Top Open Banking Companies

Open Banking Market size was valued at USD 20.5 Billion in 2023 and is poised to grow from USD 25.99 Billion in 2024 to USD 173.21 Billion by 2032, growing at a CAGR of 26.8% during the forecast period (2025-2032).

The global open banking sector has a dynamic competitive environment, with fintech companies, technology suppliers, and traditional financial institutions. Some of the most prominent banks that use open banking APIs in their products are JPMorgan Chase, BBVA, and Santander. Fintech businesses providing necessary infrastructure and services, such as Plaid, Tink, and Yodlee, are also leaders in innovation. As competition becomes more intense, collaboration between banks and fintech's is increasingly influencing industry growth. 'Plaid ', 'Tink (Visa)', 'Yodlee (Envestnet)', 'TrueLayer', 'Figo', 'SaltEdge', 'Token.io', 'Mambu', 'W.UP (Finastra)', 'OpenWrks', 'MX', 'Finicity (Mastercard)', 'Form3', 'Nordic API Gateway (Mastercard)', 'Meniga', 'BBVA Open Platform', 'Marqeta', 'Bankable', 'Teller', 'Bud Financial '

Government regulations mandating the financial institution to share clients' information by APIs, such as the UK Open Banking plan, and the PSD2 of the EU, drive the global open banking market. Openness, increasing competition, and strengthened security push the banks and other fintech players to use the open banking solutions, meeting the obligations imposed by legislation and offering new-generation services to the clients. 

Cooperation Between Fintech and Banks: Increased cooperation between fintech firms and traditional banks is the newest development in the open banking market. In collaboration, banks will be able to gain access to innovative technology and customer-centric solutions, and fintechs will be able to take advantage of reputable brands and customers of such well-established financial houses. This collaboration gives rise to new service developments such as fast payments, budgeting applications, and tailored loans.

Europe dominated the open banking industry in 2024 with a market share of 36.9% because of its substantial focus on the enhancement of the security of online payments. Boosting demand for secure online transactions and expanding use of open financial platforms are the two major growth drivers for market expansion. Banks then would be mandated to open their APIs as government needs, specifically that of the European Union's Payment Services Directive (PSD2), promote innovation and collaboration around the financial industry. Furthermore, the market growth is facilitated by the fact that there are many respectable fintech companies, banks, and technology providers in Europe. During the later phases of evolution, open banking ecosystems will raise new possibilities for financial institutions to enhance the security of transactions and the overall customer experience throughout the region.