Finance
How Embedded Finance Is Quietly Transforming Startup Business Models
By Arthur Azizov
The rise of embedded finance is a direct response to what consumers have been demanding for years: simplicity and speed. With the arrival of the iPhone and the explosion of internet service came a new standard — the ability to access and pay for almost anything from a single device.
Embedded finance is the natural evolution of that shift, which meets users exactly where they are and turns everyday platforms into financial ecosystems. It has already evolved from just a niche innovation to a fundamental pillar in the digital economy — especially for startups. It’s now not only about payments or banking integrations, but reimagining entire business models and creating new revenue streams that didn’t exist before.
However, for traditional banks, it’s difficult to keep up with this trend. Why? What are consumers truly expecting?
What’s driving adoption?
At the heart of embedded finance’s explosive growth is one simple factor: convenience. If you think back to the pre-digital era, paying bills meant standing in lines, dealing with paperwork and visiting physical branches. It was slow and frustrating. The digital revolution changed all that. Now, consumers want to pay, borrow, invest and insure directly within the apps they already use. You tap a screen and it’s done — that’s the benchmark.
The numbers speak volumes. According to Bain & Co. and Bain Capital, revenue from embedded finance platforms and infrastructure providers is expected to grow from $21 billion in 2021 to $51 billion in 2026. Transaction volume? Forecast to hit $7 trillion, representing 10% of all U.S. financial transactions.
Another major driver is the technological leap. Ten years ago, integrating with banks required massive IT teams and multimonth roadmaps. Today, startups can plug into financial services via Open APIs in days as there are platforms such as Stripe and Revolut. These tools dramatically lower both the cost and complexity of integrating financial features.
But perhaps the biggest motivation? Revenue. For nonfinancial companies, embedded finance is more than just a value-added feature — it’s also a key monetization mechanism. Platforms can now earn a percentage of every transaction while boosting customer stickiness. Take Shopify: nearly half its revenue comes not from subscriptions but from financial services like payments and loans. It’s a win-win that startups are eager to tap into.
Are traditional banks keeping up?
Here’s where the picture becomes more complicated. Most traditional banks still operate on legacy systems from the 1980s. Migrating to modern, API-friendly infrastructure is not only extremely costly but also operationally painful. Just imagine that you have 30,000 employees, or even 10,000, and you need to migrate everything to a new platform. Also, your entire database infrastructure is legacy, your processes are legacy — it’s difficult to digitalize all these.
To compete, some, let’s say, “Tier 1” banks are pouring billions into implementing Open API. But many “Tier 2” and long-established banks are simply falling behind. Leadership is often aging, regulatory requirements are rigid, and cybersecurity standards (as there are many to adhere to) make innovation harder. Many still require in-person visits for simple tasks or run core services on outdated systems like voice trading. This leaves them struggling to keep pace with fintech players that offer a smoother and smarter experience by design.
Changing customer expectations
It’s no longer enough to offer a checking account or a credit card. Users now need “super apps” — platforms that combine multiple financial (and nonfinancial) services in one seamless interface. With modern digital banks you can clearly see where your money is, how much you’ve earned or lost, and the exact exchange rates applied. Then you log into a traditional bank (this is a real-world example) and they tell you, “We’ll get back to you with the FX rate for converting dollars to euros.” You wait for an email, and it feels like you’ve stepped into a time machine.
Banks don’t necessarily have to build everything themselves; partnerships are a viable path. But the key is ensuring that the entire experience happens within a single application. So, those who will manage to create a marketplace inside their application or on the website will go ahead, the rest will not, losing both market share and revenue.
Arthur Azizov is founder and investor at B2 Ventures, a private fintech alliance encompassing a portfolio of financial and technology projects, including B2Broker and B2BinPay. A serial entrepreneur with over a decade of experience, he has been at the forefront of financial technology innovation, transforming liquidity, trading and payment services.
Illustration: Dom Guzman
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Finance
ATI Promotes Longtime Leader to CFO and SVP of Finance
Rob Foster, incoming CFO of ATI Inc., effective Jan. 1, 2026 [Photo: ATI}
ATI Inc., a Dallas-based manufacturer of high-performance materials for the aerospace and defense industries, announced that James Robert “Rob” Foster will be promoted to senior vice president of finance and chief financial officer, effective January 1, 2026.
Foster succeeds Don Newman, who will serve as strategic advisor to the CEO beginning January 1. As previously announced, Newman will retire on March 1, 2026, and serve in an advisory capacity in that time to allow for a smooth transition.
“Rob is a proven P&L leader with enterprise-wide experience in the areas that matter most to ATI’s continued growth,” Kim Fields, president and CEO, said in a statement. “He brings deep expertise not only in finance but also as an operational leader. Rob played a pivotal role in the successful Specialty Rolled Products transformation, consistently helping ATI to deliver strong returns and shareholder value. I look forward to partnering with him as we enter our next phase of profitable growth.”
Foster, a longtime ATI leader, brings both operational expertise and financial discipline to the CFO role, the company said. He most recently served as president of ATI’s specialty alloys & components business, where he improved efficiency, grew capacity, and advanced the company’s role as a global leader in exotic alloys. Foster previously served as vice president of Finance, Supply Chain, and Capital Projects, overseeing ATI’s global finance organization, capital deployment processes, and enterprise supply chain performance. Earlier in his career, he led Finance for both ATI operating segments and the Forged Products business.
“I’m honored to become ATI’s next CFO,” said Foster. “ATI is well-positioned with a strong balance sheet, focused strategy, and significant opportunities ahead. I look forward to working with our team to drive disciplined investment, operational excellence, and long-term value creation for our shareholders.”
Newman added, “Rob is an exceptional leader who understands ATI’s strategy, operations, and financial drivers. He has delivered transformative results across the organization. I look forward to supporting a seamless transition as we pursue this next step in our succession planning.”
Before joining ATI in 2012, Foster held senior finance roles at API Technologies Corp. and Spectrum Control Inc., where he led ERP implementations, acquisition integrations, and internal control enhancements. He began his career as an auditor at Ernst & Young (EY).
ATI produces high-performance materials and solutions for the global aerospace and defense markets, and critical applications in electronics, medical, and specialty energy.
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Finance
Abu Dhabi seeks to build bridge between new media & finance – The Times of India
ABU DHABI: Instead of waiting for the future of media, Abu Dhabi is building it. The city played host this week to leading names from media and entertainment industries at the Bridge Summit, aptly named for seeking to position the emirate at the intersection between new-age media, innovation and investment.The three-day event at Abu Dhabi National Exhibition Centre from Dec 8 to 10 buzzed with energy, new ideas, collaborations and MoU deals as thousands of content creators, media brands, communicators, tech developers, AI innovators, investors and academics — who have been working in isolation — converged to brainstorm ideas, analyse future trends in the media industry and discuss ways to monetise them. How to get around the associated risks of privacy violation, fake news and narratives, defamatory content and online harassment were a natural corollary to the discussions.The idea of Bridge Summit originated at a lunch meeting in Abu Dhabi earlier this year between Sheikh Abdulla Bin Mohammed Bin Butti Al Hamed, chairman of UAE National Media Office, and Richard Attias, the Moroccan events producer associated with the Clinton Global Initiative, Nobel Laureates Conference and Davos Forum. The two discussed how UAE could give media, creators, tech innovators, social media outlets and investors a platform to connect and build the future of media. Eight months later, that dream turned into reality with Bridge Summit.Al Hamed, in his opening address, outlined Bridge Summit’s mission to unite media, technology, finance, and culture in building a more trusted, inclusive, and resilient information order.Speaking to TOI on the sidelines of the summit, Jamal Mohammed Obaid Al Kaabi, DG, UAE National Media Office and Bridge Alliance vice-chairman, said the forum seeks to secure a win-win situation for all, be it govts, media, content creators, social media platforms, gamers, investors and technology providers. “We are trying to help everyone — those who have a story to reach production, a company to reach a customer and govts to understand what’s happening in the market”.He added: “We believe that Bridge can be the brand that people will trust and look at in the future. We can connect it with media initiatives around the world. We believe that positive narrative can be supported through Bridge”.The global media and entertainment industry generated over $2.8 trillion last year, with gaming alone rivaling film and television at nearly $200 billion. Streaming continues to reshape consumption, while nearly 70% of content creators are already using AI tools.Rubbing shoulders at the summit were former heads of state, journalists, representatives of social media platforms, AI innovators, gaming developers, entrepreneurs and media influencers from across the globe; actors Priyanka Chopra Jonas and Idris Elba and footballer Gerard Pique lent it star power.Over three days of fireside chats, panel discussions, workshops and MoU signing, content creators and influencers took lessons from experts and peers on how to tell their stories better and hold their audience’s attention till the last frame.With artificial intelligence (AI) tools revolutionising the media space and content creation industry, engagements delved into how to maintain a judicious balance between human intelligence and artificial intelligence while tailoring content to suit users’ preferences and attention span.Sessions reflected on how the traditional print and TV journalism is being rapidly taken over by digital news content. Justin Smith, CEO of independent global news company Semafor, predicted that human journalist will continue to be relevant as the primary resource for original information, but must learn to harness the power of AI to add value. Richard Attias, who is on the Bridge board of directors, had a word of caution: “Human intelligence needs to always challenge artificial intelligence. We should not be losing the control of AI, which is like a robot”.According to UK journalist and broadcaster Emily Maitlis, agenda-based journalism is inevitable in the age of social media as one with a louder voice and reach, who can put out his version of the story more convincingly, tends to control the narrative. Adeline Hulin, chief of media and information literacy unit at Unesco, revealed that a global survey had found that 62% users don’t do any fact-checking before forwarding information online; most content creators are unaware of the international standards of freedom of expression; and just 20% users report hate speech. “Unesco has developed a global curriculum for media information literacy. We are working to integrate it with formal education and getting local partners to organise hackathons,” she said.Former deputy PM of UK Oliver Dowden advocated industry-led responsibility over sweeping regulation, saying there should be “clear guardrails” as creator content becomes the primary source of information for young audiences.Al Kaabi said Bridge Summit is just the beginning and “pop up” events will be held each coming quarter across America, Asia, Europe and Africa. “We want to hold a mini-Bridge in India. Also, there shall be more of Bollywood, not just Priyanka, at the next edition of the summit here,” he said.(The writer was in Abu Dhabi at the invitation of Bridge Alliance)
Finance
Supreme Court case could reshape campaign finance — and open new money pathways into Georgia’s biggest races
A major Supreme Court case could upend how money flows into federal elections, and Georgia may feel the first impact.
Republican Party committees are asking the Court to strike down a longstanding limit on how much political parties can coordinate their spending with candidates. If the justices side with them, experts say it would create new pathways for wealthy donors to steer massive checks into individual battleground races — including in Georgia, one of the country’s most competitive political states.
“It would open the floodgates for the biggest donors across the country to funnel money through the parties into specific Senate or House races,” said Eric Petry, counsel at the Brennan Center for Justice. “That problem would get even worse in places like Georgia.”
The Supreme Court heard arguments this week.
What’s at stake: millions in earmarked political spending
Under current federal rules, parties can assist their candidates but only up to capped limits designed to prevent corruption and donor influence.
If those caps disappear, Petry says a single donor could write a check for over $1 million and effectively tell a national party to direct it toward a specific candidate.
“That poses really significant corruption risks,” he said.
Critics warn that political parties could become conduits for wealthy funders seeking to maximize influence in targeted states, especially fast-changing battlegrounds like Georgia.
Why Georgia could become ground zero
Georgia’s U.S. Senate races routinely draw national attention and tens of millions of dollars in outside spending. Metro Atlanta’s rapid political shifts — and fierce competition statewide — make the state an attractive target for national donors.
Already, Georgia saw historic spending in judicial elections last year, with outside groups pouring money into state Supreme Court contests. Weakening federal guardrails could accelerate that trend.
“We already see big donors funneling tens or hundreds of millions into Super PACs,” Petry said. “If they can now funnel money through political parties — and have that money directly coordinate with candidates — that’s a very real concern.”
Such a ruling could also intensify power struggles within Georgia politics. Secretary of State Brad Raffensperger recently criticized the state’s campaign laws, saying current limits give Lt. Gov. Burt Jones an advantage as both eye the 2026 governor’s race.
Though not weighing in on the Raffensperger dispute directly, Petry said candidates nationwide are “pushing the envelope” to find ways around weak or uneven finance rules, especially as federal regulators remain gridlocked.
A broader crisis of trust in elections
Public concern over the influence of money in politics has never been higher. Large bipartisan majorities — often 70% to 80% of Americans — say wealthy donors have too much sway over elected officials, according to polls cited in the Brennan Center analysis.
Petry said a sweeping deregulatory ruling from the Court could deepen that divide.
“If the biggest donors exert even more influence than they currently do, I would expect public confidence in the campaign finance system to continue to decrease,” he said.
But paradoxically, he added, public frustration might also fuel a renewed push for reforms such as transparency rules or public financing.
Could Congress step in? Not anytime soon.
Even if the Court strikes down the limits, Petry says change isn’t likely to come quickly.
“Realistically, there’s not much chance of legislative action before the 2026 midterms,” he said. “Congress has shown that it doesn’t move quickly — if it moves at all — in this area.”
He argues that the only long-term fix may be a constitutional amendment allowing lawmakers to fully regulate campaign spending — something the Brennan Center says has broad public support.
A ruling that could rival Citizens United
If the justices side with the challengers, legal experts say it could become the most consequential campaign finance ruling since Citizens United, the 2010 decision that unleashed unlimited outside spending.
For Georgia — where elections are increasingly decided by razor-thin margins — the consequences could be immediate and far-reaching.
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