Banking as a Service is used by the likes of Chime, Monzo, and so many more… but what exactly IS it?
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 #customerexperience.
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, in this brand-new edition of 11:FS Explores (..at home!)
