Summary List PlacementTen years ago, fintech was all about unbundling financial services. Startups took aim at one piece of a bank, be it checking accounts, trading, or wealth management, and built a digital-forward, often cheaper, alternative. Now, fintech is rebundling, with startups layering more offerings and services in hopes of boosting user loyalty and becoming a one-stop shop. And embedded finance — the underlying infrastructure layer that enables these new offerings — is powering the trend. Fintechs that many call the "picks and shovels" of finance have been on the rise.