Global Banking as a Service (BAAS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

Global Banking as a Service (BAAS) Market is segmented by Enterprise (Large Enterprise, Small & Medium Enterprise), by End Users (Banks, Fintech Corporations, Others) and by Regions (North America, Europe, Asia Pacific, Middle East & Africa)

Market Snapshot

banking as a service market
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Europe
CAGR: >17.2 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The global baas providers market would experience significant growth in the coming years, and the trend is forecasted to follow a positive trajectory. Banking-as-a-service is an end-to-end approach that enables third-party companies to provide financial services to their clients by collaborating with banks through APIs. Banking-as-a-Service (BaaS) platforms provide more financial transparency options by letting banks open up their APIs for third parties to develop new services.

Speedy, convenient, and personalized banking and payment experiences are becoming non-negotiable since consumers have developed increasingly digital-first habits due to the COVID 19 pandemic. IBM has found that around 79% of bank executives believe that the adoption of platform-based business concepts will help them obtain a viable competitive edge and ensure better innovation, profitability, and expansion to new markets. Many banks seek ways to innovate their payment processes to meet customers’ changing expectations, but their awareness of the BaaS opportunity remains nascent. One study found that just 11% of banks are currently pursuing a BaaS strategy, and just 8% reported they are in the process of building such a strategy for future use.

Scope of the Report

A complete background analysis of the Global Baas Providers market, which includes an assessment of the National accounts, economy, and emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. Global Banking as a Service (BAAS) Market is segmented by Enterprise (Large Enterprise, Small & Medium Enterprise), by End Users (Banks, Fintech Corporations, Others), and by Regions (North America, Europe, Asia Pacific, Middle East & Africa).

Large Enterprise
Small & Medium Enterprise
End Users
Fintech Corporations
North America
Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Rising Adoption of Digital Banking is Fueling the Baas Market

The growth of the Baas providers is fueled by the continuous increase in online banking users. Globally, digital banking users are expected to cross the 3.6 billion mark by 2024. The pandemic has accelerated the adoption of online banking by retail banks. However, cyber security concerns, the need to protect consumer data, and online fraud is restricting the growth of the market as it breaks the trust of customers, which refrains them from using online banking services. Furthermore, advancements in fund transaction services in several developing countries have a positive impact on the expansion of the banking-as-a-service sector.

banking as a service market share

Europe is Dominating the Market

In the UK, revenue generated through open banking-enabled small- and medium-sized business and retail customer propositions was $700 million in 2018, per PwC — and as per media reports, it is expected to grow at 25% CAGR to reach $2 billion by 2024. Hence, Europe is dominating the global Baas providers market. However, a lucrative opportunity is expected to be witnessed in the Asia Pacific owing to the development of fintech infrastructure and the rising focus of government on digital economies.

banking as a service industry

Competitive Landscape

The report covers major international players operating in Global Banking as a Service (BAAS) Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, domestic and international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Green Dot Corporation, SolarisBank, Bnkbl Ltd, and others.

Recent Development

  • On 5th May 2022, Solarisbank announced that it will work with Snowflake, the Data Cloud company, to double down on creating a cloud fluent organization.
  • On 15th March 2022, Green Dot Corporation announced it is partnering with Plaid, the data network powering the digital financial ecosystem, to bring secure open finance solutions to GO2 bank customers. Launched in 2021, GO2bank is Green Dot’s flagship digital bank designed to give all people the power to bank seamlessly, affordably and with confidence.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on impact of technology and innovation in Banking as a Service Market

    5. 4.5 Insights on Performance of Banking as a Service Providers Globally

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 Enterprise

      1. 5.1.1 Large Enterprise

      2. 5.1.2 Small & Medium Enterprise

    2. 5.2 End Users

      1. 5.2.1 Banks

      2. 5.2.2 Fintech Corporations

      3. 5.2.3 Others

    3. 5.3 Regions

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Middle-East and Africa


    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 SolarisBank

      2. 6.2.2 Bnkbl Ltd

      3. 6.2.3 Treezor

      4. 6.2.4 MatchMove Pay Pte Ltd

      5. 6.2.5 Currency Cloud

      6. 6.2.6 ClearBank Ltd.

      7. 6.2.7 Green Dot Coeporation

      8. 6.2.8 Square Inc.

      9. 6.2.9 Treasury Prime

      10. 6.2.10 Sarling Bank*

    3. *List Not Exhaustive


You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Banking as a Service (BAAS) Market market is studied from 2018 - 2027.

The Banking as a Service (BAAS) Market is growing at a CAGR of >17.2% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

Green Dot Corporation, SolarisBank, Bnkbl Ltd, Treasury Prime, MatchMove Pay Pte Ltd are the major companies operating in Banking as a Service (BAAS) Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!