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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!

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What is Embedded Fintech?
Merchants
Banks
HRIS
stockbrokers
lenders
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
Embedded fintech is a global phenomenon.
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 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.

The name "Karat" is born. 🥳
kar·at
[ˈka-rət]
a measure of the purity of gold, pure gold being 24 karats.
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.


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