Platform-payments specialists: providers sold to vertical SaaS, marketplaces, and platforms so they can offer payments to their own customers. Distinct from traditional PSPs which sell to merchants directly. Curated allowlist — Finix, Moov, JustiFi, Tilled, Rainforest, VoPay, Worldpay for Platforms, Banking Circle, Modulr, Mangopay, Swan, etc. Same buyer-disclosure may be counted on both the PSP and Embedded Payments cards when applicable.
With embedded payments, also called platform payments or payment facilitation, a vertical SaaS company or marketplace becomes the place its users get paid. Instead of sending each user to sign up with a PSP, the platform onboards them as sub-merchants and earns a share of the payment revenue.
Providers differ in how much of the regulated work they take on. Some let the platform register as a payment facilitator itself; others act as the facilitator of record and hand the platform a white-label product.
Marketplace and platform products from large payment companies. Most-named in the Index: Stripe Connect and Worldpay for Platforms.
Providers built for vertical SaaS that handle sub-merchant onboarding, risk and payouts. Most-named in the Index: Rainforest Pay, Finix, JustiFi, Forward and VoPay.
Licensed providers, mostly European, that hold funds for marketplaces and split payments between parties. Most-named in the Index: Mangopay, Modulr and Currencycloud.
Embedded payments are payments a software platform offers its own customers inside its product, such as a booking system that takes card payments for the salons using it. The platform runs onboarding, pricing and payouts under its brand, and an embedded payments provider supplies the licences, acquiring and compliance.
By number of companies linked to them through public disclosures and provider customer lists, the most-named embedded payments providers are Stripe Connect (133), Mangopay (25), Worldpay for Platforms (18), Rainforest Pay (16) and Forward (8) (Embedded Finance Index, November 2026).
A payment facilitator (PayFac) is registered with the card networks and onboards sub-merchants under its own master account, taking on the risk and compliance. With PayFac-as-a-service, a provider holds that registration and the platform resells payments without becoming a PayFac itself.
The Embedded Finance Index analyzes the public infrastructure stacks of 6,643 fintech and embedded-finance companies. A provider is counted when a company names it in its own disclosures — terms, partner pages, press releases — or when the provider publicly lists that company as a customer. Counts are relationships, not revenue or volume.