Seems like bbaas, banking backend as a service, solves a significant need in the world, considering existing alternatives. For example in Europe there’s Mambu that seems to do something similar.
Not sure what the exact customer pain is here, could be that banks were the first to adopt IT and now have a large legacy where there is little value in rebuilding it with modern stacks, as it offers little competitive differentiation.
Or maybe there’s a need to quickly bring new banking products to market, and the backend stuff is so standardized that it’s best to buy it off the shelve.
There are lots of companies that are providing these BaaS in the US. Stripe, Modern Treasury, Treasury Prime, Lithic, SynapseFi, Gallileo, I2C come to mind. Probably another 20 more.
Then there's of course many CBS providers including the more modern ones like Mambu.
Not sure what the exact customer pain is here, could be that banks were the first to adopt IT and now have a large legacy where there is little value in rebuilding it with modern stacks, as it offers little competitive differentiation.
Or maybe there’s a need to quickly bring new banking products to market, and the backend stuff is so standardized that it’s best to buy it off the shelve.