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Fintech as a Service (FaaS) Market Trends, Top Companies, Share, Growth And Forecast 2033
Fintech as a Service (FaaS) Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Fintech as a Service (FaaS) Market 2024 Key Insights:
• 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 Surge Of Digital Banking And Fintech Synergy
• Rising Popularity Of Technological Innovations In Fintech
• North America was the largest region in the fintech as a service market in 2023
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