Small and medium-sized enterprises (SMEs) have long been underserved by the financial industry — often forced to fit into rigid, one-size-fits-all models that overlook their diversity and complexity. But this is changing. The convergence of digital platforms, evolving regulation, and maturing infrastructure is enabling a new paradigm: embedded finance.

At its core, embedded finance is not just about integrating financial products into third-party platforms. It's about becoming more relevant — offering financial services where SMEs actually operate, tailored to their real-time needs, and delivered with the ease and contextual intelligence they expect from digital tools. This ambition is reshaping the ecosystem.

In the white paper, we explore how banks, and independent software vendors (ISVs), are navigating this transformation — grappling with new roles, evolving expectations, and the delicate balance between scale and personalization.