Despite generating over $500 billion annually, fintech firms struggle to persuade established businesses to replace trusted systems. Experts argue that trust, not technology, remains the main hurdle in increasing B2B fintech adoption, with real-world experience and operational risk being decisive factors.
The latest Global Fintech Report from Boston Consulting Group and FT Partners suggests the industry’s biggest gap is not invention but adoption. Fintech now generates more than $500 billion in annual revenue and accounts for about 4 per cent of the global financial services market, yet B2B remains especially underused, with only 3 per cent of B2B financial services revenue, according to the report. Payments is the strongest area at 11 per cent penetration, while lending stands at 3 per cent, deposits at 1 per cent and insurance is close to zero. The implication is that the main obstacle is persuading businesses to replace systems they already trust, not building better products.
Karine Martinez, head of strategic partnerships at Wallester, said that reading is more useful than treating the issue as a simple capability gap. In her view, most fintech platforms can already do the job technically. The harder part is convincing companies to take on the operational risk of changing infrastructure that already supports their workflows. Younger firms with simpler processes may be willing to experiment, but established businesses weigh not just whether a new system is better, but what happens if it fails and how hard it would be to unwind.
Martinez said trust is usually won at the first real test, not in the sales pitch. She pointed to GF Money, the Scandinavian financial services provider that expanded from a traditional credit-line product into a card programme with Wallester. According to Wallester’s release, the programme has grown to more than 27,000 cards issued across Finland, Sweden and Denmark. David Öhlund, chief executive for Scandinavia, said in that release that “By using a single API stack, we can now offer a virtual card during the application process. Within five minutes of completing the application, the customer can access the card and start using it.” For Martinez, that kind of live experience matters more than marketing claims.
She said implementation problems often emerge after the contract is signed. The most common failures come when ownership is unclear, compliance issues appear too late, or technical teams expand the scope mid-project. Embedded finance, she argued, only works when it strengthens the partner’s core offer, improves the customer journey and creates commercial value. Otherwise, it becomes a side project that never gains momentum. Buyers, she said, should insist on real sandbox access, test actual endpoints and check whether the documentation matches the product before they commit.
The timing of launches is also shaped less by technology than by readiness inside the customer organisation. Wallester’s partners typically go from signature to first card issuance in three to four months, though the fastest virtual-card deployment took 28 days. Martinez said regulatory frameworks such as PSD2 have made the technical path more structured, but compliance, product and operational decisions still slow programmes down. She also noted that compliance is becoming part of product design, not a final approval step, as firms face tighter anti-money laundering pressure and rising regulatory expectations. Looking ahead to 2030, Martinez said the sector will move forward not because of a single breakthrough feature, but because providers make execution easier to verify. In her view, confidence changes more slowly than technology, but it does change.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
