Overview and Scope
Fintech as a Service (FaaS) refers to a business model that allows organizations to outsource financial technology (fintech) services to a third party. This strategy enables businesses to use fintech services flexibly and cost-effectively, improving their financial operations.
Sizing and Forecast
The fintech as a service (faas) market size has grown rapidly in recent years. It will grow from $327.51 billion in 2023 to $386.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to digital transformation, mobile and internet penetration, regulatory changes, rise of apis, demand for efficiency.
The fintech as a service (faas) market size is expected to see rapid growth in the next few years. It will grow to $745.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to ai and automation, open banking expansion, blockchain and cryptocurrency, globalization of services, data security and privacy. Major trends in the forecast period include embedded finance, api ecosystem growth, regtech and compliance solutions, evolving payment solutions, sustainable finance focus.
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Segmentation & Regional Insights
The fintech as a service (faas) market covered in this report is segmented –
1) By Type: Banking, Payment, Insurance, Investment, Lending, Other Types
2) By Technology: Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Application Programming Interfaces (API), Other Technologies
3) By Application: Fraud Monitoring, KYC Verification, Compliance And Regulatory Support, Other Applications
4) By End-User: Banks, Financial Institutions, Insurance Companies, Other End-Users
North America was the largest region in the fintech as a service market in 2023. The regions covered in the fintech as a service (faas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the shift towards digital banking and payments is expected to propel the growth of fintech as a service market going forward. Digital banking refers to banking done using a digital platform, eliminating all paper-based transactions, including demand drafts, pay-in slips, and checks. Fintech as a Service (FaaS) plays a significant role in digital banking by providing mobile applications, web-based platforms, APIs, and more sophisticated applications that use artificial intelligence and machine learning to provide financial advice. FaaS also offers digital banking solutions, which enable companies to provide their customers with online banking services. For instance, in July 2023, according to a report shared by Finder.com, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022. Around another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. By 2028, the number of digital-only bank account holders is predicted to be 22.6 million (43%). Therefore, the increase in the shift towards digital banking and payments is driving the growth of fintech as a service market.
Key Industry Players
Major companies operating in the fintech as a service (faas) market report are Stripe Inc., Rapyd Financial Network Ltd., Visa Inc., Mastercard Incorporated, Fiserv Inc., Block Inc., Fidelity National Information Services Inc., Global Payments Inc., NCR Corporation, Broadridge Financial Solutions, Worldline SA, Diebold Nixdorf Incorporated, Coinbase Global Inc, WEX Inc., Jack Henry and Associates Inc., Chime Financial Inc., Finastra, Green Dot Corporation, Envestnet Inc., Adyen NV, Temenos AG, Revolut Ltd., Marqeta Inc., Airwallex Pty Ltd., Plaid Inc., Finix Payments Inc., Square Capital LLC, Dwolla Inc., Synctera Inc., Solid Financial Technologies Inc.
The fintech as a service (faas) market report table of contents includes:
1. Executive Summary
2. Fintech as a Service (FaaS) Market Characteristics
3. Fintech as a Service (FaaS) Market Trends And Strategies
4. Fintech as a Service (FaaS) Market – Macro Economic Scenario
5. Global Fintech as a Service (FaaS) Market Size and Growth
…
32. Global Fintech as a Service (FaaS) Market Competitive Benchmarking
33. Global Fintech as a Service (FaaS) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fintech as a Service (FaaS) Market
35. Fintech as a Service (FaaS) Market Future Outlook and Potential Analysis
36. Appendix
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