Why We're Leading FISPAN's Series B

From physical branches to mobile apps, financial institutions have continuously evolved to meet clients where they are. For today’s commercial customers, especially those in the mid-market, “where they are” increasingly means inside the software they already use to run their business.

Enterprise Resource Planning (ERP) platforms serve as the system of record for organizations’ core functions like accounting, procurement, and financial operations. With critical financial data already housed in the ERP, it’s only natural that customers now expect core banking capabilities — including accounts payable, accounts receivable, reconciliations, and cash management — to be integrated directly into that system. Switching to a separate banking portal feels clunky, outdated, and increasingly unnecessary.

This shift towards embedded banking – long underway in the consumer space – has firmly taken root in B2B software. Fintechs have set a new standard for digital experiences, raising expectations across the board and pushing banks to modernize how they engage with customers.

That’s why we’re thrilled to announce our lead investment in FISPAN’s $30M Series B. Founded in 2016, FISPAN is the leading embedded banking platform enabling financial institutions to deliver seamless commercial banking experiences directly within their clients’ ERP systems. We believe these capabilities have become a baseline expectation for commercial clients — and that FISPAN’s world-class team is uniquely equipped to deliver the integrated, modern solutions finance and operations teams rely on.

FISPAN: Embedding Banking Where It Matters Most

FISPAN streamlines workflows, eliminates context switching, and automates manual processes — driving real efficiency gains for commercial clients while helping banks strengthen their relationships and stand out in a crowded market.

These benefits are felt most tangibly in the day-to-day work of finance teams. What previously required logging into a bank portal, downloading files, and uploading them elsewhere can now be done in a few clicks — all from within the ERP.  Payments are initiated and approved without switching systems, reconciliations are automated, and finance teams gain real-time visibility into their cash positions. AP teams report saving several hours a day using FISPAN for payables, and with reliable automated transaction feeds, they’re now reconciling bank accounts daily instead of monthly.

But the value extends far beyond convenience. For banks, embedding these capabilities directly into client workflows deepens engagement and improves retention. When a bank is tightly integrated into a client’s ERP, it becomes a daily part of that customer’s operations — making it far more difficult to displace. This embedded access not only strengthens the bank-client relationship but also drives quantifiable benefits such as 30-40% boost in deposit growth and a 30-50% increase in payment volumes.

Equally important is FISPAN’s alignment with the banks it serves. While other embedded finance platforms seek to own the end-client relationship and turn banks into infrastructure providers, FISPAN equips banks to integrate directly into their customers’ software while retaining control over branding, service delivery, and client experience.

A Proven Team: Where Expertise Meets Execution

FISPAN’s deep technical and domain expertise resonates with their customers, including the world’s largest banks and nearly 5,000 commercial customers across North America. The company has earned the trust of some of the most impactful banks — spanning both global leaders and regionals with strong commercial franchises.

This trust isn’t incidental. It’s a direct result of how FISPAN engages with its partners. In our conversations with financial institutions (including members of the Canapi Alliance), one message came through clearly: FISPAN is viewed not as a vendor, but as a strategic partner. Customers consistently highlight the team’s thoughtful go-to-market collaboration, dependable execution, and deep understanding of what it takes to serve highly regulated institutions.

Delivering embedded solutions at scale – particularly in complex, regulated environments – demands both technical capabilities and the operational maturity to execute reliably. The team assembled by CEO and founder Lisa Shields delivers this powerful combination. Lisa herself is a proven leader in B2B payments and financial infrastructure, having previously founded and scaled Hyperwallet (acquired by PayPal in 2018). At FISPAN, she has brought together a seasoned leadership team — many of whom were part of the Hyperwallet journey — who collectively bring decades of experience building secure, bank-grade platforms.

The Canapi Effect

At Canapi, we invest in companies that deliver strategic, long-term value to financial institutions. Backed by a network of over 70 financial institutions, our platform is designed to accelerate the adoption of mission-critical technologies across the industry. Many of our bank LPs are actively seeking solutions to integrate banking functionality into commercial client workflows, and FISPAN enables them to do just that — seamlessly, securely, and at scale.

FISPAN represents exactly the kind of company we are proud to support: one that empowers banks to modernize their offerings, enhance the customer experience, and remain competitive — without ceding control of the client relationship.

The infrastructure is proven, the team is exceptional, and the customer feedback is among the strongest we’ve seen. We’re excited to support Lisa and the FISPAN team as they scale, and we look forward to fostering future collaborations with our broader ecosystem. If you’re a financial institution looking to enhance your commercial banking capabilities, we’d be glad to connect you.