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. The Intergiro Story: How a Profitable BaaS Provider Lost Its License Overnight - Told by Nick Root

    FEB 5

    The Intergiro Story: How a Profitable BaaS Provider Lost Its License Overnight - Told by Nick Root

    Intergiro was a bootstrapped Swedish BaaS provider with €20M in revenue, nearly 100 employees, and 40,000 clients. They had just hit profitability. Then, overnight, the Swedish regulator revoked their license. A month later, the company filed for bankruptcy. In this episode, former CEO Nick Root tells his side of the story: the AML investigation that started in 2022, the TV reports that accused the company of being run by criminals, the regulator appearing on television, and how a years-old inquiry suddenly came back to life. Nick also shares lessons for founders building in regulated industries, including how to evaluate a regulator before choosing your jurisdiction and why relying on a single license was a mistake. Please note: I did not independently verify the details. This is Nick sharing his perspective on what happened. We cover: How Intergiro built a full-stack BaaS platform without VC fundingThe 2022 AML investigation and the remediation plan they implementedHow a journalist's TV report changed the regulator's approach- Finding out about the license revocation by refreshing the regulator's websiteWinding down €600M in monthly payment volume and protecting client fundsNick's advice for fintech founders on jurisdiction and regulatory relationshipsConnect with Nick Root on X: https://x.com/roots_cause More about the Intergiro story: https://intergiro.com --- I'm Lars Markull, host of the Embedded Finance Review Podcast. I also write a weekly and monthly newsletter and host online and offline industry events. And if you're building in embedded finance, I offer free office hours calls: https://www.embeddedfinancereview.com/office-hours/ This episode was produced by https://orama.tv/ (00:00) Start(01:21) Welcome and Introduction(02:02) The Shocking License Loss(03:33) Nick Root's Background and Journey(04:17) Building Intergiro: Vision and Early Days(05:47) Intergiro's Product Evolution(09:47) Facing Regulatory Challenges(19:36) Client Fraud Incident(20:12) Media Sensationalism(21:14) False Allegations(22:57) Regulatory Fallout(25:39) Company's Response(32:08) Lessons Learned(35:21) Personal Reflections and Future Plans

    38 min
  2. Embedded Banking Done Differently: NoCFO’s Teemu Karuluoto on Choosing a Neobank Over BaaS

    JAN 22

    Embedded Banking Done Differently: NoCFO’s Teemu Karuluoto on Choosing a Neobank Over BaaS

    Most startups building embedded banking follow a familiar path: pick a Banking-as-a-Service provider, integrate their APIs, and build a custom front end. But NoCFO, an AI-powered accounting platform, took a different approach. Instead of building banking from the ground up, they partnered with Holvi, a neobank targeting the same customers, and white-labeled the entire banking product. In this episode of the Embedded Finance Review Podcast, I’m joined by Teemu Karuluoto, founder and CEO of NoCFO. We dive into: Why partnering with a neobank made more sense than going the BaaS routeHow ICP alignment shaped their partnership decisionWhat it’s like to integrate banking when you don’t have the resources to build everything yourselfThe trade-offs between open banking and direct integrationNoCFO’s plans to expand this model to Germany If you’re interested in the strategic decisions behind embedded banking or how to create a seamless experience for your customers, this episode is for you. This episode was produced by Orama.tv. (00:00) Start(01:43) Introduction and Greetings(02:26) Introduction to Digital Accounting and Embedded Banking(02:49) Overview of NoCFO(03:58) How NoCFO Works(05:48) AI Integration in NoCFO(06:54) Founding Story of NoCFO(10:05) Partnership with Holvi and Embedded Banking(25:15) Future Plans and Expansion(28:55) Final Thoughts and Advice

    31 min
  3. Banxware's Lending Orchestration Layer: Connecting Platforms, Banks & SMEs

    JAN 15

    Banxware's Lending Orchestration Layer: Connecting Platforms, Banks & SMEs

    What happens when embedded lending evolves from a nice-to-have experiment to a must-have competitive advantage? In this episode, I speak with Jens Roehrborn, co-founder of Banxware, a German embedded lending provider. Over the past six years, Jens has witnessed platforms transform their financing approaches for SME customers. E-commerce sites, neobanks, and accounting software have all embraced embedded lending. We dive deep into Banxware's strategic shift from direct lender to what Jens calls a "lending enabler." It's an orchestration layer that connects platforms with multiple funding sources, including traditional banks such as UniCredit's German subsidiary. In this episode, we explore: How this model serves over 2 million SMEs across more than 40 platform integrations Why traditional banks are now eager to participate in embedded lending The challenge of serving both high-risk small businesses and price-sensitive larger merchants How Banxware reduced UniCredit's credit decision process to a maximum of three days Jens' prediction that embedded finance will become as essential as online payments for platform competitiveness Connect with Jens on LinkedIn: https://www.linkedin.com/in/jensroehrborn/ About Embedded Finance Review: Weekly newsletters, bi-weekly podcasts, and industry events exploring embedded finance in Europe. Visit www.embeddedfinancereview.com This episode was produced by Orama.tv.(00:00) Start (01:42) Introduction and Greetings (02:10) Current State of Embedded Lending in Europe (02:31) Industries Adopting Embedded Lending (05:00) The Shift in Banks' Strategy (05:39) Evolution of Embedded Finance (06:01) Challenges and Solutions in Embedded Lending (07:58) Partnership with UniCredit (09:02) Orchestration Layer Explained (19:26) Impact on SME Borrowers (24:12) Platform and Bank Collaboration (29:29) Future of Embedded Lending (32:15) Conclusion and Contact Information

    33 min
  4. Hope Is Not a Strategy: What Makes Embedded Finance Partnerships Actually Work with Jas Shah

    JAN 8

    Hope Is Not a Strategy: What Makes Embedded Finance Partnerships Actually Work with Jas Shah

    Hope is not a strategy. That's a line from today's episode that stuck with me. Because in embedded finance, too many partnerships are built on hope: hope that customers will come or hope that the product will fit. But the companies that actually succeed? They do the work upfront. Today I'm joined by Jas Shah, a fintech product consultant who has worked on both sides of embedded finance: from inside big banks like Citibank to advising fintechs on becoming "embedded ready." In this conversation, we explore: What separates successful embedded finance partnerships from the ones that never take offWhy the customer so often gets forgotten in bank-fintech dealsHow to test your embedded strategy before going all-in (hint: start with referrals)What "embedded ready" actually means for fintechs looking to partner with platformsWhy ICP alignment matters more than brand namesHow agentic finance will transform SME lending by replacing brokers with AI agentsWhy accounting software providers might be the biggest winners in agentic financeConnect with Jas on LinkedIn and check out his newsletter. About Embedded Finance Review: Weekly newsletters, bi-weekly podcasts, and industry events exploring embedded finance in Europe. This episode was produced by Orama.tv. (00:00) Start(01:26) Introduction and Greetings(01:59) Diving into Embedded Finance(02:30) Klarna: A Case Study(03:55) Challenges in Embedded Finance(08:31) Customer Research and Market Testing(12:20) Finding the Right Partnerships(19:01) Getting FinTechs Embedded Ready(20:33) API Strategy and Technological Readiness(27:20) Agentic Finance: The Future of Financial Decisions(30:14) Practical Applications of Agentic Finance(35:00) Conclusion and Contact Information

    36 min
  5. Building Embedded Payments Right with Alex Schoonkind from Embed

    11/13/2025

    Building Embedded Payments Right with Alex Schoonkind from Embed

    Embedded payments sounds simple: integrate a provider, monetize transactions, watch revenue grow. But the reality is far more nuanced. In this episode, I sit down with Alex Schoonkind, Cofounder and CEO of Embed, to unpack what it really takes to successfully embed payments into your vertical SaaS platform. Alex shares hard-earned insights from working with dozens of platforms, revealing the common misconceptions that hold companies back, the timing considerations most founders get wrong, and why thinking like a financial services company is non-negotiable before you start. Key Takeaways: The two misconceptions: companies either think embedded payments is incredibly easy, or they're scared of appearing like a bank (both are leaving money on the table)The critical question every founder must answer: "Do you see a future of yourself as a financial services company?"Timing matters: you need 20-50M EUR in yearly transaction volume (roughly 2-2.5M monthly) to make embedded payments worthwhilePayments is "an operational product with a revenue hat"; don't underestimate the complexity or overestimate itSupport overhead reality: only 1-2% of customers reach out with payment questions, and high volume means revenue to hire supportWhy industries like healthtech and proptech are missing opportunities by thinking payments are too far from their core businessFlexible pricing models and settlement streams matter more than vanilla solutions for vertical SaaSAlex's prediction: generic payment providers will disappear as SMBs increasingly run on software that embeds financial services Connect with Alex on LinkedIn: https://www.linkedin.com/in/alexschoonkind/ About Embedded Finance Review: Weekly newsletters, bi-weekly podcasts, and industry events exploring embedded finance in Europe. Visit embeddedfinancereview.com This episode was produced by Orama.tv. (00:00) Start(01:39) Introduction and Greetings(01:51) Diving into Embedded Payments(02:20 Common Misconceptions in Embedded Payments(03:29) Challenges and Opportunities in Vertical SaaS(06:52) Timing and Monetization Strategies(12:10) Customer Journey and Integration Timelines(21:12) Exploring Preferred Industries for Embedded Payments(21:19) The Appeal of Legacy Industries(21:37) Challenges and Opportunities in Legacy Companies(23:09) Pricing Strategies for Embedded Payments(24:29) The Complexity of Payment Pricing(28:36) The Evolution of SaaS Companies with Embedded Payments(31:36) Transitioning to Embedded Payments(32:03) The European Market for Embedded Payments(33:35) Building a Company Focused on Vertical SaaS(36:26) Competing with Industry Giants(37:15) Tailoring Payment Solutions for Specific Needs(38:42) Final Thoughts and Advice for CEOs

    41 min
  6. Breaking into Embedded Finance: Building Your Fintech Team from Zero with Morten Laufer

    10/30/2025

    Breaking into Embedded Finance: Building Your Fintech Team from Zero with Morten Laufer

    You've decided to build a Fintech product. Now comes the hard part: hiring the right team. Should your first hire be a product manager or a compliance expert? Do you need dedicated Fintech developers, or can your existing tech team handle it? How do you actually convince top Fintech talent to join a non-financial brand? In this episode, I sit down with Morten Laufer from Nova Search, a Hamburg-based Fintech and embedded finance recruiter who works with both Fintech companies and non-financial brands to build their teams. We discuss the real challenges of breaking into Fintech as an outsider and the costly mistakes companies make when hiring their first Fintech talent. Key Topics Discussed: Why product managers should be your first hire (and what to look for)The compliance gap: why most companies underestimate this critical roleHow to evaluate Fintech talent when you don't have in-house expertiseCompensation strategies: Do you need to match Fintech salaries?Why top Fintech talent is actually interested in non-financial brandsThe #1 risk that scares candidates away from your opportunityRetention strategies: keeping your team motivated beyond just salary Building Your Fintech Team? If you're a non-financial brand making your first Fintech hires, I can help you design the right strategy and team structure, working in collaboration with Morten to find the right talent. Reach out to discuss your needs. Connect with Morten Laufer: https://www.linkedin.com/in/morten-laufer-694a95180/ Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv. (00:00) Start(01:22) Introduction and Welcome(01:31) Morten's Background and Location(01:42) Transition from Berlin to Hamburg(02:05) Diving into Recruiting and Team Building(02:22) FinTech vs Non-Financial Brands(03:08) Challenges with Non-Financial Brands(04:37) Practical Example: First FinTech Hire(06:45) Advice for Hiring FinTech Talent(10:13) Evaluating the First FinTech Hire(14:20) Building the FinTech Team(21:26) Compensation and Retention Strategies(32:26) Conclusion and Contact Information

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

    10/16/2025

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

    10/02/2025

    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
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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 - 2026
  • Episodes
    42
  • Rating
    Clean
  • Copyright
    © Lars Markull
  • Show Website
    Embedded Finance Review