Adyen, the global financial technology platform of choice for leading businesses, has broadened its offering by taking live two new embedded financial products – Capital and Accounts – which are now available to platform and marketplace businesses in the US and Europe via Adyen’s single integration.
Research conducted in partnership with Boston Consulting Group finds that 64% of small and medium-sized businesses (SMBs) are interested in financial services embedded within a platform. To capitalize on this banking-as-a-service opportunity, Adyen has developed an innovative suite of financial products comprising cash advances, business bank accounts, and card issuing. Together with embedded payments, these power the future of financial services by enabling platforms to deliver superior financial experiences to their SMB users.
“Platforms are at the center of a transforming financial services industry - and Adyen is primed to further drive this revolution,” said Adyen’s co-founder and CEO, Pieter van der Does. “Embedded finance is a logical next step following our embedded payments offering. By historically investing in our banking licenses and industry-leading technology, we have positioned ourselves as the sole provider offering a full embedded financial product suite via a single integration. From this vantage, we are excited to seize the opportunity that banking-as-a-service brings.”
Traditional financial services are stifled by legacy systems, reactive approaches, slow approvals, and lack of vertical knowledge. These factors have long resulted in the under-serving of SMBs, and lead to 65% of platform users willing to switch financial services providers in favor of solutions better integrated into their business processes. With Adyen’s single integration, platforms can meet this growing user demand by embedding financial services to consolidate SMBs business and financial operations under one roof.
Adyen’s embedded financial product suite offers a modular solution that brings unparalleled control and customization options for platform business. With 94% of SMBs interested in cash advance solutions stating they would benefit from their loans being pre-approved, Capital enables platforms to proactively offer business financing based on historic payments data. With 72% of SMBs valuing an integrated bank account experience, Adyen’s Accounts product allows users to run their finances where they do business and get instant access to funds. Going hand-in-hand with Capital and Accounts, Issuing completes the offering by enabling users to easily spend their funds on platform-branded payment cards. By adopting the suite, platforms can round out their offering and unlock the capabilities of an end-to-end financial ecosystem.