Fintech startup Stripe has announced an ambitious new product today called Stripe Treasury. The company is partnering with banks to offer a banking-as-a-service API. In other words, Stripe clients will be able to provide bank accounts to their customers — the service is invite-only for now.
This is part of a bigger trend called embedded finance. Essentially, instead of separating banking services from other services that you use, embedded finance products provide financial services as close as possible to the end customer in the services that they already use.
Other companies have been working on embedded business banking products, such as Wise. Stripe could take advantage of its existing user base to convince them to use Stripe Treasury for new banking products.TechCrunch