Embedded finance and FinTech disappearance

Abstract With reference to Elon Musk’s FinTech strategy for X, the social media platform formerly known as Twitter, this essay critically interrogates the evolution of North American and European FinTech economies toward what is typically called ‘embedded finance’; that is, the technological integration of monetary and financial services into discrete social interactions and economic transactions by nonfinancial companies. We argue that embedded finance furthers the disappearance of FinTech as an evident market domain of technologically facilitated monetary and financial relations. Specialist FinTech startup intermediaries are receding into the background of an institutional and digital landscape shaped by strong monopolization tendencies. FinTech economies are increasingly dominated by major platform firms with the assistance of banks. Relatedly, FinTech services have become ubiquitous to the extent that they are taken for granted by people who are configured as platform users that are ripe for rent capture, rather than as sovereign consumers searching for products. The disappearance of FinTech should not be confused with its demise, however. Disappearance is the fullest expression of the transformative appearance of FinTech in people’s everyday monetary and financial lives over the last quarter century.