Apideck’s Inaugural Embedded Finance Index Reveals Fintechs Hide KYC Vendors 2.8x More Than Sponsor Banks
SAN FRANCISCO & ANTWERP, Belgium--( BUSINESS WIRE)-- Apideck, the unified API provider for the finance and accounting industry, today announced the launch of its Embedded Finance Index, the first public, citable, quarterly benchmark of the companies and providers that make up the embedded finance market. The Embedded Finance Index outlines the relationships between embedded finance companies and vendors, showing who buys from whom. It covers 6,000+ fintech and embedded finance companies, 1,297 verified providers across 12 stack layers, 5,000+ pre-rendered company profiles, and roughly $252B in venture capital sitting behind the vendor base.
Apideck's Embedded Finance Index is the first public, citable, quarterly benchmark of the embedded finance market, covering 6,000+ companies and 1,297 verified providers across 12 stack layers. Unlike vendor-built market maps, it shows who buys from whom.
Embedded payments represent a $185B B2B market opportunity, but the landscape has remained opaque until now. Existing market maps are built from the vendor side and reflect what providers want to sell. Apideck’s Embedded Finance Index inverts the lens.
“Apideck has operated the Open Banking Tracker for eight years. It maps the global open banking ecosystem, tracking thousands of financial institutions and providers across dozens of jurisdictions, so you can see which companies sell what in the industry. What we didn't know was which companies buy from whom. The Embedded Finance Index answers that question,” said Apideck CEO and founder Gertjan de Wilde. “We published the gaps in our own data alongside the findings because a benchmark you cannot audit is not a benchmark. We’ve also ensured the Embedded Finance Report is agent-readable because that is how the next generation of fintech research will be consumed.”
Highlights from Apideck’s first quarterly Embedded Finance Index include:
Every entry in the Embedded Finance Index dataset is derived from public customer-side evidence: subprocessor lists, regulatory footers, trust pages, customer announcements, and 517 indexed articles from the Embedded Finance Review. Every vendor attribution links back to a source URL, every named provider is cross-referenced against the Open Banking Tracker directory, and evidence is graded across three tiers, with regulatory disclosures outranking press mentions, which outrank structural integration signals. Additionally, the entire Embedded Finance Index ships as plain-text Markdown, making it agent-readable and easy for LLMs to digest.
Access the A pideck Embedded Finance Index Press Kit here or visit Apideck.com to learn more.
About Apideck
Apideck is the unified API platform for B2B SaaS, with 200+ connectors across accounting ERP, CRM, HRIS, and commerce. The company serves customers including Airbnb, Zoom, BILL, and PTC. Apideck is a member of the OpenAPI Initiative, the first unified API company to join, and operates its own production MCP server. Apideck has operated Open Banking Tracker, the global directory of embedded finance, open banking, BaaS, and card-issuing providers since 2018, covering 54,000+ financial institutions across 30+ jurisdictions, and the Open Finance Map, which covers 80+ open finance and open banking regulatory frameworks worldwide.
Headquartered in Antwerp, with an additional office in San Francisco, Apideck is a privately held company backed by Airbridge Equity Partners and PMV. Follow Apideck on LinkedIn and X, or learn more at https://apideck.com.
APIDECK FREQUENTLY ASKED QUESTIONS
Who is Apideck, and what does the company do?
Apideck is a unified API platform for B2B SaaS, offering 200+ connectors across accounting, ERP, CRM, and HRIS so companies can ship integrations in weeks, not months. It also operates the Open Banking Tracker, the Open Finance Map, and now the Apideck Embedded Finance Index.
What is the Apideck Embedded Finance Index?
The Apideck Embedded Finance Index is the first public, citable, quarterly benchmark of the embedded finance market, covering 6,000+ companies and 1,297 verified providers across 12 stack layers. Unlike vendor-built market maps, it shows who buys from whom.
How big is the embedded finance market that Apideck’s Embedded Finance Index tracks?
Embedded payments represent a $185B B2B market opportunity, with roughly $252B in venture capital behind the vendor base.
What does the Index reveal about compliance transparency?
965 companies publicly name their sponsor bank, but only 345 name their KYC vendor and just 80 name their fraud-tooling vendor. Apideck notes this is the layer that has failed first in recent enforcement actions like Synapse and Evolve.
Which vendors lead each layer of the stack?
Stripe leads payment service providers with 595 disclosed buyers, Evolve Bank & Trust leads Banking-as-a-Service with 64, and Plaid leads financial data connectivity with 248, more than every other open banking aggregator combined.
Is the "global" Banking-as-a-Service market actually one market?
No, the top three BaaS providers in the US, UK, and EU show zero overlap, pointing to three separate regional oligopolies rather than one global market.
Is the Index built for AI agents to read?
Yes. Every entry in the Embedded Finance Index is sourced and graded across three evidence tiers, and the full Index ships as plain-text Markdown for LLM consumption. Apideck CEO and founder Gertjan de Wilde believes this will be central to how fintech research is consumed going forward.