Banking-as-a-Service Has Become a $37 Billion Industry

The global banking-as-a-service (BaaS) market reached $37 billion in 2024, according to Allied Market Research. The market is growing at 25% per year and is projected to exceed $74 billion by 2028. BaaS platforms allow any company — from a ride-sharing app to an accounting software provider — to offer banking products like deposit accounts, debit cards, and loans without obtaining a banking licence. The technology and regulatory i