Fintech As A Service Market To Reach $949.49 Billion By 2030

Fintech As A Service Market Growth & Trends

The global fintech as a service market size is expected to reach USD 949.49 billion by 2030, growing at a CAGR of 17.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of financial technology-based solutions and platforms globally is anticipated to drive the growth of the market. The increasing adoption of cloud-based software, artificial intelligence, and big data integrated with financial services is expected to drive the growth of the market for Fintech-as-a-Service.

In May 2023, Finastra, a global provider of financial software applications and platforms, joined forces with BKN301 Group, a fintech company committed to removing financial obstacles. This collaboration aims to address financial barriers in rapidly expanding markets. The goal is to introduce inventive solutions that foster economic development, facilitating mutual opportunities between these markets and those in the Western regions.

The investments made in financial technology companies are estimated to generate opportunities for market growth over the forecast period. For instance, in July 2021, an API developer, Railsbank Technology Ltd, raised USD 70 million in a fundraising event headed by Anthos Capital, a U.S.-based investment company. The allocated funds will be utilized to advance the company's Fintech-as-a-service platform and offer customers a range of solutions for product development.

The outbreak of the COVID-19 pandemic is expected to play a crucial role in driving the growth of the Fintech-as-a-Service platform market over the forecast period. The increasing demand for digital financial services increased drastically during the pandemic. Banks and financial institutions were looking at innovative ways to provide their services online during the pandemic which bolstered the growth of the market.

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Fintech As A Service Market Report Highlights

• The fund transfer segment is expected to witness the fastest growth over the forecast period. The fund transfer applications and software being introduced such as Meta Pay by some of the major companies worldwide are expected to drive the growth of the segment

• The artificial intelligence segment is anticipated to witness significant growth over the projected period. Artificial intelligence is experiencing rapid growth due to its ability to automate and optimize financial processes, enhance customer experiences, and provide data-driven insights for better decision-making.

• The KYC verification segment is expected to witness the fastest growth over the forecast period The rising fraudulent activities such as ransomware, and identity theft among others across the globe is one of the major factors that propelled the market growth in 2021.

• The insurance segment is expected to witness the fastest growth over the forecast period. Keeping consumers' changing preferences in mind, insurers are offering flexible-term products and are customizing their offerings according to customer needs. With this changing trend, insurers are adopting Fintech-as-a-Service platforms which is driving the market’s growth

• The Asia Pacific regional market is expected to witness the fastest growth over the forecast period. The growing demand for technology-based payment platforms across the region is expected to play a decisive role in driving the growth of the regional market

Fintech As A Service Market Segmentation

Grand View Research has segmented the global fintech as a service market based on type, technology, application, end-use, and region:

Fintech As A Service Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Payment

• Fund Transfer

• Loan

• Others

Fintech As A Service Technology Outlook (Revenue, USD Billion, 2017 - 2030)

• API

• Artificial Intelligence

• RPA

• Blockchain

• Others

Fintech As A Service Application Outlook (Revenue, USD Billion, 2017 - 2030)

• KYC Verification

• Fraud Monitoring

• Compliance & Regulatory Support

• Others

Fintech As A Service End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Banks

• Financial Lending Companies

• Insurance

• Others

Fintech As A Service Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa (MEA)

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Fintech As A Service Market

• PayPal Holdings, Inc.

• Block, Inc.

• Mastercard Incorporated

• Envestnet, Inc.

• Upstart Holdings, Inc.

• Rapyd Financial Network

• Solid Financial Technologies, Inc.

• Railsbank Technology Ltd.

• Synctera Inc.

• Braintree