How BaaS is powering the next wave of embedded finance

Banking-as-a-Service (BaaS) allows non-bank companies to offer accounts, cards, payments and lending to their own customers using a licensed bank’s regulatory permissions and infrastructure, typically accessed through APIs. Some BaaS providers hold banking licences themselves, while others operate as technology intermediaries between a brand and a partner bank. Payment Expert profiles five BaaS providers that supply the infrastructure behind embedded finance products, each serving a different use case and customer type. ClearBank ClearBank was founded in the UK in 2015 and launched in 2017 as the country’s first new clearing bank in more than 250 years.