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Globe and Mail
3 hours ago
- Business
- Globe and Mail
Fintech as a Service Market Future Scope: Size, Share, Trends, Opportunities Analysis Forecast Report By 2029
"PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US) , Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US)." Fintech as a Service (FaaS) Market Size Share, Growth Analysis by Type (Banking, Payment, Insurance, Investment), Technology (AI, Blockchain, RPA, API), Application, End User and Region - Global Industry Forecast to 2029. The Fintech as a Service (FaaS) market is projected to expand at a Compound Annual Growth Rate (CAGR) of 17.6% from USD 358.8 billion in 2024 to USD 806.9 billion by 2029. Digital transformation, regulatory changes, and the need for creative financial solutions are driving the FaaS market's expansion. Financial services that are formed, offered, and mobilized with a strong focus on customer security, data privacy, financial inclusion, and social ethics are being encouraged by the Fintech market. The market tends to focus on creating solutions while upholding strict rules of accountability, openness, and fairness that show that these financial services are not only accessible and advantageous for all, but also safe. Download PDF Brochure@ FaaS solutions enable organizations to access pre-built financial technology solutions that can be integrated into existing systems, enabling businesses to provide innovative financial services, reducing the cost of new in-house development technology and the investment needed for resources, which makes it cost-efficient financial services, making high-tech tools available without a high upfront cost. With FaaS, companies can focus on competition and innovation with their core operations, delivering cutting-edge financial services to their customers. Based on the type, Payments in the FaaS market accounts for the highest market size during the forecast period. Payments are expected to maintain the highest market share in the FaaS market for various reasons. Their ubiquitous nature, being important to daily transactions and serving a vast customer base involving individuals, businesses, and governments, and rapid technological advancements like digital wallets, biometric authentication, upgraded security on real-time payments, convenience, and efficiency play a crucial role in financial inclusion by providing services through mobile payments in the emerging market. It acts as a boon by providing solutions and services to a major segment of the population through digital platforms. It is enhancing the customer experience by integrating payment methods to various platforms such as e-commerce, ride-sharing, and digital commerce, driving the popularity of subscription-based models, and its regulatory evolution, such as open banking payments and Payment Services Directive 2 (PSD2), creating strong authentication and open API's. By application, KYC Verification segment will grow at the highest CAGR during the forecasted period. The Know Your Customer (KYC) verification segment is growing faster than any other part of the fintech-as-a-service market. This growth comes from a few key factors. Companies need to follow stricter rules, like those against money laundering and funding terrorism, as well as laws about data privacy, such as GDPR and CCPA. More cases of identity theft and financial scams make it crucial to have accurate and reliable KYC to keep customers safe. KYC also helps make signing up new customers online smoother and quicker, improving their first experience and letting companies assess risk better. As the fintech world grows and technology improves, like fingerprint scans and smart computer analysis, the need for solid KYC checks increases. This builds customer trust and protects the good name of financial companies. By region, Asia Pacific will grow at the highest CAGR during the forecast period. Asia Pacific is forecasted to grow at the highest CAGR due to the rapid adoption of digitization, rising internet penetration, and widespread use of smartphones in countries like India, China, and Indonesia, which have a large customer base. These regions are one of the largest populations, which provides an opportunity for fintech companies for financial inclusion. The government's support and praise for fintech solutions is being heavily backed up, showing a positive future aspect of growth in the FaaS market. The region also attracts a large number of investment interests from various sources due to its population and growing demand for digital financial services, mostly among middle-class earning entities. The market is also a rising hub of digital platforms, which further enhances the strong entrepreneurial ecosystem and the fintech landscape. Request Sample Pages@ Unique Features in the Fintech as a Service Market The Fintech as a Service market is distinguished by its modular design, enabling businesses to adopt and scale individual financial functionalities such as payments, lending, KYC, or compliance independently. This flexibility allows startups and enterprises to integrate only what they need, reducing time-to-market and operational complexity. A key characteristic of FaaS is its API-first approach, which facilitates seamless integration with existing digital ecosystems. This interoperability enables banks, e-commerce platforms, and other non-financial companies to embed financial services directly into their platforms without overhauling legacy systems. FaaS enables broader access to financial tools for underserved markets. By offering cloud-based financial services at a lower cost and with minimal infrastructure, FaaS supports financial inclusion for SMEs, gig workers, and individuals in developing regions. Compliance-as-a-service is a unique layer within the FaaS landscape. Providers often offer built-in support for AML, KYC, PSD2, and GDPR regulations, making it easier for clients to operate across borders while minimizing regulatory risks. FaaS allows businesses to launch new financial products quickly by outsourcing complex backend operations such as fraud detection, transaction monitoring, and credit scoring. This agility fosters innovation and accelerates go-to-market strategies. Major Highlights of the Fintech as a Service Market The Fintech as a Service market is witnessing rapid expansion due to rising demand from both financial institutions and non-financial enterprises aiming to offer embedded financial solutions. Increased digital transformation initiatives and the need for cost-effective financial operations are key drivers fueling this growth globally. One of the most prominent trends is the surge in embedded finance, where retailers, marketplaces, and SaaS providers integrate FaaS solutions to offer services like BNPL, micro-lending, or digital wallets. This trend is transforming customer engagement and expanding revenue models across industries. Small and medium-sized enterprises are increasingly adopting FaaS platforms to access sophisticated financial infrastructure without heavy capital investment. This democratization is enabling them to compete with larger players and innovate faster in financial service delivery. The market is marked by increasing strategic alliances among banks, fintech startups, and technology vendors. These collaborations are essential to co-develop robust FaaS ecosystems and deliver end-to-end solutions tailored to specific business needs. Inquire Before Buying@ Top Companies in the Fintech as a Service Market PayPal (US), Mastercard (US), Fiserv (US), Block (US), Rapyd (UK), Envestnet (US), Upstart (US), Solid Financial (US), FIS (US), Synctera (US), Stripe (US) , Adyen (Netherlands), Dwolla (US), Finastra (UK), Revolut (UK), Fispan (Canada), Nium (Singapore), Airwallex (Australia), Sofi Technologies Inc. (US), Margeta (US), Finx (US), Synapse (US). PayPal (US) PayPal (US) has a stronghold in FaaS due to its diversified offerings in payment management in the FaaS market. Paypal provides online secure payments, money transfers, and digital wallets, which are preferred by buyers and sellers. With the acquisitions of Honey Science Corporation and investments in MercadoLibre and Uber, PayPal has increased its strategic growth. These strategic partnerships, continuous investments in technologies, and adaptability to evolving market dynamics make the customer bases loyal, providing them with user-friendly services. Paypal's growth in the FaaS market is fueled as the result of its growing initiatives in fintech as a service market with advanced technology adoption to comprehensive payment solutions and its global reach of customers. Mastercard (US) Mastercard partnering with the top digital payment and neobank fintechs listed by CNBC. The company provides solutions, including Mastercard Smart Data. Mastercard's relationships with fintech companies are strategic in nature, as they can access its payment network and services. Leader in finance Mastercard allows API-first tech companies to provide more financial services efficiently. Mastercard uses technology to provide digital payments and loans to its customers. Leadership fueled by regular investments in new tech like blockchain, AI, and cloud computing and acquire companies like Baffin Bay Networks. Mastercard's global scale, supportive regulatory framework, and agility in responding to changing customer demands with frictionless, tailored financial solutions. The Mastercard For Fintechs Program equips fintechs with the tools, insights, and network necessary to build a safe and more resilient world. Fiserv (US) Fiserv (US) is a leading provider in the Fintech as a Service (FaaS) market, delivering innovative payment processing, digital banking, and financial technology solutions. Its platform empowers businesses to streamline transactions, enhance customer experiences, and leverage advanced analytics for financial decision-making. Block (US) Block (US), formerly Square, is a leading player in the Fintech as a Service (FaaS) market, providing innovative financial solutions such as payment processing, point-of-sale systems, and business management tools. Its ecosystem empowers businesses of all sizes to streamline transactions and enhance financial operations. Rapyd (UK) Rapyd (UK) is a leading player in the Fintech as a Service (FaaS) market, providing a global platform that integrates payments, banking, and financial services. Its solutions enable businesses to accept payments, disburse funds, and manage financial operations seamlessly across multiple
Irish Independent
a day ago
- Irish Independent
Three women admit money laundering for Louth Organised Crime Group
Annie Julia Smith (28), Jade Heeney (27) and Marlena Aleksandrowicz (29) appeared before Dundalk Circuit Court and were remanded on continuing bail to July 30 for finalisation of the case with a warning from Judge Dara Hayes that there is 'a strong possibility of custodial sentences'. The defendants were described as at the lower scale of a money laundering enterprise for the Boylan Organised Crime Group. None of them profited from it. They had no previous convictions. Keith Boylan was named in court as the alleged head of the Boylan OCG and his brother Josh as the alleged second in command. Jade Heeney is the former partner of Keith Boylan, while Annie Julia Smith is the former partner of Josh Boylan. Gda John Walsh testified that Keith Boylan is 'identified as the head' of the crime group and Josh Boylan 'classed as second in command'. Ms Heeney, Castlemanor, Ballymakenny, Drogheda; Ms Smith, Candy Lodge, Stamullen Road, Gormanston and Marlena Aleksandrowicz, Bridgefield Northwood, Santry, Dublin 9 Cedar Place, Swords; each admitted one count of money laundering through their respective Revolut accounts which they allowed the gang to use. Gda Walsh gave evidence that the Boylan OCG was one of two factions in the 'so-called Drogheda Feud'. As part of an investigation into this gang's activities a large amount of bank and other accounts were probed and each of the three accused were identified as money laundering the proceeds on behalf of the OCG. Between July 10, 2020 and February 27, 2021, €16,348 went into Marlena Aleksandrowicz's Revolut account from associates of the OCG and €14,950 was withdrawn. She was a friend of Hannah O'Connor, Keith Boylan's partner, and did this as a favour to her. Following her arrest by arrangement on September 25, 2023, she told Gardaí that she was afraid to say 'no'. "Hannah asked me. I didn't know her boyfriend.' Gda Walsh agreed with defence counsel that Ms Aleksandrowicz was 'out of her depth'. Barrister Donough McDonough, instructed by solicitor James Allen, said that she accepted her actions were reckless. She regretted this which had a toll on her and was a constant source of worry. Born in Poland and an only child, the defendant grew up in Swords. References and a letter of apology were available. Ms Aleksandrowicz and her partner were looking forward to the birth of their child in October. Gda Walsh said that between December 20, 2020 and January 31, 2021, €13,033 was transferred by members of the OCG to Jade Heeney's Revolut account and €12,551.37 withdrawn. For approximately four years she had been the partner of Keith Boylan. The relationship had ended by the time of this offending. She had been given €1,000 to put into the account after being directed to download the app and to hand over the card to a person unknown to her. "I just did it. I wasn't thinking. I didn't see the transactions in or out. I shouldn't have given the card. I was told to,' she told investigators following her arrest on May 26, 2023. Barrister Ronan O'Carroll, instructed by solicitor James Allen, said that Ms Heeney was still suffering from the effects of the relationship which she ended. She was under pressure and duress to do this offending. A fully qualified hair stylist working in Dundalk, she too wrote a letter of apology and had references. The court heard that between June 17, 2020 and June 3, 2021, associates of the OCG put €8,967.50 into Annie Julia Smith's Revolut account and withdrew €5,080. She was the former partner of Josh Boylan between 2018 and December 2020. The relationship ended on bad terms. Ms Smith was arrested on September 6, 2023 by arrangement. Barrister Stephen Faulkner, instructed by solicitor Eleanor Kelly, said that she outlined in a letter her shame and embarrassment. Her offending couldn't be excused but she was afraid to refuse. Judge Hayes said that the three defendants were at the 'lowest rung' but it was to the benefit of a serious criminal organisation which required the assistance of people to launder their unlawful gains. There was a strong possibility of custodial sentences, the judge continued. He was not saying that will be the outcome. He would consider the submissions. It was a 'finely balanced case'. The matter was adjourned to July 30.
RTÉ News
2 days ago
- RTÉ News
Brothers named in court as alleged leaders of Drogheda crime group
Two brothers have for the first time been named in court as the alleged leaders of one faction of the Drogheda feud. Keith Boylan, aged 30 and of Moneymore in Drogheda, was named as the leader of the Boylan organised crime group. His 26-year-old brother, Josh, was also named by a garda witness in court today as the group's second-in-command. The Drogheda feud, which erupted in 2018, claimed the lives of four people, including that of teenager Keane Mulready-Woods. Garda John Walsh of Drogheda Garda Station named both brothers during a sentence hearing for three women who have pleaded guilty to money laundering offences for the organised crime group. Marlena Aleksandrowicz, 29, from Bridgefield in Northwood, Santry, Dublin; Jade Heeney, 27, from the Hill of Rath in Drogheda; and Annie Smith, 28, of The Alders, Avourwen in Drogheda have all pleaded guilty to money laundering charges. Garda Walsh told Dundalk Circuit Criminal Court today that the Boylan organised crime group was involved in the large-scale importation of drugs for sale or sale. He said the women had allowed their bank accounts or Revolut accounts or both to be used to facilitate payments to or from the organised crime group. All of the offences took place between 2020 and 2021. The court was told that each of the women had connections to the Boylans. Ms Heeney was in a relationship with Keith Boylan for four years while Ms Smith is a former partner of Josh. Ms Aleksandrowicz was a friend of Keith's girlfriend. In mitigation, each of the defence barristers said their clients had fully co-operated with the garda investigation and entered early guilty pleas. Ronan O'Carroll BL for Ms Heeney told the court that Keith Boylan was "not someone you could say no to" and the relationship his client had with him was abusive and controlling. The barristers said while their clients accepted responsibility for their actions, they had been placed under a certain amount of duress to allow their bank accounts be used to facilitate the proceeds of crime. Judge Dara Hayes said these were very serious charges before the court and there was a strong possibility that each of the women could be spending time in prison. However, the judge said he would need time to consider the matter as it was "finely balanced". Judge Hayes then adjourned sentencing to 30 July.
Time of India
2 days ago
- Business
- Time of India
Fintech Klarna to launch $40 per month mobile plan in US
Swedish fintech Klarna on Wednesday said it would launch an unlimited mobile plan in the US, joining other finance companies moving into the telecoms business, including British rival Revolut. A number of fintechs, including Germany's N26 and Brazil's Nubank, have started offering mobile services in various countries as they seek to diversify their revenues. Other investors outside the fintech arena have also put money into the mobile services business such as actor Ryan Reynolds and on Monday US President Donald Trump's family business also licensed its name to launch a mobile service. Klarna's mobile plan, which includes unlimited 5G calls and data for $40 per month, will use the platform provided by US mobile services startup Gigs. Google-backed Gigs, which as a partnership with AT&T, makes it easier for any company to become a mobile virtual network operator (MVNO) and sell mobile services to customers without owning the infrastructure that provides them. Klarna, which paused its plans for an initial public offering in April, has more than 25 million users in the US and the fintech is increasingly choosing the country to launch new products. "Our ambition has always been to solve everyday problems ... mobile is a natural next step in building out our neobank offering," Klarna CEO Sebastian Siemiatkowski told Reuters. Most global fintechs have started a mobile service in other countries before entering the US, but Klarna plans to start in the US, its largest market, and roll out in the UK, Germany and other markets later this year. "There will be significant disruption to the MVNO market over the next two years, as enterprises try their hand at launching their own MVNO service," Juniper Research analyst Alex Webb said. "However, increased competition brings increased risk, so not all MVNO projects are likely to be successful." US MVNO market size is estimated at $14.83 billion in 2025, and is expected to reach $20.84 billion by 2030, according to research firm Mordor Intelligence.
Reuters
3 days ago
- Business
- Reuters
Fintech Klarna to launch $40 per month mobile plan in US
STOCKHOLM, June 18 (Reuters) - Swedish fintech Klarna on Wednesday said it would launch an unlimited mobile plan in the U.S., joining other finance companies moving into the telecoms business, including British rival Revolut. A number of fintechs, including Germany's N26, opens new tab and Brazil's Nubank, opens new tab, have started offering mobile services in various countries as they seek to diversify their revenues. Other investors outside the fintech arena have also put money into the mobile services business such as actor Ryan Reynolds and on Monday U.S. President Donald Trump's family business also licensed its name to launch a mobile service. Klarna's mobile plan, which includes unlimited 5G calls and data for $40 per month, will use the platform provided by U.S. mobile services startup Gigs. Google-backed Gigs, which as a partnership with AT&T (T.N), opens new tab, makes it easier for any company to become a mobile virtual network operator (MVNO) and sell mobile services to customers without owning the infrastructure that provides them. Klarna, which paused its plans for an initial public offering in April, has more than 25 million users in the U.S. and the fintech is increasingly choosing the country to launch new products. "Our ambition has always been to solve everyday problems ... mobile is a natural next step in building out our neobank offering," Klarna CEO Sebastian Siemiatkowski told Reuters. Most global fintechs have started a mobile service in other countries before entering the U.S., but Klarna plans to start in the U.S., its largest market, and roll out in the UK, Germany and other markets later this year. "There will be significant disruption to the MVNO market over the next two years, as enterprises try their hand at launching their own MVNO service," Juniper Research analyst Alex Webb said. "However, increased competition brings increased risk, so not all MVNO projects are likely to be successful." U.S. MVNO market size is estimated at $14.83 billion in 2025, and is expected to reach $20.84 billion by 2030, according to research firm, opens new tab Mordor Intelligence.
