The Role of API-first Approach in Shaping the Future of Embedded Finance in 2024

A talk given by Alex Akimov from Monite at the 2023 Platform Summit in Stockholm.

Working with B2B segment — primarily with neobanks and vertical SaaS platforms which have business clients — Monite’s team observe a massive trend for embedding financial services via flexible API blocks. This is understandable since financial products allow B2B companies to increase market penetration and stickiness to their platforms, raise revenue per client and extend their offering to enter the super-app mode. Such a trend explains the rise in popularity of API-first approach among embedded finance and fintech companies. API-first recognizes the value and potential of APIs in driving business growth and innovation. By prioritizing the development of APIs as products, embedded finance startups can create a robust ecosystem around their services, attracting external developers and fostering collaboration. So API-first is necessary to unlock new opportunities and deliver enhanced financial experiences to customers.

During his presentation at Platform Summit, Alex will deliver insights on how embedded finance companies will navigate the shift toward well-documented, standardized, and easily accessible APIs in 2024, how this transition will affect their business models, and where it will lead the industry.