Embedded Finance Statistics: 2026 Report

Published: October 29, 2026By Benjamin Margolis, Founder and Managing Editor, The Fintech Index

Our analysts reviewed funding, headquarters, and founding data for nine embedded finance infrastructure providers, along with two published market forecasts covering 2021 through 2031, to understand how large the embedded finance market is and where its private funding has gone as of Q4 2026. This report covers the private market only: privately held providers and their venture funding, with no publicly traded companies.

Embedded finance means that a company outside the financial industry offers a financial product inside its own software, such as a payroll platform that gives its customers business accounts or a marketplace that pays sellers by card. A small group of infrastructure providers supplies the accounts, cards, payment connections, and investing tools underneath those products, and venture investors have funded them heavily. Market-size forecasts for the category are easy to find, but they cover different regions and count different kinds of revenue, which makes them hard to compare with the money the providers have raised.

In the following sections, we compare the two published revenue forecasts, funding by provider, funding by provider segment, and funding by the year each provider was founded.

Published Forecasts Put Embedded Finance Revenue at $51B in the US and $617B Worldwide

Anyone sizing the market meets two figures first: Bain & Company and Bain Capital's forecast for the United States and Juniper Research's forecast for the world. We placed the revenue figures from both in one table to show what each publisher measures and how far each expects revenue to grow.

Source: Fintech Index Embedded Finance Study (Source 1), from Bain & Company and Bain Capital (Source 2) and Juniper Research (Sources 3 and 4).

Data: embedded_finance_revenue_forecasts.csv

Key Findings

• Bain's 2026 forecast of $51 billion is 2.4 times its 2021 estimate of $21 billion, and Juniper's 2031 forecast of $617 billion is 3.8 times its 2026 figure.
• Bain measures US revenue and Juniper measures global revenue, so the chart places two different bases on one axis, and the two publishers' 2026 figures cannot be added or subtracted.
• Juniper expects business-to-business embedded finance to grow 390% from 2026 to 2031, the fastest of its segments.

Nine Private Providers Have Raised $1.79B, Led by Thredd and TrueLayer

Revenue forecasts say how big the market may become, and funding shows how much investors have already put behind the companies building it. This section covers the nine infrastructure providers in our coverage for which we hold a total funding figure, along with where each is based, when it was founded, and its Fintech Index rating.

Source: Fintech Index Embedded Finance Study (Source 1), from the Fintech Index review pages for each provider (Sources 5 to 13).

Data: provider_funding.csv

Key Findings

• Thredd raised the most at $400 million, which is 5.8 times the $69 million Yapily raised, the least of the nine.
• Seven of the nine providers are based in London and two in Berlin, and the median provider has raised $190 million.
• Fintech Index ratings range only from 73 to 77, and the highest-rated provider, Modulr at 77, is fifth by funding, while Thredd, the largest by funding, is rated 74.

Cards and Accounts Providers Hold Half of the Funding

We grouped the nine providers by the product each sells to the companies that embed it, and totaled the funding for each group to see where the money has gone.

Source: Fintech Index Embedded Finance Study (Source 1), from the Fintech Index review pages for each provider (Sources 5 to 13).

Data: funding_by_segment.csv

Key Findings

• The four cards and accounts providers raised an average of $228 million each, compared with $146 million for each of the four open banking payment providers.
• Upvest, the only investing provider, raised $292 million, more than any open banking payment provider except TrueLayer at $349 million.
• TrueLayer accounts for 59.7% of open banking payment funding, and the other three providers in that segment raised $236 million combined.

Providers Founded in 2016 Raised Nearly Half of the Funding

Funding depends partly on how long a provider has been raising money, so we also grouped the providers by the year each was founded, as stated on its review page.

Source: Fintech Index Embedded Finance Study (Source 1), from the Fintech Index review pages for each provider (Sources 5 to 13).

Data: funding_by_year_founded.csv

Key Findings

• The four providers founded in 2016 raised $839 million, 47.0% of the total, which is an average of $210 million each.
• Thredd, founded in 2007, is the only provider in the study founded before 2016, and its $400 million is the largest single total.
• Pliant and Volt, founded in 2019 and 2020, raised $187 million combined, less than Form3, Modulr, or TrueLayer raised alone.

What the Forecasts and Funding Mean for Embedded Finance in 2026

Both forecasts point to growth, and they measure different things: Bain counts US revenue for software platforms and infrastructure providers, and Juniper counts revenue worldwide. Across the nine providers, private investors have put $1.79 billion into the category, with 50.9% going to providers of cards and accounts and 47.0% to providers founded in 2016.

Juniper expects global embedded finance revenue to rise from $162.6 billion in 2026 to $617 billion in 2031, with business-to-business products growing fastest, and Bain's forecast covers the United States only through 2026. Funding totals for the nine providers will change as they announce new rounds.

So if you are sizing an embedded finance opportunity, check whether each forecast covers the United States or the world and which providers it counts before you compare one with another.