With COVID, mobile adoption and digitization accelerated around the world and dramatically increased the use of digital services for online shopping, delivery, banking and more. The technology applications and platforms that people use every day to connect, conduct business and manage their households feature more and more integrated financial services—such as online payments, insurance and credit—and are creating ‘must-have’ value and efficiency.

We think about this fintech trend as “Embedded Finance” (where financial transactions are integral to an app’s functionality) and break it down into three components.

  1. Platforms that are online, relevant and immediately helpful in people’s daily lives. These include gig worker platforms that offer online jobs; supply-chain platforms for small businesses; agritech platforms to connect farmers with customers, and social media platforms for online interactions. All of these everyday platforms have rapidly growing users, enjoy customer trust and high engagement, and generate proprietary data and insights into online behavior.
  2. Plumbing—or the infrastructure technology—that connects customer-facing online financial services and consumer apps with the required regulated balance sheets or capital markets that finance and manage the risks of the required financial intermediation.
  3. Plug-ins or financial products that leverage the high engagement and data insights from online applications and activities such as online shopping and online payments and provide faster, easier, and oftentimes, less expensive services than those from traditional banks and insurance companies.

Gain an in-depth understanding of each of these components with our three-part series.


More and more non-bank businesses—such as fintech companies, retailers, small businesses, and manufacturers—are now offering online financial products within their apps to better serve customers. 

These include payment options - ie., buy now, pay later (BNPL), credit, and insurance are now offered within apps and platforms that people use everyday. With increased digitization, consumers and small businesses are achieving their goals through easier, more transparent ‘embedded’ access to financial services and products.

The third panel in Flourish Ventures’ 2021 Embedded Finance Series tackles Plugins or the fintech products within a platform that can leverage existing networks to create new products and reach new audiences. These fintech products - such as insurance and credit offerings - naturally ‘plugin’ to a technology platform or application and offer more agile, efficient and valuable customer experiences. 

Join our India investment lead Anuradha Ramachandran when she sits down with four leading global fintech founders from high growth fintech companies Toffee Insurance (based in India) and Qoala (based in Indonesia), Dinie (based in Brazil) and ZestMoney (based in India) as they discuss: 

  • How do you define the product scope of a PlugIn?
  • What services do you offer partners and platform providers?
  • Who owns the customer data? How is it managed?
  • When does a plugin become a platform?

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Priya Sharma
Priya Sharma

Co-founder, CFO & COO, ZestMoney

Suzy Ferreira

Co-founder and CEO, Dinie

Rohan Kumar Photo-1
Rohan Kumar

Co-founder and CEO, Toffee Insurance

Harshet Lunani

Founder and CEO, Qoala

Anuradha Ramachandran

Director, Flourish Ventures