The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banks miss out on the growth of embedded finance

Online shopping_to-buy-gf907fcc16_1920.jpg

Non-bank lenders are offering growing volumes of embedded finance both wholesale to merchants selling on e-commerce marketplaces and to their retail customers.

On January 26, Santander announced the launch of Zinia, a new 'buy now, pay later' (BNPL) platform offering interest-free instalment loans to consumers buying both online and at physical points of sale.

The technology behind Zinia has been operating in Germany for the past year, and Santander says it has already acquired more than two million customers there, making it one of the leading bank players in BNPL in Europe by customer volumes.

It is a sign that a few banks are now fighting back to recapture ground conceded to specialist providers of embedded finance, a growth area in wholesale and retail lending.

Ezequiel Szafir_960.jpg
Ezequiel Szafir, Santander

Ezequiel Szafir, chief executive of Openbank and Santander consumer finance, says: “We are delighted with Zinia’s early expansion and aim to become a leader in the buy now, pay later market.”

There’s little wonder why. BNPL has enjoyed enormous success as online retail activity has grown. In June, Klarna, the leading European provider of such unsecured instalment loans to consumers, achieved a $46.5 billion valuation through a $639 million funding round led by SoftBank Vision Fund.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?


Peter Lee head.jpg
Editorial director
Peter Lee is editorial director. He joined Euromoney straight from Oxford University in 1985, and has written about banking and capital markets ever since, being appointed editor in 1999. He became editorial director of Euromoney in May 2005.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree