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Anupam Majumdar, Niko Beranek, and Simone Remba • 1 December, 2023

European Office of CFO SaaS: New Battleground for Embedded Fintech

The European office of CFO SaaS is a new battleground for embedded fintech. Leading SaaS platforms are increasingly embedding fintech solutions with software workflows and creating a winning formula of success. In this article, we analyze this space and present our key takeaways.

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Select Key Takeaways


  • The ‘Office of CFO’ SaaS spans across several segments and operates in a highly fragmented European market today.
  • Needs and buying behaviors for office of CFO SaaS vary across business segments. Several SaaS specialists compete to address such needs.
  • EU businesses still heavily rely on banks to service financial needs, but banks fall short as they often lag in service quality or technical enablement (e.g., integration with CFO SaaS).
  • Winning CFO SaaS platforms see clear value in embedding fintech solutions with software workflows.
  • We already see clear evidence of an acceleration of embedded SaaS & fintech with some office of CFO SaaS verticals in Europe, e.g., accounting SaaS, Payroll SaaS.
  • Embedded fintech expansion use cases and maturity vary across CFO SaaS segments. Commerce front end, spend management, accounting, and payroll are leading the pack.
  • Investments into SME CFO SaaS have increased in prior years. Fintechs that embed into such software have also benefitted from funding rounds.
  • The European CFO SaaS space has been an M&A hotbed. Accounting and payroll SaaS show the most deal activity. In some instances, CFO SaaS have acquired fintechs.

Please do not hesitate to contact Anupam Majumdar at with comments or questions.