Banks-as-a-Service (BaaS): The Invisible Infrastructure Powering eCommerce and Fintechs
- Noham Layani
- Sep 4
- 3 min read
Imagine this: you order a pair of sneakers from an e-commerce site and, at checkout, the brand offers you a free virtual card that you can use immediately to get a loyalty discount. On the surface, nothing revolutionary.
In reality, this fluidity is made possible by a discreet but decisive technology: Banking-as-a-Service (BaaS) . Thanks to this model, non-bank brands deploy sophisticated financial services (cards, split payments, credit, digital wallets, etc.) without ever becoming a bank .
A booming market, estimated at $29.5 billion in 2024 and expected to more than double by 2030.
The Invisible Engine of Modern eCommerce
BaaS relies on banking APIs that allow non-financial players to integrate service components such as KYC, anti-money laundering, card issuance or international transfers.
The result: a completely invisible user experience for the customer. The customer never interacts with the bank, but only with the brand or e-commerce platform.
Players like Treezor (a subsidiary of Société Générale) or Griffin in the United Kingdom are positioning themselves as true technical and regulatory powerhouses . Stripe , with its Issuing offering, for example, allows a marketplace to instantly generate virtual cards for its sellers.
Why France is becoming fertile ground
France is one of the most dynamic fintech ecosystems in Europe. More than 1,150 fintechs will operate there in 2025, supported by a pro-innovation regulatory framework (Pacte law, European passport, support from the ACPR).
The presence of champions like Treezor and Swan illustrates this vitality. These players combine regulatory robustness with a developer-friendly approach, making BaaS accessible even to ambitious SMEs.
For a French e-commerce retailer, the equation is simple: benefit from a robust banking infrastructure while remaining focused on customer experience and growth .
Concrete case: Wero, the European wallet
At the same time, BaaS is part of a broader movement towards payment sovereignty in Europe. The EPI initiative has launched the Wero electronic wallet in France, which aims to compete with PayPal and Apple Pay.
Deployed from 2024, Wero will be gradually integrated into e-commerce and in-store, and will offer advanced services by 2026: split payment (BNPL), QR codes, loyalty programs.
A concrete illustration of how pan-European infrastructures enrich the customer experience.
Benefits for e-commerce and SaaS SMEs
For managers of growing SMEs, BaaS offers three major levers:
Build loyalty and enrich customer relationships : offering a branded card or split payment creates a strong emotional and economic bond.
Gain agility : by delegating compliance (KYC, AML, DSP2), the company can focus on its core business.
Access additional revenue : Integrated financial services open the door to profitable commission or freemium models.
Of course, choosing the right partner is crucial. Depending on the needs (card issuance, credit, cross-border payments), an SME will need to compare APIs, geographic coverage, and quality of support.
Conclusion: eCommerce is becoming (almost) a bank
Banking-as-a-Service is not a passing trend but a structural change: the boundaries between financial services and merchant services are blurring. For e-commerce and SaaS SMEs, this represents a strategic opportunity: creating a shadow bank that operates in the shadows , accelerating conversion, loyalty and added value without increasing internal complexity.
The e-commerce of tomorrow will not only sell products. It will also offer financial services—discreet, integrated, and incredibly efficient.
👉 Are you a growing SME and want to understand how BaaS can transform your business model?
At Blendy , we help you navigate this ecosystem, choose the right partners, and leverage the financial infrastructure best suited to your strategy. Contact us today to discuss.
With Blendy, international digital accountant take advantage of digital accounting to accelerate your financial process and develop your business.
Pennylane, Dext, QuickBooks and Stripe certified, we support digital, e-Commerce, IT services, SaaS companies in France and internationally.
