Fintech as a Service (FaaS) Market Size, Share, Analysis, Growth, Trends, Industry Report 2024-2033|Stripe Inc., Rapyd Financial Network Ltd., Visa Inc., Mastercard Incorporated, Fiserv Inc

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The Fintech as a Service (FaaS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fintech as a Service (FaaS) Global Market Report 2024, 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.

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.

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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

Technological innovations are a key trend gaining popularity in the fintech as a service market. Major companies operating in the fintech as a service market are focused on innovating technologically advanced solutions to strengthen their position in the market. For instance, in April 2023, Valley National Bank, a US-based regional bank holding company, launched a new fintech innovation platform powered by NayaOne. Through a straightforward and user-friendly onboarding process, the platform is already integrated with the goods and services of numerous financial businesses. It offers a set of tools for producing and using synthetic data, enabling Valley and its fintech partners to quickly test-drive novel solutions in a controlled, secure environment.

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

26. South America Fintech as a Service (FaaS) Market

27. Brazil Fintech as a Service (FaaS) Market

28. Middle East Fintech as a Service (FaaS) Market

29. Africa Fintech as a Service (FaaS) Market

30. Fintech as a Service (FaaS) Market Competitive Landscape And Company Profiles

Top Major Players: