Press release
Global Fintech as a Service (FaaS) Market Projected to Surpass $906.64 Billion by 2029 with 20% Annual Growth
Fintech as a Service (FaaS) Market
The push towards digital banking and transactions is projected to spur the expansion of the fintech as a service market. Digital banking, which eliminates paper-based procedures like demand drafts, pay-in slips, and checks, is done entirely on a digital platform. Digital banking employs Fintech as a Service (FaaS) for various applications, including mobile apps, web-based platforms, APIs, and even advanced software utilizing artificial intelligence and machine learning for financial advisory. FaaS also provides solutions for digital banking, allowing businesses to offer online banking services to customers. A report from Finder.com, an independent comparison website based in Australia, stated that in July 2023, it was estimated that 93% of Brits were using online banking services in 2022. Furthermore, another 5.3 million Brits (10%) plan to open a digital-only bank account in 2023. By 2028, the anticipated number of digital bank account holders will be around 22.6 million (43%). Consequently, the surge in the shift towards digital banking and transactions is fueling the growth of the fintech as a service market.
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What is the projected compound annual growth rate (CAGR) of the fintech as a service (faas) market from 2025 to 2034, and what factors influence it?
The expansion of the fintech as a service (FaaS) market has been swift and significant in past years. It is projected to balloon from a market size of $378.33 billion in 2024 to $441.47 billion in 2025, maintaining a compound annual growth rate (CAGR) of 16.7%. The substantial growth observed during the historical period can be traced back to the advent of digital transformation, the widespread penetration of mobile and internet, changes in regulations, the emergence of APIS, and the rising demand for efficiency.
In the coming years, the FinTech as a Service (FaaS) market is projected to experience accelerated expansion. The market size is forecasted to reach $906.64 billion in 2029, growing at a compound annual growth rate (CAGR) of 19.7%. The key contributing factors for this exponential growth in the forecast period are ai and automation, the proliferation of open banking, the emergence of blockchain and cryptocurrency, the globalization of services, and the increased emphasis on data security and privacy. During the forecast period, we can expect to see major trends such as embedded finance, growth in the AP ecosystem, RegTech and compliance solutions, advanced payment solutions, and a concentrated focus on sustainable finance.
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What new trends are reshaping the fintech as a service (faas) market and its opportunities?
Advancements in technology are becoming an increasingly popular trend within the fintech as a service market. Many leading corporations within this market are shifting their focus towards the development of technologically innovative solutions to consolidate their market standing. For example, in April 2023, the US regional bank holding company Valley National Bank introduced a fresh fintech innovation platform powered by NayaOne. The platform, which is fully integrated with the products and services of a variety of financial businesses, offers a straightforward and end-user-friendly onboarding process. The platform features an array of tools designed to create and utilize synthetic data, which enables Valley and its fintech allies to efficiently trial new solutions in a secure, controlled setting.
What are the major segments of the fintech as a service (faas) market and their role in driving growth?
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
Subsegments:
1) By Banking: Core Banking Solutions, Digital Banking Platforms, Compliance And Risk Management Solutions
2) By Payment: Payment Gateway Services, Digital Wallet Solutions, Mobile Payment Solutions
3) By Insurance: Insurtech Solutions, Policy Management Systems, Claims Processing Platforms
4) By Investment: Robo-Advisory Services, Portfolio Management Solutions, Trading Platforms
5) By Lending: Peer-To-Peer Lending Platforms, Loan Origination Systems, Credit Scoring Solutions
6) By Other Types: Cryptocurrency Services, Regulatory Technology (RegTech), Financial Analytics Solutions
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Which regions are key players in the growth of the fintech as a service (faas) market?
North America was the largest region in the fintech as a service market in 2024. 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
Who are the key firms paving the way for growth in the fintech as a service (faas) market?
Major companies operating in the fintech as a service (FaaS) market include 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.
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What Is Covered In The Fintech as a Service (FaaS) Global Market Report?
• Market Size Forecast: Examine the fintech as a service (faas) market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the fintech as a service (faas) market for a structured understanding.
• Key Players Overview: Analyze major players in the fintech as a service (faas) market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fintech as a service (faas) market.
• Segment Contributions: Evaluate how different segments drive overall growth in the fintech as a service (faas) market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fintech as a service (faas) market.
• Industry Challenges: Identify potential risks and obstacles affecting the fintech as a service (faas) market.
• Competitive Landscape: Review strategic developments in the fintech as a service (faas) market, including expansions, agreements, and new product launches.
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