Fintech-as-a-Service Market is Expected to Grow US$ 1,602.7 billion by the end of 2034

Expanding at a CAGR of 16%, the global fintech-as-a-service (FaaS) market is projected to increase from a value of US$ 363.3 billion in 2024 to US$ 1,602.7 billion by the end of 2034.

Fintech-as-a-Service (FaaS) consolidates all financial management, payment, and money movement services that modern businesses need to build effective applications through a single, global, scalable API. FaaS solutions include white-label e-wallet platforms, card issuing, payment acceptance, pay-outs and remittances, identity verification, fraud prevention, virtual accounts, and merchant services, as well as solutions for provisioning, managing, and reporting.

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FaaS streamlines infrastructure building, system integration, and regulatory compliance through third-party assistance. This enables businesses to swiftly offer diverse financial services, previously exclusive to traditional banking institutions, to customers.

Based on technology, artificial intelligence-based services are gaining traction in the development of fund transfer platforms. It provides automation and augments the safety of consumers’ funds in their bank accounts. Regions such as APAC & North America hold a major chunk of the fintech-as-a-service market, backed by the hefty investment made by prominent players in the research & development of innovations to enhance their functionality.

Key Companies Profiled
PayPal Holdings Inc.
Block Inc.
Mastercard Incorporated
Envestnet Inc.
Braintree
Upstart Holdings Inc.
Solid Financial Technologies Inc.
Railsbank Technology Ltd.

The adoption of advanced technologies worldwide such as blockchain technology, open banking, cloud & big data analytics, voice bots, and digital payments is projected to drive the FaaS market growth. Banks and financial institutions are looking for ways to implement technological advancements in their offerings. These technological advancements have made it possible to invest, borrow, transfer, and save funds virtually. Technological advancements in the fintech sector are projected to drive the growth of the fintech-as-a-service market.

Fintech companies are continuously working on advancing traditional methods due to which they are increasingly receiving funding from venture capitalists. These investments are made to foster multiple benefits offered by the companies such as lowering service costs, increasing processing time, swift blockchain penetration, and automated banking systems.

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Competitive Landscape
Key players in the fintech-as-a-service industry are PayPal Holdings Inc., Block Inc., Mastercard Incorporated, Envestnet Inc., Braintree, Upstart Holdings Inc., Solid Financial Technologies Inc., and Railsbank Technology Ltd.

In 2023, Fiserv and Equifax announced their alliance. Fiserv and Equifax jointly launch commercial products that use new analytics to improve corporate authentication, accelerate account acquisition, and improve risk assessment.
In 2023, Mastercard bought Baffin Bay Networks. This strategic acquisition helps Mastercard to improve its capabilities to assist businesses in dealing with the ever-changing threat landscape of cyberattacks.

Market Segmentations
By Type :
Payment
Funds Transfer
Loans

By Technology :
API-Based
AI-Based
RPA-Based
Blockchain-Based

By Application :
KYC Verification
Fraud Monitoring
Compliance & Regulatory Support

By End Use :
Banks
Financial Lending Companies
Insurance

By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

FAQ
What is the meaning of fintech as a service?
Fintech-as-a-Service (FaaS) consolidates all financial management, payment, and money movement services that modern businesses need to build effective applications through a single, global, scalable API.