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State of play: Embedded finance

Illustration of dollar bills sticking out of a vault door.

Illustration: Megan Robinson/Axios

Last updated Feb. 1, 2023

Dealmaking has picked up in the embedded finance space, where venture investors and potential acquirers are seeking out fast-growing startups that are building more modern tech infrastructure for fintechs and legacy financial institutions alike.

  • Treasury Prime, a San Francisco-based embedded finance startup, raised $40 million in Series C funding led by BAM Elevate.
  • Publicly traded card issuing firm Marqeta agreed to acquire Power Financial, which built its own full-stack card issuing platform, for up to $275 million.
  • Moov, which provides an open-source platform for accessing payments and banking services, announced in late January that it had raised a $45 million Series B.
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