Top Companies in Open Banking Market | Major Players Analysis and Statistics by VMR

Open Banking Market to Reach Valuation of USD 37.73 Billion by 2028; Surging Demand for Open Banking across Various End-Use Industries to Bloom the Market.

Top Companies in Open Banking Market | Major Players Analysis and Statistics by VMR
Open Banking Market

Upcoming Trends in Open Banking Market

The Global Open Banking market is valued at USD 10.39 Billion in 2021 and is projected to reach a value of USD 37.73 Billion by 2028 at a CAGR of 23.98% over the forecast period. Open Banking can be defined as a collaborative model in which banking data is shared through APIs between two or more unaffiliated parties to deliver enhanced capabilities to the marketplace. APIs have been used for decades, particularly in the United States, to enable personal financial management software, to present billing detail on bank websites, and to connect developers to payments networks like Visa and Mastercard.

Data-sharing is often accomplished through an application programming interface (API), an intelligent conduit that allows for the flow of data between systems in a controlled yet seamless fashion. APIs have been leveraged in banking settings for years given breakthroughs in advanced analytics and the market traction of numerous non-bank fintech companies; however, APIs are receiving renewed attention as a means to enhance the delivery of financial services to both retail consumers and business customers.  

Furthermore, the rise in advantages of an Open Banking platform makes it beneficial to all stakeholders in the financial services users including consumers, businesses, Fintech, innovators, and banks. This is an important factor that fosters the growth of the Open Banking Market. However, an increase in events of online fraud and data insecurity is expected to restrict the Open Banking Market growth. On the contrary, a significant increase in the collaboration of financial service providers, and traditional banking with Fintech is expected to boost the growth of the Open Banking Market.

Some of the key players operating in the Open Banking Market are listed below:

Company Name

Revenue in USD

  • BBVA Open Platform Inc.

$5 Million

  • Credit Agricole

$35 Billion

  • DemystData

$10 Million

  • Figo GmbH

$5 Million

  • Finastra

$3 Billion

  • FormFree

$10 Million

  • Jack Henry & Associates, Inc.

$1 Billion

  • Mambu GmbH

$5 Billion

  • MineralTree Inc.

$38 Million

  • NCR Corporation

$6 Billion


  1. BBVA Open Platform Inc.

The company believes the way that you connect with banks to provide financial services to customers belongs in the 21st century. Open Platform is a better solution. Built by fintech entrepreneurs for developers, it’s an all-in-one development platform that offers services you can white label. The company is a privately held organization.

  1. Credit Agricole

Crédit Agricole Group, sometimes called La Banque verte due to its historical ties to farming, is a French international banking group and the world's largest cooperative financial institution. It is France's second-largest bank, after BNP Paribas, as well as the third-largest in Europe and tenth-largest in the world. The company is listed as ACA (EPA) in the stock exchange market.  

  1. DemystData

The company is headquartered in New York U.S. and has over 50 employees working. DemystData helps financial institutions harness the explosive growth of data to serve more customers.

  1. Figo GmbH

Figo GmbH is located in Bochum, Nordrhein-Westfalen, Germany, and is part of the Specialized Design Services Industry. Figo GmbH has 25 employees at this location and generates USD 3.89 million in sales. (Sales figure is estimated). There are 3 companies in the Figo GmbH corporate family.

  1. Finastra

Finastra Limited is a financial software company headquartered in London. The company offers a portfolio of products and solutions to the retail banking, transaction banking, lending, and treasury capital markets.

  1. FormFree

FormFree is a market-leading technology company whose patented technology is building a more transparent and inclusive credit and capital market by enabling creditors to understand a person's ability-to-pay (ATP) and willingness to pay.

  1. Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. is a technology company and payment processing service for the financial services industry. It serves more than 9,000 customers nationwide and operates through three primary brands. Headquartered in Monett, Missouri, JHA made USD 1.55 billion in annual revenue during fiscal 2019.

  1. Mambu GmbH

Mambu is a German software company headquartered in Berlin. Mambu provides infrastructure for banks and financial service providers according to the software as a service model. In December 2021, Mambu reached a company valuation of USD5.3 billion, making it one of the unicorns of Germany.

  1. MineralTree Inc.

MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals. MineralTree streamlines AP, giving customers unparalleled visibility and significant cost savings in an affordable, integrated platform that is guaranteed secure.

  1. NCR Corporation

NCR Corporation, previously known as National Cash Register, is an American software, consulting, and technology company providing several professional services and electronic products. The company is listed as NCR (NYSE) in the stock exchange market. In 2020, the company generated revenue of USD 692 Million and had 36,000 employees working across the globe.

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