https://techcrunch.com/2021/09/30/who-needs-a-baas-partner-anyway/

Over the last several years, a series of startups have emerged to cut through the complexity of launching financial services by offering technology that sits on top of partner banks’ infrastructure and enables developers to spin up bank accounts, payments and card capabilities through APIs.

These banking-as-a-service (BaaS) startups promise to offer fintech capabilities to other companies without them having to strike deals with partner banks, integrate with the banking core, or hire the technical or compliance personnel necessary to test or launch a new financial product.