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 months

• Why traditional Finnish banks charge €80/month vs Procounter's €10 solution
• The strategic partnership with challenger bank Alisa Bank and why local IBANs matter
• Future roadmap: corporate cards, foreign exchange, and real-time accounting integration
• Why invoice financing has great functionality but poor visibility (only 1% adoption despite 10% market need)
• The importance of embedding sales and marketing, not just functionality
• How one lucky conversation sparked an entire embedded banking venture
• Why 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