Global Fintech-as-a-Service Platform Market Size, Share, Growth Report 2030

The global fintech-as-a-service platform market was worth approximately USD 232.17 billion in 2021 and is expected to grow to approximately USD 949 billion by 2028, with a compound annual growth rate (CAGR) of approximately 17% between 2022 and 2028.

The report examines the global fintech-as-a-service platform market’s drivers, restraints/challenges, and the impact on demand over the forecast period. Furthermore, the report investigates new opportunities in the fintech-as-a-service platform market.

Overview of the Fintech-as-a-Service Platform Market

Fintech is a term that refers to the technology-driven segment of finance-related industries. It employs applications and software to improve the customer experience by automating processes related to financial transactions, resulting in simpler operations for the end-user. Fintech is more widely used than we realise because it has changed the way financial transactions are handled. Fintech-as-a-service refers to the provision of financial technology as a service, with the ultimate goal of resolving customer issues as quickly and efficiently as possible. Akurateco, a white-label payment gateway, for example, provides a “Cashier platform” that enables merchants from various businesses to access multiple payment solutions through a single integration.

The advantages of fintech-as-a-service platforms are numerous. These platforms do not require any kind of upkeep. Because this is a service platform, a user is not required to pay for these services. It is the vendor’s responsibility to ensure smooth processing. Because users can route transactions through multiple payment service providers and choose the lowest rates from a stack of providers, the services have been shown to reduce processing costs by at least 50%. With the growing demand for data and transactional security, many fintech-as-a-service platforms provide excellent fraud and chargeback prevention. This is one of the key features of these services, which are constantly attracting customers and resulting in a larger user database in such a short period of time.

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Fintech-as-a-Service Platform Market: Growth Drivers

Increasing investments in the banking sector to improve customer experience will drive market growth.
The global fintech-as-a-service platform market is expected to expand as a result of increased investments in the banking and finance sectors to upgrade and improve customer experience. Almost all sectors in today’s digital world have undergone intense technological advancements by leveraging the benefits of technology in easing operations while also providing excellent business output results. Banks and other financial institutions have been around for decades, but their technological revolution has only recently occurred due to increased customer demand for user-friendly service approaches.

Fintech-as-a-Service Platform Market: Segmentation

The global fintech-as-a-service platform market is divided into several segments, including technology, end-use, type, application, and region.

Artificial intelligence and blockchain are the two major global market segments in terms of technology. Maximum players are increasingly utilising blockchain. Due to its increased use by large-scale enterprises, blockchain technology will account for more than 28% of the global market in 2021. During the forecast period, the benefits of blockchain are expected to drive segmental growth.

Investment banking, retail banking, insurance, stock trading firms, hedge funds, and others are the global market segments based on end-use. Because of the high number of applications for insurance companies to handle claim processing and risk assessment, insurance generated more than 30% of global market revenue in 2021.

The global market is classified as follows: funds transfer, payments, personal loans, personal finance, and others. Payments accounted for approximately 40.20% of global market revenue in 202, aided by the incorporation of AI technology and mobile-based payment methods rather than traditional banking.

The global market segments are compliance and regulatory, KYC verification, and fraud monitoring. In 2021, compliance and regulatory support will account for 31.9% of global market revenue, driven by an increase in online customer support provided by financial institutions to improve customer service and streamline operations.

Fintech-as-a-Service Platform Market: Competitive Analysis

The global fintech-as-a-service platform market is dominated by players like Mastercard Incorporated, Rapyd Financial Network, PayPal Holdings, Inc., Solid Financial Technologies, Inc., Railsbank Technology Ltd., Block, Inc., Synctera Inc., Upstart Holdings, Inc., Envestnet, Inc., and Braintree

The global fintech-as-a-service platform market is segmented as follows:

By Technology

Artificial Intelligence
By End-Use

Investment Banking
Retail Banking
Stock Trading Firms
Hedge Funds
By Type

Fund Transfer
Personal Loans
Personal Finance
By Application

Compliance and Regulatory Support
KYC Verification
Fraud Monitoring
By Region
North America
The U.S.
The UK
Rest of Europe
Asia Pacific
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Rest of Latin America
Middle East & Africa
South Africa
Rest of Middle East & Africa

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