinTech playersThe technical moat of legacy integration: How building connections with traditional German banks creates competitive advantages over banking-as-a-service providers Marcel's journey from discovering manual check processing in New York social housing to building Europe's property management infrastructure offers valuable insights for vertical FinTech founders. Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Introduction to the Real Estate Payment Problem (01:40) Marcel's Background and GetMomo's Mission (03:26) Deep Dive into Get Momo’s Product Offering (06:06) Money Flows and Banking Products (11:23) Customer Trust and German Banking Partnerships (14:54) Technical Integrations and Banking Partners (18:29) Open Banking and Future Prospects (26:02) Expansion and Future Goals (27:39) Marcel's Personal Journey into Real Estate Fintech (29:56) Conclusion and Contact Information

    33 min
  3. How Nivoda Built 'Buy Now, Grow Faster' for the Global Jewellery Trade with Stefan Scherpenborg

    18 SEPT

    How Nivoda Built 'Buy Now, Grow Faster' for the Global Jewellery Trade with Stefan Scherpenborg

    What if jewellery retailers could access thousands of dollars in inventory with just a few clicks and no upfront cash? In this episode, we sit down with Stefan Scherpenborg, Head of Nivoda Capital, to explore how they're revolutionising B2B financing in the global jewellery trade. Stefan shares how Nivoda transformed from a diamond and gemstone marketplace into a comprehensive growth platform, building embedded credit from the ground up to solve cash flow constraints that were limiting retailer growth. Why traditional banks abandoned jewellery financing: How marketplace data creates superior underwriting opportunitiesThe "Buy Now, Grow Faster" philosophy: prioritising customer growth over lending profits, with credit as an invisible checkout optionBuilding fintech within a marketplace: Stefan's hybrid approach combining third-party compliance with in-house data control and decision-makingFrom wholesale to digital transformation: How social media and bespoke customer demands are reshaping jewellery retail and creating new financing needsMarketplace-native credit advantages: Leveraging transaction data, payment behaviour, and customer relationships for more accurate risk assessment than traditional lendersScaling embedded finance globally: The three-horizon approach from stability to revenue optimisation to international expansionPractical fintech product advice: Lessons learned from transitioning from traditional banking to building customer-centric financial products in a specialised industryVisit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv.(00:00) Introduction & Welcoming the Guest(02:49) Overview of Nivoda's Mission(03:24) How Nivoda Empowers Jewellers(07:28) Nivoda Capital: Embedded Lending(11:16) Building Nivoda Capital(14:27) Partnership Approach and Compliance(24:21) Final Thoughts and Advice

    32 min
  4. From Quote-to-Cash: PandaDoc's Embedded Payments Story with Philipp Pohlmann

    4 SEPT

    From Quote-to-Cash: PandaDoc's Embedded Payments Story with Philipp Pohlmann

    How do you take a document-first SaaS and scale it into a global quote-to-cash platform? In this episode, Philipp Pohlmann shares his journey from fintech founder to scaling embedded payments into one of PandaDoc’s most strategic pillars. He breaks down the product, technical, and organizational challenges of embedding finance in a non-financial platform. Key Takeaways: Lessons from embedding payments for 60,000+ customers worldwide Why “thinking like a fintech” is essential How to design invisible fintech experiences Building global infrastructure with Stripe, Square, PayPal, and Authorize.Net Strategic decision points when an incubation evolves into a core product offering Why not every company needs to become a fintech Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Start (01:19) Introduction and Greetings (01:50) Overview of PandaDocs (02:02) Company Origins and Growth (02:58) Customer Use Cases (06:38) Integration and Payment Features (07:19) Lead to Cash Workflow (11:41) Global Payment Solutions (13:03) Embedded Payments and Adoption (16:40) Acquisition of Denario (21:25) Challenges and Evolution (23:41) Team Structure and Future Plans (30:27) Final Thoughts and Contact Information

    34 min
  5. Embedded Finance Thriving in Central & Eastern Europe (CEE) with Danuta Czapeczko from PragmaGO

    21 AUG

    Embedded Finance Thriving in Central & Eastern Europe (CEE) with Danuta Czapeczko from PragmaGO

    🎯 Think embedded finance only happens in the US and Western Europe? Think again In this episode, Lars dives deep into the thriving embedded finance ecosystem of Central & Eastern Europe with Danuta Czapeczko, an industry veteran from PragmaGO - the region's largest embedded lending provider. 🔍 What You'll Discover: Why Poland has 380+ FinTech companies you've never heard ofHow Allegro (Europe's first marketplace) is crushing embedded financeThe surprising transportation and retail innovations happening in CEEWhy Romanian expansion makes more sense than neighbouring countriesHow innovative local banks are helping, not hurting, FinTech growth 💡 Key Insights: The unbanked populations in CEE represent massive untapped marketsDigital adoption rates rival Western Europe, but with unique challengesB2B embedded lending is exploding across e-commerce platformsCurrency complexity and regulatory differences create expansion puzzles 🌍 Featured Markets: Poland, Czech Republic, Estonia, Romania Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Intro(01:24) Welcome and Introductions(02:18) Danuta's Background in FinTech(03:11) Understanding Embedded Finance(04:46) Western vs. Eastern Europe in FinTech(05:57) Challenges in CEE Markets(08:01) Key FinTech Hubs in CEE(11:42) Non-Financial Brands in Embedded Finance(15:17) Transportation and Retail Innovations(17:18) Challenges in Building Embedded Finance Products(24:18) PragmaGo's Market Expansion(26:14) PragmaGo's Offerings and Partnerships(29:23) Conclusion and Contact Information

    31 min
  6. How Procounter is Making Neobanks Useless: Embedded Banking at Scale with Juho Putkonen

    7 AUG

    How Procounter is Making Neobanks Useless: Embedded Banking at Scale with Juho Putkonen

    Discover how Procounter, Finland's largest accounting software company, is revolutionising small business banking through embedded finance. Guest Juho Putkonen sits down with host Lars Markull to discuss how they're making neobanks obsolete by building banking services directly into their invoicing and accounting platform. Procounter serves over 100,000 Finnish companies through their accounting software (~13.5% of Finland's GDP in invoices). But they identified a massive pain point: traditional banks were charging businesses around €80 per month just for data transfers between bank accounts and accounting software, with weeks-long onboarding processes. Their solution? Partner with challenger bank Alisa Bank to offer embedded banking at €10 per month with instant data integration. Key Topics Covered: How Procounter achieved 10% adoption of their banking product in just 7 monthsWhy traditional Finnish banks charge €80/month vs Procounter's €10 solutionThe strategic partnership with challenger bank Alisa Bank and why local IBANs matterFuture roadmap: corporate cards, foreign exchange, and real-time accounting integrationWhy invoice financing has great functionality but poor visibility (only 1% adoption despite 10% market need)The importance of embedding sales and marketing, not just functionalityHow one lucky conversation sparked an entire embedded banking ventureWhy embedded finance is becoming the "sexiest area of Fintech"Lessons for non-financial companies looking to build financial services Visit our website www.embeddedfinancereview.com for more content.This episode was produced by Orama.tv. (00:00) Introduction and Welcome(01:38) Guest Background and Location(02:24) Company Overview and Brands(07:53) Embedded Banking Services(12:36) Collaboration with Alisa Bank(21:19) Future Plans and Product Development(26:30) Short-Term Financing Services(33:17) Final Thoughts and Conclusion

    38 min
  7. Bank Partnerships 2.0: Why Fintech Lessons Matter for Embedded Finance with Richard Würl from Redstone

    24 JUL

    Bank Partnerships 2.0: Why Fintech Lessons Matter for Embedded Finance with Richard Würl from Redstone

    The partnership landscape between financial institutions and tech companies is rapidly evolving. What started as Fintech startups challenging banks has transformed into a collaborative ecosystem where embedded finance is the next frontier. In this episode, host Lars Markull sits down with Richard Würl from Redstone VC to decode the five partnership models that actually work when collaborating with banks and financial institutions. Richard shares insider insights from Redstone's portfolio companies, including Atlas Metrics (ESG reporting) and Banxware (Embedded Lending), revealing how both Fintech startups and non-financial brands can successfully navigate bank partnerships. Key Topics Covered: The five partnership models every founder should knowWhy banks are increasingly open to partnerships (beyond digitisation)When to approach banks (hint: earlier than you think)Red flags to avoid in bank partnership dealsHow to sell to financial institutions without getting stuck in endless sales cyclesReal-world examples from successful Fintech-bank collaborations Perfect for: Fintech founders, embedded finance leaders, B2B software companies exploring financial services, and anyone building partnerships with traditional financial institutions. Guest: Richard Würl is a Partner at Redstone, a Berlin-based VC firm with a dedicated Fintech and B2B software fund backed by banks and insurers. Redstone specialises in connecting portfolio companies with their extensive financial institution network. Host: Lars Markull is the founder of Embedded Finance Review, which publishes weekly newsletters and hosts industry events focused on non-financial brands launching financial products. Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Introduction to Fintech and Bank Partnerships (00:25) Guest Introduction: Richard Würl from Redstone (02:27) Redstone's Focus on Fintech and B2B Software (03:09) The Value of Fintech and Bank Partnerships (03:33) Investment Decisions and Partnership Angles (05:13) Challenges and Opportunities in Fintech Partnerships (07:45) Insights on Selling to Banks and Insurances (12:36) Examples of Successful Partnerships (20:44) Advice for Early-Stage Startups (33:52) Red Flags and Pitfalls in Partnerships (36:47) Conclusion and Final Thoughts

    38 min
  8. Peace of Mind as a Product: How ToolTime Turned Payment Friction into Their Next Revenue Stream

    10 JUL

    Peace of Mind as a Product: How ToolTime Turned Payment Friction into Their Next Revenue Stream

    Marcel Mansfeld, co-founder and CPO of ToolTime, shares how his German craft industry software company successfully launched embedded payments after raising € 55 million. From serving over 20,000 tradespeople with paperless workflows to building ToolTime Pay, Marcel reveals the challenges, learnings, and strategic decisions behind integrating finance into vertical software. Main Takeaways: Timing is everything: Don't rush into embedded finance; build core product maturity and a sufficient customer base first before adding financial servicesOpen banking vs. embedded accounts: Why ToolTime chose embedded banking over open banking APIs for a better user experience, especially for less tech-savvy customersThe pivot lesson: Their initial card-only payment launch failed; bank transfers remain 98%+ of volume in German B2B marketsSell peace of mind, not payments: ToolTime monetises the complete automated billing workflow (invoice → payment → reconciliation → dunning) rather than just processing transactionsLong-term commitment required: Embedded finance isn't a quick win; it demands dedicated teams, ongoing customer service, and continuous product iterationPartnership strategy: How working with Paymi (embedded finance platform) provided the flexibility to build custom user experiencesRevenue diversification: Embedded finance seen as a strategic advantage by investors, moving beyond the core SaaS subscription modelCustomer-driven development: A 50,000+ customer insights database guided their embedded finance roadmap and feature prioritisation Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Intro(01:41) Welcome and Introductions(02:05) ToolTime: Digital Solutions for the Craft Industry(02:56) Going Paperless: The Key Benefits(03:48) Understanding the Ideal Customer Profile (ICP)(05:35) ToolTime Pay: Embedded Finance for Trades(10:01) Future of Payments and Financial Services(18:42) Discussing Open Banking and User Experience(19:19) Challenges with Customer Adoption(19:59) Philosophical Views on Open Banking(21:48) ToolTime's Fundraising and Embedded Finance(23:23) Monetizing Payment Products(25:43) Learning and Adapting in Embedded Finance(27:07) Structuring Payment Product Teams(27:47) Embedded Finance in European Verticals(29:03) Advice for Building Payment Products(29:45) The Importance of Customer Base(30:30) Long-term Commitment to Embedded Finance(33:48) Final Thoughts and Contact Information

    35 min
See All (36)

Trailer

About

Welcome to the Embedded Finance Review Podcast, hosted by Lars Markull. Join us biweekly as we delve into the transformative world of embedded finance. Each episode features in-depth conversations with the builders and shapers of embedded finance, who are integrating financial services into everyday products and experiences. We go beyond the surface to explore the relevant details, ensuring a comprehensive understanding of how embedded finance is reshaping vertical SaaS, marketplaces, and more. Perfect for professionals, enthusiasts, and anyone curious about the evolving financial landscape.

Information

  • Creator
    Lars Markull
  • Years Active
    2024 - 2025
  • Episodes
    36
  • Rating
    Clean
  • Copyright
    © Lars Markull
  • Show Website
    Embedded Finance Review

You Might Also Like