Press release
Emerging Trends to Reshape the Fintech as a Service (FaaS) Market: Rising Popularity Of Technological Innovations In Fintech as a Key Influencer
Fintech as a Service (FaaS) Market
Fintech as a Service (FaaS) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The scale of the Fintech as a Service (FaaS) market has swiftly expanded in recent times. The market is expected to expand from $378.33 billion in 2024 to $442.89 billion in 2025, boasting a compound annual growth rate (CAGR) of 17.1%. Factors such as digital transformation, increased use of mobile and internet, regulatory alterations, the emergence of APIs, and a heightened demand for efficiency have considerably contributed to the growth observed in the historical period.
Fintech as a Service (FaaS) Market Size Forecast: What's the Projected Valuation by 2029?
The market value of Fintech as a Service (FaaS) is predicted to undergo swift expansion in the forthcoming years, reaching a figure of $828.06 billion by 2029, with a compound annual growth rate (CAGR) of 16.9%. Factors contributing to this acceleration during the projection period include AI and automation advancements, the enlargement of open banking, the integration of blockchain and cryptocurrency, service globalization, and the importance of data security and privacy. Key trends for this time frame comprise of integrated finance, the growth of the AP ecosystem, RegTech and compliance solutions, evolving payment systems, and a heightened emphasis on sustainable finance.
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What Are the Drivers Transforming the Fintech as a Service (FaaS) Market?
The surge in the move towards digital banking and transactions is anticipated to drive the growth of the fintech as a service market. Digital banking pertains to banking operations conducted on a digital platform, removing all paper-based transactions such as demand drafts, pay-in slips, and checks. Fintech as a Service (FaaS) plays a pivotal part in digital banking, offering mobile applications, web-based platforms, APIs, and advanced applications that utilize artificial intelligence and machine learning to offer financial advice. Additionally, FaaS provides digital banking solutions that permit companies to supply their customers with online banking services. As per a report issued by Finder.com, an Australia-based comparison website,in July 2023, it's predicted that 93% of the British population were using online banking in 2022 and an additional 5.3 million British people (10%) plan on opening a digital-only bank account in 2023. By 2028, it's estimated that the number of digital-only bank account holders will be 22.6 million (43%). Consequently, the rise in the transition towards digital banking and payments is fueling the fintech as a service market growth.
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What Are the Key Trends Driving Fintech as a Service (FaaS) Market Growth?
The emergence of technological advancements is a significant trend gaining traction in the fintech as a service sector. Primary companies in this sector are focusing on crafting technologically superior solutions to enhance their market stance. For example, in April 2023, a US-based regional holding bank, Valley National Bank, released a new fintech innovation platform backed by NayaOne. The platform, with a simple and user-friendly onboarding process, is already amalgamated with the goods and services of several financial firms. It provides a range of tools for creating and utilizing synthetic data, empowering Valley and its fintech associates to expediently pilot new solutions in a safe, controlled setting.
Which Segments in the Fintech as a Service (FaaS) Market Offer the Most Profit Potential?
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 Firms Dominate the Fintech as a Service (FaaS) Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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