Key Findings
- 1Every company is becoming a fintech company. Here's who wins, who loses, and where the value accumulates.
Overview
Embedded finance — the integration of financial services into non-financial platforms and applications — is the most significant structural shift in financial services distribution since the invention of the ATM.
Shopify offers lending. Uber provides insurance. MTN runs a bank. The boundaries between financial services and every other industry are dissolving.
"This is where the majority of value accrues."
57% of Sub-Saharan African adults remain unbanked — representing the world's largest financial inclusion opportunity.
Mobile-first fintech platforms are uniquely positioned to capture this 350M+ person market.
The Value Chain
Embedded finance has a clear value chain with distinct competitive dynamics at each layer:
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