Fintech-as-a-Service Market Set to Reach USD 1305.7 Billion by 2032 | Driving Growth through Technological Advancements and Increased Adoption of Digital Financial Solutions | Research by SNS Insider

The Fintech-as-a-Service market is witnessing remarkable growth due to the rising demand for seamless digital financial solutions and the increased adoption of technology in financial services.

Pune, Oct. 22, 2024 (GLOBE NEWSWIRE) — Fintech-as-a-Service Market Size Analysis:

“The SNS Insider report indicates that the Fintech-as-a-Service market size was valued at USD 308.9 billion in 2023 and is expected to grow to USD 1305.7 billion by 2032, achieving a CAGR of 17.4% over the forecast period of 2024-2032.”

The Fintech-as-a-Service (FaaS) market is expanding rapidly, offering businesses the tools and infrastructure needed to integrate financial services such as payments, banking, lending, and insurance into their platforms with ease. This growth allows companies from various industries to provide financial services without building their own technology. Key drivers of this expansion include the increasing adoption of digital banking, the rise of embedded finance, and the growing demand for APIs that enable seamless integration of these services. The rapid growth of e-commerce and the need for efficient payment solutions also play a vital role. In regions like Europe, regulations such as Open Banking are encouraging the adoption of fintech solutions, further propelling the market. Additionally, the widespread increase in smartphone usage and internet connectivity is boosting demand for digital financial services. Prominent FaaS providers include companies like Stripe, which specializes in payment processing, and Plaid, which offers APIs for accessing financial data. In 2023, Stripe processed over USD 640 billion in payments annually, highlighting the increasing demand for fintech infrastructure. Similarly, digital lending platforms are leveraging FaaS to streamline loan processes, with the digital lending market projected to reach USD 20.3 billion by 2026. Moreover, there is an increasing trend of collaboration between traditional financial institutions and fintech companies. This partnership boosts the capabilities of banks and other financial entities, allowing them to utilize advanced technology to enhance their service offerings. The rise of embedded finance—where financial services are integrated into non-financial platforms—also creates significant growth opportunities for Financial-as-a-Service (FaaS) providers.

Additionally, advancements in technologies such as AI and big data analytics are revolutionizing the delivery of financial services. By leveraging these technologies, fintech companies can offer more personalized services, improve operational efficiency, and effectively manage risks. Consequently, the demand for FaaS is on the rise as financial institutions work to stay competitive in a rapidly changing market.

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Major Players Analysis Listed in this Report are:

• PayPal Holdings, Inc. (PayPal)
• Block, Inc. (Square)
• Mastercard Incorporated (Mastercard Payment Gateway)
• Envestnet, Inc. (Envestnet | Yodlee)
• Upstart Holdings, Inc. (Upstart Platform)
• Rapyd Financial Network Ltd. (Rapyd Wallet)
• Solid Financial Technologies, Inc. (Solid API)
• Railsbank (Railsbank Banking Engine)
• Synctera Inc. (Synctera Platform)
• Braintree (Braintree Payments)
• Stripe, Inc. (Stripe Connect)
• Adyen N.V. (Adyen Payment Solutions)
• Dwolla, Inc. (Dwolla API)
• WePay (a JPMorgan Chase Company) (WePay Payments API)
• Finastra (FusionFabric.cloud)
• Plaid Inc. (Plaid Link)
• Tink (Tink Platform)
• N26 GmbH (N26 Banking App)
• Kabbage, Inc. (a subsidiary of American Express) (Kabbage Funding)
• Zelle (operated by Early Warning Services, LLC) (Zelle Payment Service)

Fintech-as-a-Service Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 308.9 Billion
Market Size by 2032	US$ 1305.7 Billion
CAGR	CAGR of 17.4% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	• Rising demand for digital financial services drives the market growth. • The rising need for business agility and flexibility drives the market growth. • Increasing adoption of cloud computing drives the market growth.

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Segmentation Analysis

By End-Use

In 2023, the insurance segment dominated the market, with over 32.0% of global revenue share. That leadership is driven in large part by a growing recognition of technology’s potential for revolutionizing and improving the way insurance operates. Financial technology solutions in this area include anything from digital underwriting and claims processing to policy management and risk assessment. They are using data analytics, artificial intelligent-based algorithms and automation to strengthen the efficiency, accuracy and customer satisfaction of insurance operations. Probably the most agile partners in this evolution are Fintech-as-a-Service providers, enabling insurance companies to simplify processes, minimize costs, and customize their offerings.

In contrast, the financial lending companies segment is projected to experience significant growth during the forecast period. This growth in the segment is propelled by rising consumer demand for easy access to financial services from home. In addition, technology-enabled platforms enable financial institutions to provide services that offer fixed deposits and lending borrowing. Increasing Preference for Digital Lending Platforms also support market growth.

Fintech-as-a-Service Market Segmentation:

By Type

• Payment
• Fund Transfer
• Loan
• Others

By Technology

• Artificial Intelligence
• API
• RPA
• Blockchain
• Others

By Application

• KYC Verification
• Fraud Monitoring
• Compliance & Regulatory Support
• Others

By End-Use

• Banks
• Financial Lending Companies
• Insurance
• Others

Regional Landscape

In 2023, the fintech-as-a-service market in North America led with more than 36.2 % revenue share. The strength of its technology ecosystem, existing financial institutions and a culture around digitization are some of the key factors behind how successful the region is. North America has been a fertile ground for fintech innovation with Silicon Valley attracting many successful startups and major financial centers such as New York City. Moreover, the large population, high digital penetration and technological readiness, in turn create a solid ground for fintech-as-a-service expansion on regional basis. In addition, regulatory support as well as a comprehensive financial services ecosystem strengthen North America in this dynamic market.

On the other hand, Asia Pacific is anticipated to witness the highest CAGR during the forecast period. Such growth has been driven by the increased cognizance of the benefits associated with fintech-as-a-service platforms in Asian countries like China, India, and Japan. Governments as well as venture capitalists are slowly pouring money into fintech firms to help drive the growth of digital services and fintech-as-a-service products.

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Recent Developments

In March 2023, Synctera Inc., a provider of FaaS for banking, announced that it had partnered with Google Cloud to offer its platform on Google Cloud Platform. The partnership will make it easier for banks to adopt Synctera’s platform and build innovative financial services applications.

In February 2023, Railsba, a provider of FaaS for the financial industry, announced that it had raised USD 10 million in Series A funding. The funding will be used to expand Railsba’s product offerings and customer base.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7.  Fintech-as-a-Service Market Segmentation, By Type

8.  Fintech-as-a-Service Market Segmentation, By Technology

9.  Fintech-as-a-Service Market Segmentation, By Application

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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