GGV Capital is excited to unveil the inaugural Embedded Fintech 50, a list highlighting the rising stars in fintech innovation.

Congratulations to the companies that earned a spot!

Companies Nominated
Companies Selected
Companies with Diverse Founders
Equity Capital Raised
Congratulations to the honorees!
Thank you to the 57 investment firms that nominated and voted

What is Embedded Fintech?

Health providers
payroll providers
insurance brokers

Why Embedded Fintech?

Financial services are fundamental enablers of commerce. The next phase of fintech innovation will be marked by financial services integrating closer to commercial activity, meeting end-users at the point of need. In other words, financial services will become embedded into the flow of commerce.

The first wave of commercial fintech innovation in the early 2010s was marked by companies going D2C to acquire customers. When the market was dominated by legacy incumbents, the D2C strategy worked effectively as incumbents were weighed down by technical debt and struggled to respond quickly to new digital offerings.

Consumer fintechs — such as Chime in the U.S., Nubank in LatAm, and Revolut in Europe — quickly established themselves around the world, successfully acquiring young, digital-native customers. Yet the success of D2C fintechs has motivated new entrants to crowd the space and for incumbents to upgrade their digital capabilities, heightening competition and costs of user acquisition.

How should new fintechs differentiate their product offering, access proprietary data for underwriting, and acquire customers profitably in today’s increasingly competitive environment?

We believe the answer is in “embedded fintech.”

Embedded Fintech in Action

enables small and medium-sized merchants to accept in-store card payments. but also serves as a financial platform embedding payments, checking accounts, lending, and more into one place.

enables any e-commerce retailer to set up digital payments instantly with seven lines of code, and leverages visibility of payments flow to provide payments orchestration, extend loans, issue cards, and offer banking services.

provides banking services to U.S. SMBs and is leveraging its visibility of customer accounts to build a financial operating system offering loans, AP / AR automation, among other products.

leverages payroll and equity compensation information from HRIS systems to provide financial advisory services to employees.

is powering DoorDash Capital and Amazon Cash Advance, leveraging the transactional data of marketplaces to underwrite and extend capital expenditure and working capital loans to merchants.

embeds BNPL offering directly into the e-commerce checkout flow to drive higher sales conversion at the point of sale.

Embedded fintech is a global phenomenon.

In China, back in early 2010s, Alibaba and Tencent launched Alipay and WeChat Pay attached to their respective e-commerce and mobile messaging products, which have come to comprise over 50% of total payment volume in the country over the course of the past decade. Embedding financial services into commercial platforms has worked successfully in other markets—we believe the U.S. is next.

In Southeast Asia, Grab has integrated mobile wallet, stock investment, business loan, and insurance offerings into its core ridesharing and food delivery app.

In Latin America, Frubana is starting to extend working capital loans to farmers and restaurants that buy and sell on the platform.

In the U.S., the new generation of fintechs are adopting an embedded strategy to scale quickly and learn fast.

The benefits of doing so are manifold:

Lower customer acquisition costs

Speed up product launch as UI / UX frontend is already built

Garner greater trust from consumers by being affiliated with a larger brand

Proactively push personalized financial service offerings vs. reactively serve customers when asked

Share risk between the financial service provider and the platform

Leverage troves of proprietary data to gain an edge in risk underwriting.

GGV's Fintech Investments

At GGV, we have invested in fintech globally, backing companies that democratize access to financial services through technology.

GGV participated in Square’s Series C back in August 2011 and followed on in Series E in October 2014. The product at the time was a small device that plugged into a headphone jack, enabling people to easily accept physical credit card payments from their mobile phones. Today, Square is a publicly listed, leading fintech providing payments and banking solutions for small and medium-sized businesses (SMBs) and consumers.
Series C
GGV led Grab’s Series B back in March 2014. The product at the time was a ride hailing and food delivery mobile app for the Southeast Asian market. Today, Grab is a publicly listed multi-decacorn with embedded financial services including GrabPay, GrabFinance, GrabInsure, GrabInvest, and GrabRewards.
Series B
GGV led Opendoor's Series B in February 2015 to support founder Eric Wu's Vision of simplifying and rebuilding the consumer real estate experience - making home buying and selling - a digital experience.
Series B
GGV led SoFi’s Series G in March 2017. In January 2021, SoFi went public via SPAC at a $8.7 billion valuation. 🚀
Series G

GGV led Affirm’s Series E in December 2017 seeing potential in embedding consumer lending at checkout to catalyze e-commerce purchases. In January 2021, Affirm went public at a $12 billion valuation.

Series E
GGV led Thunes’s Series A in May 2019 to support CEO Peter de Caluwe’s vision of building a cross-border digital payments network between Southeast Asia and the rest of the world. 🎉
Series A
GGV led Tala’s Series D in August 2019 to support founder Shivani Siroya’s mission of facilitate consumer SMB lending in emerging markets.
Series D
GGV led Karat’s Series A in June 2021 to support founder Will Kim’s vision of providing financial card and banking solutions to digital creators in the U.S. and abroad.

The name "Karat" is born. 🥳



a measure of the purity of gold, pure gold being 24 karats.

Series A
GGV participated Divvy Homes’s Series A in June 2021 to support founder Adena Hefet’s mission of making homeownership accessible to everyone via gradual home equity buildup.

GGV led Idwall’s Series C in June 2021 to support founder Lincoln Ando’s mission to reduce fraud and malicious financial activity for fintechs and digital services in Latin America.

GGV co-led Stori’s Series C in September 2021and Series C extension in January 2022 to support founder Bin Chen’s mission to democratize access to credit cards for mid-to-low income consumers in Latin America.
Series C
GGV co-led ADDI’s Series B in September 2021 and Series C in December 2021 to support founder Santiago Suarez’s vision to provide point-of-sale, buy-now-pay-later solutions for the Latin American market.
💸 Buy now–pay later
Series B
GGV led Pinwheel’s Series B in January 2022 to support founder Kurtis Lin’s mission to provide greater visibility into payroll data for enabling more powerful and accurate financial services.
Series B
GGV led Northstar’s Series A in September 2022 to support founder Will Peng’s mission of providing financial wellness solutions to 100% of employees across the socio-economic spectrum.
Series A
GGV participated in Aven’s Series C in September 2022 to support founder Sadi Khan’s mission to provide structurally lower interest rates on consumer credit through asset-backed loans.
Series C
GGV led Novo’s Series B extension in November 2022 to support founder Michael Rangel’s mission of providing affordable, transparent banking services for “Main Street” SMBs in the U.S.
GGV is supporting founder Gerry Giacoman’s mission to digitize corporate spend management and automate AP / AR processes for mid-market and enterprise companies across Latin America.
Series B