Embedded Finance Review

Lars Markull
  • 5.0 (1)
  • BUSINESS
  • UPDATED BIWEEKLY

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. From E-Commerce to Morocco's First Licensed BaaS with Ismael Belkhayat from Chari

    4D AGO

    From E-Commerce to Morocco's First Licensed BaaS with Ismael Belkhayat from Chari

    Three years ago, a Moroccan e-commerce startup approached every bank in the country to request Banking-as-a-Service. None of them understood what APIs were. So the founders went to the central bank, obtained a payment institution license, and built the entire tech stack themselves. In this episode, I speak with Ismael Belkhayat, CEO and co-founder of Chari, a Y Combinator-backed fintech that has become Morocco's first VC-backed company with a full payment institution license. What started as a B2B marketplace for small retailers has evolved into both a merchant super app and a Banking-as-a-Service platform serving third-party clients across Morocco. We talk about why Moroccan banks couldn't deliver what they needed in 2022, what it actually takes to build a licensed fintech stack from scratch (core banking, card management, payment gateway, everything), how they're positioning as both an operator and infrastructure provider, why they chose to build in-house rather than use providers like Temenos, and why European fintechs should think about Morocco as their next market. Guest: Ismael Belkhayat on LinkedIn: https://www.linkedin.com/in/belkhayat/ About Embedded Finance Review: I'm Lars Markull, founder of Embedded Finance Review, a newsletter, podcast, and event series covering the European embedded finance ecosystem. If you're exploring embedded payments, banking, or lending for your platform, I offer free intro calls where I share what I know, give honest feedback, and connect you with providers I trust. Book a call at embeddedfinancereview.com. Our next in-person event is on April 15th in Berlin as an official FIBE side event. Details on our website. This episode was produced by https://orama.tv/(00:00) Intro(01:48) Host Intro and Welcome(02:53) Chari Story And Pivot(05:57) Merchant Super App Stack(10:34) Airtime Top Ups To Wallets(15:17) Regulator Backing Inclusion(17:21) Why Build In-House(21:17) Renault, not Ferrari Stack(21:44) Balancing Three Models(24:47) Bolt Case Study Rails(30:13) Expansion Advice Wrap Up

    38 min
  2. Embedding Debt Collection into the Fintech Stack with Matteo Benedetti from Debtist

    MAR 5

    Embedding Debt Collection into the Fintech Stack with Matteo Benedetti from Debtist

    Most platforms building embedded finance start with payments. Lending often comes next. What happens when invoices don't get paid is almost always the last thing on the roadmap — and for many SMEs, one of the most painful experiences. In this episode, I speak with Matteo Benedetti, co-founder and CEO of Debtist, a digital debt collection provider based in Berlin. Debtist embeds collection directly into vertical software platforms and marketplaces, so SMEs can recover unpaid invoices without ever leaving the tool they already use. In just over two years, Debtist has built close to a dozen embedded partnerships, reached €12M ARR, and is already profitable. In this episode, we cover: How embedded debt collection actually works and what the user journey looks like inside a vertical SaaSWhy the same platforms that rejected Debtist in 2024 are now coming to themHow Debtist built their entire tech stack in-house and why that turned out to be the right callThe pricing model behind embedded collection and how platforms can monetise itWhat it takes to build a profitable fintech from day one as a penny pincherConnect with Matteo on LinkedIn: https://www.linkedin.com/in/matteo-benedetti/ About Embedded Finance Review: Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. We offer Office Hours, free intro calls for companies navigating embedded finance, and our next in-person event takes place on April 15th in Berlin as an official FIBE side event. Find all details at embeddedfinancereview.com. This episode was produced by https://orama.tv/(00:08) Intro(01:44) Meet Matteo Benedetti(02:11) Debt Collection in Embedded Finance(03:26) How Embedded Collections Work(04:56) User Flow Inside Vertical SaaS(07:46) The 10 Step Collection Process(10:26) Pre Court vs Court Escalation(12:11) Why Debtist Went Embedded(14:55) Platform Demand Is Shifting(18:01) Building Tech and Pricing Model(23:03) Profitability Advice and Wrap Up

    32 min
  3. Why Otto Built a 250-Person Payments Company for Its Marketplace

    FEB 19

    Why Otto Built a 250-Person Payments Company for Its Marketplace

    "At a certain scale, payments isn't a cost factor anymore. It becomes a strategic capability." In this episode, I speak with Christin Burmeister, Head of Product at Otto Payments. Otto is Germany's second-largest e-commerce marketplace with €7 billion GMV, 12 million active customers, and 6,000+ merchants. They started 70 years ago as a catalogue company and successfully transformed into a digital marketplace, building their own 250-person regulated payments entity to run it. Before joining Otto, Christin spent 11 years at Zalando Payments, where she helped build their payments unit from the ground up. When we talk about large retailers building in-house fintech units, she has done it twice. Key topics: Why Otto decided to build payments in-house rather than use third-party providersHow invoice and instalment payments shape customer behaviourManaging merchant fraud risk on a marketplaceOtto's move into embedded lending with BanxwareWhat it really takes to maintain a BaFin license --- 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. If you're building in embedded finance, I offer free office hours calls: https://www.embeddedfinancereview.com --- This episode was produced by https://orama.tv/(00:00) Start(01:44) Introduction and Greetings(02:19) Introduction to Otto Payments(02:51) Otto's Transition to E-commerce(04:46) Otto Payments Overview(05:33) Building Otto Payments In-House(08:38) Operational Structure of Otto Payments(19:14) Risk Management and Fraud Prevention(24:50) Collaboration with Banks(32:08) Market Trends and Future Prospects(36:34) Conclusion and Contact Information

    37 min
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
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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
    45
  • Rating
    Clean
  • Copyright
    © Lars Markull
  • Show Website
    Embedded Finance Review

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