Fintech as a Service Market is expected to grow at a CAGR of 18.5% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Fintech as a Service Market size accounted for USD 268.5 Billion in 2022, growing at a CAGR of 18.5% from 2023 to 2033. The Fintech as a Service (FaaS) market is a rapidly growing segment of the financial technology industry that provides financial services and solutions to other businesses through Application Programming Interfaces (APIs) or cloud-based platforms. This approach allows businesses to leverage the expertise and infrastructure of fintech companies without having to invest in developing their own technology stack.
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The Fintech as a Service Market is primarily driven by the Digital Transformation. The ongoing digital transformation in the financial services industry is a significant driver for FaaS. Traditional financial institutions are embracing technology to streamline operations, improve customer experiences, and stay competitive in the evolving landscape.
Key Players
Some of the major Fintech as a Service Market player holding high market shares include Gathering Inc., Finezza, Synctera Inc., Rapyd and Neo Technologies. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Fafnir LLC, Solid Financial Technologies Inc. and Railsbank Technology Ltd.
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Segmental Analysis
Based on Type, the Radiotherapy Market is segmented into payment, fund transfer and loan. The payments segment is the largest segment of the FaaS market. This segment is growing at a rate of 12%, driven by the rising adoption of digital payments, increasing mobile commerce, and growing preference for contactless payments.
Based on Application, the Radiotherapy Market is segmented into KYC verification, fraud monitoring and compliance and regulatory. The KYC verification segment is the largest segment of the FaaS market. KYC verification is the process of verifying the identity of a customer. This is an important step in preventing fraud and money laundering. FaaS providers can offer a variety of KYC verification solutions, such as digital identity verification, document verification, and facial recognition.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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