Banking as a Service is used by the likes of Chime, Monzo, and so many more online banks and financial service providers.
So, what exactly is Banking as a Service (BaaS)?
Well, it’s the provision of complete banking processes as a service using an existing licensed bank’s secure and regulated infrastructure, with modern API-driven platforms from a specialist provider. These providers partner with those banks, and then BaaS lets almost any brand to embed financial services into their customer experience. And that might sound complicated - but it doesn’t have to be. Here to give you a run-down of BaaS is 11:FS Head of Ventures Simon Taylor.
