Embedded Finance Review

Most fintech companies in Europe run on an e-money licence, not a bank licence. With both licences, the provider can offer basic banking features. But the "how" differs and can matter for some brands.In this episode, I speak with Phoebe Wallis, Chief Revenue Officer at Griffin, a UK bank that other companies build financial products on. Phoebe explains why all e-money institutions still have a bank underneath them that the brand never sees, why Griffin went through the bank licence process itself, and why the flow of funds document decides most of her yes or no calls.In this episode we cover:What you give up when an e-money institution sits between you and the bankWhy many fintechs start with an EMI and move to a bank once they want control over pricing and risk appetiteWhy Griffin chose the slower route of applying for its own bank licenceWhy a non-financial brand needs internal conviction and a business case before it talks to a bankThe three types of no, and why the flow of funds document is the biggest yes or noWhat to check before approaching a bank, from risk appetite to public pricing and sandboxConnect with Phoebe on LinkedIn: https://www.linkedin.com/in/phoebe-wallis-6758a0a4/About Embedded Finance Review:Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. I also offer Office Hours, free intro calls for companies navigating embedded finance, and host regular in-person events across Europe. Find all details at embeddedfinancereview.com.This episode was produced by https://orama.tv/

Three-quarters of allO's revenue comes from payments, lending and insurance. None of it was planned.Cancan Liu co-founded the Munich-based restaurant platform in 2021 as a QR code ordering tool. Every financial product since started with a restaurant owner asking for something. allO is now live in around one thousand restaurants across Germany, with Austria next.In this episode we cover:The four phases of allO, from scan to order and pay to digital employeesWhy integrating with existing point of sale systems was a dead end in GermanyThe cuisine go-to-market, with dedicated Vietnamese, Indian, Chinese and German teamsHow one night of manual reconciliation turned allO into a payments companyWorking with finmid and Stripe on lending, and what restaurants get from their bank insteadWhat happens to a software business when financial services become three quarters of revenueConnect with Cancan on LinkedIn: https://www.linkedin.com/in/liucancan/About Embedded Finance Review: Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. I also offer Office Hours, free intro calls for companies navigating embedded finance, and host regular in-person events across Europe. Find all details at embeddedfinancereview.com.This episode was produced by https://orama.tv/

Aurimas Bakas is a serial fintech entrepreneur, and each of his companies grew out of the last. Running a payments business, he kept hearing from customers that they didn't want the payment service; they wanted the core banking underneath it. That became Paysolut, which he co-founded and sold to SumUp in 2021.Building core banking for licensed financial institutions across Europe then sparked the next idea. As a critical vendor, he had to prove his own security and compliance to every customer, long before DORA existed. He could see where the regulation was heading. That became Copla.In this episode, I speak with Aurimas, CEO and co-founder of Copla, a compliance platform built specifically for the financial industry. Copla helps licensed financial institutions manage DORA end-to-end, and helps their vendors handle the ISO 27001 and other frameworks their customers demand. The platform acts as a register layer for vendors, assets, risks, and incidents, with AI agents doing the heavy lifting on reporting, documentation, and training. Copla already serves over one hundred regulated companies across Europe and raised a six-million-euro round in February.In this episode, we cover:1. How each of his ventures seeded the next, from payments to core banking to compliance2. What actually changes for a fintech once the regulator starts auditing3. How Copla turns registers of vendors, assets, risks, and incidents into the reports regulators ask for4. The role AI can play in compliance, and where the human still needs to decide5. Why managing DORA and ISO 27001 on spreadsheets breaks as you scale6. His advice for founders facing DORA for the first time, and why proportionality mattersConnect with Aurimas on LinkedIn: https://www.linkedin.com/in/aurimasbakas/About Embedded Finance Review: Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. I also offer Office Hours, free intro calls for companies navigating embedded finance, and host regular in-person events across Europe.Find all details at embeddedfinancereview.com.This episode was produced by https://orama.tv/(00:00) Intro(01:54) ‌Start(02:10) Founder Night Worries(04:08) Why Build Core Banking(06:40) SumUp Partnership And Exit(08:18) Life After Acquisition(09:33) From Core Banking To DORA(11:52) Copla Platform Pitch(13:56) Who Uses It And When(16:59) DORA Outputs And Audits(19:19) AI Versus Compliance Tools(22:50) Selling Compliance To Fintechs(25:15) Funding Vision And Advice

If you are building a financial product inside a non-financial brand, the legal question tends to show up late. The product is designed, the provider is picked, the first customer conversations are underway, and then somebody asks whether you can actually launch it as you have built it.Patrick Liptak is a partner at MYLE, a Berlin law firm whose name stands for Making Your Life Easier. MYLE advises clients across the full spectrum, from early-stage startups through to listed companies, on IT law, data protection and digitalisation projects. Patrick has sat on both sides of this conversation, first building and leading in-house legal teams and now advising from the outside, and his view is that most of the pain comes from when legal gets involved rather than from the law itself. He is also the first lawyer to join me on this podcast, and we recorded this one in person in a studio in Berlin.In this episode we cover:Why companies actually reach out to a lawyer, which is far more often a customer or investor requirement than a founder discovering they need a licenceWhat Patrick wants a product team to send him before the first conversation, and why a recorded demo beats an explanationHow to pick the right kind of legal advisor for your stageWhy short contracts are harder to write than long ones, and how contract length feeds directly into deal velocityWhat has happened to document quality since teams started drafting contracts and compliance documentation with AIWhere companies waste money on compliance platforms that deliver compliance on paper and little elseWhy some startups are now inviting their lawyer onto the cap tableConnect with Patrick on LinkedIn: https://www.linkedin.com/in/patrick-liptak/Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. If you're working on an embedded finance project and want a free intro call to get feedback and meet the right providers and partners, head to embeddedfinancereview.com.This episode was produced by https://orama.tv/(0:00) Intro(02:18) Meet Patrick Liptak(04:07) Why Companies Call Lawyers(06:51) Legal As Deal Enabler(09:52) Show Demos Not Decks(12:40) From Strategy To Contracts(15:25) Risk Based Decisions(19:02) AI Docs And Fake Compliance(26:58) Trends And Final Advice

Most platforms in Germany are still defaulting to a grey-label setup with their payment provider, where their merchants see and interact with the PSP directly. According to Julius Danek, product lead for Stripe in DACH and CEE, that is leaving real money on the table.In this episode, I sit down with Julius to talk about what Stripe Connect actually unlocks for a platform on day one, when it makes sense to layer Capital and Issuing on top of payments, what the recent launch of Stripe Capital for Platforms means for German platforms, and why Julius thinks German companies in particular should run far fewer RFPs and start experimenting with these products instead.We also get into the white-label versus grey-label distinction in embedded payments, why platforms like Shopify, Toast, and the German restaurant SaaS allO went fully white-label years ago, and how AI and vibe-coded software are changing the defensive moat conversation for vertical SaaS platforms.Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. For a free intro call on your embedded finance project, head to embeddedfinancereview.com.This episode was produced by https://orama.tv/(00:00) Intro(01:45) Julius Role At Stripe(03:35) Localizing Payments In DACH(06:35) Embedded Finance And Connect(08:52) Direct Vs Platform Payments(11:06) How Connect Was Built(12:22) Beyond Payments Issuing Capital(15:43) White Label Payments Pitch(17:37) Germany Adoption And Trust(23:51) When To Launch Capital Issuing(31:03) One Platform Vs Specialists(35:54) Whats Next Stripe Tour and Agents