Banking-as-a-Service Revenue to Reach Over $38 Billion by 2027

Banking-as-a-Service Revenue to Reach Over $38 Billion by 2027
Fotolia

The total BaaS (Banking-as-a-Service) platform revenue will exceed $38 billion by 2027; rising from $11 billion in 2022, according to Juniper Research. The rapid growth of 240% will be driven by BaaS’ ability to deepen relationships between brands and their customers by providing a user-friendly banking and payment experience.

The research assessed the top 15 BaaS vendors within the global market and ranked Green Dot, Marqeta, and Solaris as the top 3 vendors. Juniper Research evaluated each vendor based on the same criteria, which included distribution and partnerships, breadth of offering, and future business prospects in BaaS. The research found that Green Dot leads the BaaS market largely due to its strong partnerships; specifically with large retailers such as Apple and Walmart. Additionally, it highlights Green Dot’s impressive array of banking and payment solutions, including card issuance, custom rewards, and payroll services.

Marqeta also ranks well due to its impressive international presence; being able to leverage a competitive position when onboarding multinational customers. Similarly to Green Dot, Solaris’ success stems from its large volume of partnerships that have been achieved through its established brand, coupled with the ease of integration and technical support offered with all its services.

“As digital banking is becoming increasingly advanced, pressure is on fintechs to innovate their BaaS capabilities to exceed user expectations. Offering a solutions portfolio in BaaS that has all the capabilities needed to offer banking services means that enterprises can focus on delivering a superior user experience, which is critical in an increasingly competitive banking environment,“ explained research author Dominique Tetnowski.