To obtain a free preview of our Banking Briefing,Banking-as-a-Service is a key component to open banking, in which banks open up their systems and allow third parties to access their data to enhance their own services. This growing market is transforming retail banking, reshaping incumbents' relationships with customers, and easing entry for fintechs.The UK is leading the open banking movement with regulatory efforts that are reverberating throughout the world.
Here are the top companies already implementing BaaS strategies, broken out into two main categories:solarisBank bills itself as a"tech company with a banking license." The Berlin-based startup holds a German banking license and provides a BaaS platform that enables businesses to offer fully digital and compliant white labeled financial services to their end-customers.
The company boasts nearly 60 global corporate clients, and closed a €56.6 million Series B funding round in early 2018 that included investments from BBVA, Visa, SBI Group, and Lakestar.
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