With a recession possibly on the horizon, investors are writing fewer — and smaller — checks for fintech companies. And they're getting much more selective.
"Open banking in general has gone from a big buzz word to being seamlessly integrated in processes that nobody really cares about anymore, like bill payments or top-ups," said Daniel Kjellen, CEO of Tink.
Embedded finance is all about integrating financial services products into companies that have nothing to do with finance. Imagineoffering its own bank accounts which you could use online or at its theme parks. But all the work that goes into making that happen would be handled by third-party firms whose names you might never encounter.
"You can either start building the tech yourself and start applying for licenses yourself, which is going to take years and probably tens of millions in funding, or you can find a partner," said Iana Dimitrova, CEO of OpenPayd.Got an idea for a new crypto exchange you're just dying to pitch? Or think you might be onto the next Klarna? You might have a tougher time raising funds.
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