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 route
• How ICP alignment shaped their partnership decision
• What it’s like to integrate banking when you don’t have the resources to build everything yourself
• The trade-offs between open banking and direct integration
• NoCFO’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

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

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 off
• Why the customer so often gets forgotten in bank-fintech deals
• How to test your embedded strategy before going all-in (hint: start with referrals)
• What "embedded ready" actually means for fintechs looking to partner with platforms
• Why ICP alignment matters more than brand names
• How agentic finance will transform SME lending by replacing brokers with AI agents
• Why accounting software providers might be the biggest winners in agentic finance

Connect 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

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 worthwhile
• Payments is "an operational product with a revenue hat"; don't underestimate the complexity or overestimate it
• Support overhead reality: only 1-2% of customers reach out with payment questions, and high volume means revenue to hire support
• Why industries like healthtech and proptech are missing opportunities by thinking payments are too far from their core business
• Flexible pricing models and settlement streams matter more than vanilla solutions for vertical SaaS
• Alex'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

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 role
• How to evaluate Fintech talent when you don't have in-house expertise
• Compensation strategies: Do you need to match Fintech salaries?
• Why top Fintech talent is actually interested in non-financial brands
• The #1 risk that scares candidates away from your opportunity
• Retention 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

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 owners
• Seamless 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 burden
• Embedded 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 years
• Trust 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

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 retire
• Why traditional banks abandoned real estate: The relationship breakdown that created opportunities for specialised vertical FinTech solutions
• Building trust in conservative industries: The critical importance of German banking partnerships for customer acceptance and why foreign providers failed
• ERP integration strategy: How GetMomo positions itself as a "Fintech plugin" rather than replacing existing systems, enabling gradual adoption
• From 15-year banking relationships to modular solutions: the shift from monolithic bank relationships to specialised workflow-focused Fintech tools
• Vertical Fintech advantages: Why industry-specific solutions can outcompete both traditional banks and horizontal FinTech players
• The 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

What if jewellery retailers could access thousands of dollars in inventory with just a few clicks and no upfront cash? In this episode, we sit down with Stefan Scherpenborg, Head of Nivoda Capital, to explore how they're revolutionising B2B financing in the global jewellery trade.

Stefan shares how Nivoda transformed from a diamond and gemstone marketplace into a comprehensive growth platform, building embedded credit from the ground up to solve cash flow constraints that were limiting retailer growth.

• Why traditional banks abandoned jewellery financing: How marketplace data creates superior underwriting opportunities
• The "Buy Now, Grow Faster" philosophy: prioritising customer growth over lending profits, with credit as an invisible checkout option
• Building fintech within a marketplace: Stefan's hybrid approach combining third-party compliance with in-house data control and decision-making
• From wholesale to digital transformation: How social media and bespoke customer demands are reshaping jewellery retail and creating new financing needs
• Marketplace-native credit advantages: Leveraging transaction data, payment behaviour, and customer relationships for more accurate risk assessment than traditional lenders
• Scaling embedded finance globally: The three-horizon approach from stability to revenue optimisation to international expansion
• Practical fintech product advice: Lessons learned from transitioning from traditional banking to building customer-centric financial products in a specialised industry

Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv.(00:00) Introduction & Welcoming the Guest(02:49) Overview of Nivoda's Mission(03:24) How Nivoda Empowers Jewellers(07:28) Nivoda Capital: Embedded Lending(11:16) Building Nivoda Capital(14:27) Partnership Approach and Compliance(24:21) Final Thoughts and Advice

How do you take a document-first SaaS and scale it into a global quote-to-cash platform? In this episode, Philipp Pohlmann shares his journey from fintech founder to scaling embedded payments into one of PandaDoc’s most strategic pillars. He breaks down the product, technical, and organizational challenges of embedding finance in a non-financial platform.

Key Takeaways:

• Lessons from embedding payments for 60,000+ customers worldwide
• Why “thinking like a fintech” is essential
• How to design invisible fintech experiences
• Building global infrastructure with Stripe, Square, PayPal, and Authorize.Net
• Strategic decision points when an incubation evolves into a core product offering
• Why not every company needs to become a fintech

Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv.

(00:00) Start

(01:19) Introduction and Greetings

(01:50) Overview of PandaDocs

(02:02) Company Origins and Growth

(02:58) Customer Use Cases

(06:38) Integration and Payment Features

(07:19) Lead to Cash Workflow

(11:41) Global Payment Solutions

(13:03) Embedded Payments and Adoption

(16:40) Acquisition of Denario

(21:25) Challenges and Evolution

(23:41) Team Structure and Future Plans

(30:27) Final Thoughts and Contact Information

🎯 Think embedded finance only happens in the US and Western Europe? Think again

In this episode, Lars dives deep into the thriving embedded finance ecosystem of Central & Eastern Europe with Danuta Czapeczko, an industry veteran from PragmaGO - the region's largest embedded lending provider.

🔍 What You'll Discover:

• Why Poland has 380+ FinTech companies you've never heard of
• How Allegro (Europe's first marketplace) is crushing embedded finance
• The surprising transportation and retail innovations happening in CEE
• Why Romanian expansion makes more sense than neighbouring countries
• How innovative local banks are helping, not hurting, FinTech growth

💡 Key Insights:

• The unbanked populations in CEE represent massive untapped markets
• Digital adoption rates rival Western Europe, but with unique challenges
• B2B embedded lending is exploding across e-commerce platforms
• Currency complexity and regulatory differences create expansion puzzles

🌍 Featured Markets: Poland, Czech Republic, Estonia, Romania

Visit our website www.embeddedfinancereview.com for more content. This episode was produced by Orama.tv.

(00:00) Intro(01:24) Welcome and Introductions(02:18) Danuta's Background in FinTech(03:11) Understanding Embedded Finance(04:46) Western vs. Eastern Europe in FinTech(05:57) Challenges in CEE Markets(08:01) Key FinTech Hubs in CEE(11:42) Non-Financial Brands in Embedded Finance(15:17) Transportation and Retail Innovations(17:18) Challenges in Building Embedded Finance Products(24:18) PragmaGo's Market Expansion(26:14) PragmaGo's Offerings and Partnerships(29:23) Conclusion and Contact Information