The total BaaS (Banking-as-a-Service) platform revenue will rise from $11 billion in 2022 to $38 billion by 2027: Juniper Research
A new study from Juniper Research discovered that the total BaaS (Banking-as-a-Service) platform revenue will rise from $11 billion in 2022 to $38 billion by 2027. The impressive growth of 240% will be driven by BaaS’ ability to strengthen relationships between brands and their customers with user-friendly banking and payments experience.
BaaS main benefit is enabling non-banking companies to offer financial services without owning a banking licence or infrastructure. This way, brands can generate new revenue without time- and resource-consuming development of the new in-house capabilities.
BaaS Sector Leaders
The research assessed the top 15 BaaS vendors globally based on distribution, partnerships, breadth of offering and future business prospects in BaaS. Accordingly, it identified the top 3 vendors as follows:
- Green Dot
Green Dot leads the BaaS market largely due to its strong partnerships with large retailers such as Apple and Walmart. Additionally, the research highlights Green Dot’s impressive array of banking and payments solutions, including card issuance, custom rewards and payroll services.
Marqeta ranks well due to its impressive international presence. It helps the firm to leverage a competitive position when onboarding multinational customers.
Solaris’ success also stems from its large volume of partnerships achieved through its established brand. At the same time, the company benefits from the ease of integration and technical support offered with all its services.
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