Banking as a Service Providers: 9 B2B Platforms

This guide compares nine options and explains how to assess their costs, responsibilities, and fit before choosing.

What Is Banking as a Service?

Banking-as-a-Service (BaaS) lets businesses offer banking features, like accounts and cards, through a licensed bank and a connected technology platform. For example, an invoicing app could use a BaaS platform to offer accounts and cards, so customers can receive payments and pay bills within the app.

Behind the scenes, the licensed bank typically holds the funds and handles regulated banking operations, while the business manages the app and customer experience.

BaaS providers vary: some are licensed banks themselves, while others are technology companies that connect you to partner banks.

Do You Really Need a Full BaaS Platform?

You may not need a full BaaS package. Another option is white-label software—a ready-made financial platform that you customize and offer under your own brand. The difference comes down to what you receive and what you still have to build:

• BaaS gives you the banking infrastructure. A licensed bank, or a provider partnered with one, supplies accounts, cards, and payments through APIs, but you still design and build the customer-facing product yourself.
• White-label software gives you that product already built. It can include a wallet, payment tools, and screens for checking balances or managing cards. Licensed providers still supply the underlying banking services behind it.

Some providers offer both banking access and white-label software in one embedded finance package.

BaaS and White Label Platforms at a Glance

Before diving into detailed profiles, use the table below for a quick snapshot of how each platform compares.

How to Choose the Right BaaS or White Label Provider

To select the right provider for your business, evaluate your options across these five steps.

1. Choose your target markets
2. Shortlist providers
3. Compare costs
4. Weigh workload
5. Check compliance and customer records

Step 1: Choose Your Target Markets

Begin with where your company is registered and where your customers are. List the wallets, cards, and currencies they need.

Sending money across borders is not the same as banking locally. International payout coverage does not necessarily include local accounts for your customers. 

Your target markets help determine which approach fits:

• The local path: If you are launching in one market, consider a BaaS provider or sponsor bank that supports the local accounts, cards, and payment methods your customers need.
• The global/multi-bank path: If you plan to expand internationally or handle cross-border flows, consider a white-label orchestration platform. It connects multiple banking and payment partners within one branded product.

Step 2: Shortlist BaaS and Embedded Finance Providers

The nine providers below differ most in who stands behind the service: a licensed bank, an e-money institution, or a technology platform working with partner banks. As you read each profile, check market coverage and which tasks the provider handles, then keep only those that fit the markets you chose in Step 1.

Framnex

Strengths:

• Faster launch with ready-made tools
• Flexible modular setup
• Multiple financial functions in one platform

Weaknesses:

• Relies on licensed partners for regulated financial services
• Product and regional availability depend on partners and compliance requirements

Framnex is a white-label embedded finance platform covering digital banking, payments, wallets, cards, foreign exchange (FX), cross-border payments, and remittances. Businesses can choose the tools they need and add more as they grow. Framnex provides the technology and integrations, while licensed partners deliver regulated financial services.

Best for: Marketplaces and businesses wanting to offer branded financial tools across multiple markets.

Treasury Prime

Strengths:

• Network of more than 20 US banks
• Direct bank agreements
• AI-assisted partner matching

Weaknesses:

• Banking network is US-focused
• Multiple bank relationships require separate agreements and oversight

Treasury Prime connects businesses with more than 20 US banking partners through one integration. Businesses sign agreements directly with their chosen banks and can expand to additional banks through the same platform.

Its AI Marketplace helps banks identify fintech partners that match their preferred industries, business stages, and risk appetite. The practical appeal is the ability to build direct banking relationships while using a shared technology platform across them.

Best for: Businesses seeking direct bank agreements and tools to manage multiple US banking relationships.

Synctera

Strengths:

• Built-in compliance tools
• Shared ledger and automated reconciliation
• Expert support for banking operations

Weaknesses:

• Banking programs focus on the US and Canada
• Businesses still need staff to handle assigned risk and operational tasks

Synctera pairs businesses with banking partners in the US and Canada and helps both sides run the banking program together. Its shared ledger and automated reconciliation tools help keep transaction records and bank balances aligned.

Alongside its APIs, Synctera provides expert compliance support and tools for customer checks, transaction monitoring, and investigating flagged activity. This makes it relevant when the work of running the program matters as much as connecting to the bank.

Best for: Fintechs building banking products in the US or Canada.

Unit

Strengths:

• Managed customer support and fraud-loss coverage
• Connections with Stripe and Adyen
• Ready-made customer interfaces

Weaknesses:

• Banking offering focuses on US services
• Managed-service scope and fraud coverage depend on the agreed terms

Unit is an established BaaS provider for fintechs and software platforms building US banking products. Businesses can offer accounts, cards, and payments through partner banks, using APIs or ready-made interfaces.

Its managed offering includes customer support and fraud-loss coverage. Connections with Stripe and Adyen also let businesses add banking and bill pay while keeping their existing payment processor. Buyers should distinguish this managed package from a more customized API-based deployment.

Best for: Software platforms adding US banking services while keeping their existing payment processor.

Solaris

Strengths:

• Own German banking license
• Accounts, cards, payments, and lending
• Banking services and technology from one provider

Weaknesses:

• European market focus
• Service availability depends on the country, customer group, and product

Solaris holds its own German banking License. Businesses can build accounts, cards, payments, identity checks, and lending into their products, with Solaris itself providing the banking services.

Its main structural difference is that the technology provider is also the bank. For businesses planning European financial products, this brings the software and underlying banking relationship together. The intended services and customer groups still need to fit Solaris’s requirements.

Best for: Businesses seeking a licensed bank to support European account, card, or lending products.

Griffin

Strengths:

• Own UK banking License
• Individual accounts with account numbers and sort codes
• Interest-bearing embedded accounts

Weaknesses:

• UK banking focus
• Customer and business eligibility must meet the bank’s criteria

Griffin is a UK bank built to provide banking services through APIs. Its embedded accounts can sit inside a customer-facing app or support background workflows such as collecting loan repayments, handling rent, or managing payroll.

Each embedded account belongs to the customer and has its own account number and sort code. This gives businesses a direct banking option for products that need individual accounts, payments, and interest-bearing balances.

Best for: Platforms, lenders, and payroll providers that need embedded UK bank accounts.

Swan

Strengths:

• French electronic money License
• EEA coverage
• White-label accounts, cards, and payment tools

Weaknesses:

• An e-money License is not a full banking License
• Focused on European markets

Swan is a European BaaS platform built on its own license and its own technology. It runs as a French e-money institution passported across the EEA, so partners can launch in multiple countries without arranging a separate bank relationship in each. Its ledger, card engine, and SEPA payment handling are built in-house.

Developers get GraphQL APIs, a sandbox, and an open-source front-end they can customize, along with local IBANs in markets such as France, Germany, and Spain. Swan also carries much of the KYC, KYB, and AML workload, though your business keeps its own regulatory duties. Keep the e-money model in mind: customer funds are safeguarded under e-money rules rather than held as ordinary bank deposits.

Best for: Best for fast European card and account issuance.

Airwallex

Strengths:

• Multicurrency accounts and foreign exchange
• Embedded payments, payouts, and card issuing
• International seller payouts through APIs

Weaknesses:

• Core product availability varies by market
• Customer onboarding and payment coverage have different limits

Airwallex was founded in Australia but now operates internationally. It provides embedded finance infrastructure that lets platforms and marketplaces collect, hold, convert, and pay out money across borders. Its APIs cover connected accounts, foreign exchange, payouts, and card issuing.

It suits platforms with cross-border operations or users in several regions. As with several other platforms here, features vary by market, including local payment options, onboarding flows, and card issuing, so confirm coverage for your target countries.

Best for: Marketplaces collecting payments in one currency and paying overseas sellers in another.

Nium

Strengths:

• Owned global licensing network
• Massive real-time cross-border payouts
• Flexible modular API stack

Weaknesses:

• Payment coverage is not the same as local account availability
• High developer integration complexity

Nium provides payment infrastructure for businesses moving money across borders. Its offering includes payouts, foreign exchange, multicurrency accounts, and card issuing, with use cases spanning payroll, marketplaces, travel, and supplier payments.

Its payout network reaches more than 190 countries, though methods and delivery speeds vary by destination. What sets Nium apart is that it holds its own licenses in more than 40 jurisdictions rather than relying only on partner banks, and it adds stablecoin settlement alongside traditional bank rails. That makes it a stronger fit when payout reach and settlement speed matter more than building a domestic deposit-account product.

Best for: Massive, real-time multi-jurisdictional payouts.

Step 3: Compare Costs

Ask each provider for a quote or fee schedule that separates setup fees, monthly charges, and usage fees, such as fees per payment, per card issued, or per customer check. This lets you compare quotes like for like.

Check how monthly minimums work. Say a provider charges a $2,000 monthly minimum and your usage fees for the month come to $1,200. If usage fees count toward the minimum, you pay $2,000 in total. If it is instead a separate $2,000 platform fee, you pay $3,200.

Then run the same forecasts through every quote: launch, slow growth, and high growth. A lower fee per payment is not always cheaper. For a hypothetical example, Provider A charges $0.10 per payment with a $5,000 monthly minimum, and Provider B charges $0.30 per payment with a $500 minimum. At 10,000 payments a month, A costs $5,000 and B costs $3,000. At 100,000 payments, A costs $10,000 and B costs $30,000. (This assumes usage fees count toward the minimum.)

Next, ask which fees are included and which are billed separately, such as bank transfer fees, card network fees, and identity-check vendor charges. If your agreement shares interchange revenue, check how deductions affect your earnings. A 50% share of $10,000 would be $5,000. If the agreement deducts $2,000 in processing costs first, your share falls to $4,000.

Lastly, ask separately who bears fraud losses and under what conditions. These are potential liabilities, not fees, and the answer can change what a provider really costs you.

Step 4: Weigh Workload

Before choosing a BaaS or white label software provider, measure the work needed to run the service—not just the number of payments.

Ask how many customer checks need manual review and how often customer balances differ from bank records. For example, 100 flagged checks taking six minutes each require ten staff hours. Agree who carries that load.

Check what happens when a marketing push causes a surge in traffic: how failed payment updates are retried, how backlogs clear, and what your team must handle.

Include setup, testing, incident reviews, and gathering audit records. Assign each task to your business, the bank, or the technology provider before signing.

Step 5: Check Compliance and Customer Records

Working with a BaaS provider does not remove your company’s regulatory duties. Before choosing one, agree how your business, the provider, and the underlying bank will handle customer identity checks (KYC) and anti-money laundering (AML) controls.

When several systems connect, customer balances and bank records can fall out of sync. In June 2024, the Federal Reserve took enforcement action against Evolve Bank & Trust over weaknesses in fintech-partner oversight and compliance controls, requiring improvements that included recordkeeping.

To help catch problems early:

• Regularly reconcile customer balances and transactions against bank records.
• Promptly flag discrepancies, duplicate payments, and failed transfers for investigation.

FAQs

What are some other top BaaS companies?

Other noteworthy BaaS and embedded finance companies are ClearBank, Railsr, and Weavr. ClearBank supports embedded bank accounts and savings products; Railsr offers embedded finance infrastructure for accounts and cards; and Weavr focuses on financial features for B2B software platforms. Their geographic focus is mainly the UK and Europe.

What should startups look for in a BaaS provider?

Look for low setup costs, monthly minimums you can afford, and clear fees as usage grows. Ready-made interfaces and hands-on help getting started can cut the work your team needs to do. Choose a provider that lets you begin with a small product scope, then add features later.

How do BaaS providers make money?

They charge setup, monthly, and usage fees. Some also earn a share of card payment fees, currency exchange margins, or income linked to customer balances. The agreement sets out who gets what.

Who holds customer funds with a BaaS provider?

Who holds the money depends on who you sign with. With a licensed bank like Solaris, your customers’ funds sit with that bank as deposits. With an e-money institution like Swan, the funds are safeguarded under separate rules and aren’t treated as ordinary bank deposits. With a technology platform like Framnex, the money usually sits with a licensed partner behind the scenes, not with the platform itself. Whichever applies, confirm before you sign who holds the funds and who is responsible if something goes wrong.

Which BaaS providers offer white-label products?

Framnex, Swan, and Unit offer white-label options with different scopes. Framnex provides modular software for branded banking, wallets, and payments. Swan offers white-label accounts, cards, and payment tools, while Unit provides ready-made interfaces for US banking products. Providers such as Solaris, Griffin, Treasury Prime, Synctera, Airwallex, and Nium are mainly API-based, so you would build the customer-facing product yourself.

How much customization do BaaS companies allow?

Customization varies widely. Swan, Framnex, and Unit give you full freedom to make the product look and work any way you want. You can build your own app screens, design custom checkout steps, put your logo on everything, and add custom features using their code and tools.

How do BaaS service providers support a product launch?

BaaS providers can shorten launch timelines from over a year to a few months. APIs, integrated compliance tools, sandbox testing, and implementation support cut the work needed to go live.

Which top BaaS providers support cross-border payments and remittances?

Framnex, Airwallex, and Nium specialize in cross-border payouts and money movement, using global licensing networks and multi-currency accounts.

Can banking as a service companies offer standalone wallets?

Yes, providers like Framnex and Swan offer standalone digital wallets, multi-currency accounts, and payment tools as part of their platforms.