Banking-as-a-Service used to sound like a shortcut. A software company wanted accounts, cards, payments, IBANs, lending, or wallets inside its own product, and a BaaS provider made that possible without the company becoming a bank from scratch. The pitch was simple: plug into an API, launch financial products, and let the licensed provider handle the banking complexity behind the scenes.
In Europe, that pitch is still attractive, but the mood has changed. BaaS is no longer treated like normal SaaS with a banking label. It sits inside regulated finance, which means compliance, safeguarding, AML, fraud controls, operational resilience, partner oversight, outsourcing risk, and regulatory accountability matter just as much as API quality.
The best BaaS providers in Europe are therefore not just the ones with the nicest developer portal. They are the ones with the right licence, the right regulatory model, the right payment rails, the right risk controls, and the right fit for your use case. Solaris, ClearBank, Swan, Treezor, Griffin, Modulr, Banking Circle, OpenPayd, and Railsr all sit somewhere in the European embedded finance and BaaS landscape, but they do not all solve the same problem.
Solaris is one of the best-known European BaaS names, with a German banking licence and an API-based platform for modular financial services. ClearBank is particularly strong in the UK for embedded banking, real-time payments, accounts, and regulated banking infrastructure. Swan and Treezor are strong European embedded banking and card/account providers, while Griffin is an interesting UK full-stack BaaS bank for companies that want to build on regulated infrastructure. Modulr is more payments automation and embedded payments than classic full BaaS, but it can be highly relevant for companies that need accounts, payments, and operational money movement.
Comparison table
| Provider | Best for | Main strength | Main weakness | Licence / model | Best fit |
|---|---|---|---|---|---|
| Solaris | European fintechs, embedded finance platforms, cards, accounts, lending, crypto-related financial products | German banking licence, modular API-based BaaS platform, EU passporting | Regulatory scrutiny and transformation history mean buyers should assess controls carefully | Fully licensed German bank | EU-wide BaaS and embedded finance |
| ClearBank | UK embedded banking, accounts, payments, agency banking, fintech infrastructure | Regulated UK bank, real-time payments, API-first accounts and embedded banking | UK-focused, less natural if you need full EU passporting | UK regulated bank | UK fintechs, platforms, payment firms |
| Swan | European software companies embedding accounts, cards and payments | Strong productised embedded banking for SaaS and vertical platforms | Less suited to very complex bank-like balance sheet use cases | EMI / payment institution model | European SaaS and platform embedded banking |
| Treezor | Cards, wallets, accounts, payment programmes, European embedded finance | Société Générale-backed, ACPR-regulated EMI, Mastercard principal membership | More payment and EMI-oriented than full bank balance-sheet BaaS | French EMI passported across Europe | Card and account programmes across Europe |
| Griffin | UK companies embedding accounts, payments and financial products | UK full-stack BaaS bank with simple API and regulated infrastructure | Smaller and UK-focused compared with larger European names | UK bank | UK fintech builders and embedded finance products |
| Modulr | Embedded payments, accounts, payroll, accounts payable, finance operations | Strong API-driven payments automation and account services | Not always a full BaaS replacement for bank-style products | Payments / EMI infrastructure | Payment-heavy business workflows |
| Banking Circle | Cross-border payments, accounts, embedded finance for financial institutions | Strong cross-border and institutional payments infrastructure | More institutional and less startup plug-and-play | Regulated banking/payment infrastructure | PSPs, marketplaces, financial institutions |
| OpenPayd | Embedded finance, accounts, FX, payments, digital asset businesses | Multi-currency accounts and embedded payments | Less recognised than Solaris or ClearBank in some enterprise conversations | EMI/payment infrastructure | Global payments and embedded accounts |
Pros and cons
Solaris
Solaris is one of the most recognised Banking-as-a-Service providers in Europe. It positions itself as a fully licensed bank with a German banking licence, saying it can operate in all EU countries and handle regulatory complexities for partners. Its platform allows companies to integrate financial services into their own products through APIs, which is the classic BaaS model.
The biggest advantage of Solaris is that it can support a broad range of financial products under a banking licence. The EU Digital Finance Platform describes Solarisbank and Contis as a European BaaS platform covering modular financial services including fiat and crypto assets, lending, payments, card issuing and processing. That breadth makes Solaris relevant for companies that want more than simple payment accounts.
The downside is that Solaris requires serious due diligence. BaaS buyers should look closely at regulatory history, operational resilience, risk appetite, partner oversight, implementation timelines, and the exact responsibilities between Solaris and the partner. Solaris announced in March 2026 a strategic transformation to become “Europe’s first AI-native bank,” building on its German banking licence, API-based platform and ten years in the BaaS market, which shows ambition but also the need for buyers to understand its strategic direction.
ClearBank
ClearBank is one of the strongest options for embedded banking in the UK. It is a regulated bank with an API-first model, and its embedded banking proposition allows businesses to offer banking products while ClearBank handles the underlying banking infrastructure. ClearBank says its API enables real-time payments and innovative banking products, including opening and managing accounts, clearing payments in real time and supporting embedded banking through one API.
The biggest advantage of ClearBank is that it is a real bank rather than only a middleware provider. Its own materials describe embedded banking as BaaS delivered by a regulated banking entity to a firm that then offers financial services to its customer base. ClearBank says this includes embedded current accounts, savings accounts and payments.
The downside is geographic fit. ClearBank is a very strong choice if your primary market is the UK, but it may not be the natural first choice if your product needs EU-wide passporting from day one. For European companies outside the UK, Solaris, Swan, Treezor or other EU-regulated providers may be more directly aligned with the regulatory footprint.
Swan
Swan is one of the more productised embedded banking providers in Europe. It positions itself around helping companies embed accounts, cards and payments directly into their products through APIs and white-label interfaces. Swan says it supports use cases across business banking, card programmes, accounting, treasury, proptech, HR tech, health, insurance and travel.
The biggest advantage of Swan is that it feels built for software companies. Its company page says Swan powers more than 150 companies, processes €2 billion monthly, has more than 300 employees and covers 30 countries. That makes it particularly relevant for SaaS companies and vertical platforms that want to add accounts, cards and payments as part of their own product.
The downside is that Swan is not the same as a full banking licence BaaS provider in every sense. Its own educational material says Swan is an e-money institution licensed by the Banque de France and handles KYC, AML and fraud prevention processes for partners. That model can be excellent for embedded accounts and payments, but companies that need lending, deposit-taking or more bank-like products should check exactly what Swan can support.
Treezor
Treezor is one of the classic European BaaS and embedded finance providers. It describes itself as a one-stop shop for embedded finance, enabling companies to embed white-label payment services into applications. Treezor also says it supports clients through payment projects with its BaaS solution.
The biggest advantage of Treezor is its maturity and institutional backing. Treezor says it is authorised by the French regulator ACPR to operate in 25 countries and is a principal member of the Mastercard network. It was acquired by Société Générale in 2019, which gives it a different profile from independent BaaS startups.
The downside is that Treezor is more naturally associated with payment services, cards, wallets and EMI-style embedded finance than with every possible banking product. It can be an excellent choice for card programmes, accounts and payment services, especially across France, Germany, Benelux, Italy and Iberia. Companies looking for full bank balance sheet products, lending, or deposit products should compare its exact capabilities against Solaris, ClearBank or Griffin.
Griffin
Griffin is an interesting UK BaaS provider because it is both a technology company and a bank. Its homepage says companies can embed bank accounts, payments and financial products through a simple API while building on regulated infrastructure that is safe, compliant and secure. Griffin’s own about page describes it as the UK’s first full-stack Banking-as-a-Service platform.
The biggest advantage of Griffin is focus. It is not trying to be a consumer bank, and it describes itself as an infrastructure provider that helps companies embed banking into their products. For UK fintech builders, this can be attractive because the provider combines the regulated banking layer with software-native APIs.
The downside is scale and geography. Griffin is much smaller than names like Solaris, ClearBank or Treezor, and it is UK-focused. Companies that need a large established provider, EU-wide reach, or multinational payment infrastructure may need to compare Griffin with ClearBank, Solaris or other broader providers.
Modulr
Modulr is best understood as an embedded payments and payments automation platform rather than a full BaaS bank. Its website says it automates how money moves, with products for payroll, bulk payments, cards, accounts payable and finance operations. Modulr also offers account services with instant issuance and access to accounts through its API or portal.
The biggest advantage of Modulr is operational money movement. It is especially useful for businesses that need accounts, payments, automation, payroll, supplier payments, payouts or finance workflow integration. Its developer portal provides API documentation, API reference materials and sandbox access, which makes it relevant for technical teams building payments into business processes.
The downside is that Modulr may not be the right choice if you want to build a full bank-like customer proposition with every possible banking product. It is more payment-operations focused than broad BaaS in the Solaris sense. For businesses where the core need is moving money efficiently rather than offering full embedded banking, that focus is a strength.
Pricing
Banking-as-a-Service pricing is rarely simple or fully public. Providers usually price based on setup complexity, number of accounts, cards, payment volume, API usage, compliance workload, transaction types, currencies, support level, risk exposure, programme design and whether the partner needs accounts, payments, cards, lending or other services. This is not like buying a simple SaaS subscription.
Solaris, ClearBank, Treezor, Swan, Griffin and Modulr generally require a commercial discussion for meaningful pricing. That makes comparison harder, but it also makes sense because two BaaS programmes can look similar on a website and be completely different operationally. A payroll platform creating accounts for employers has a different risk profile from a crypto platform, a lending fintech, a marketplace or an HR benefits provider.
The true cost of BaaS is not only the vendor fee. It includes compliance operations, onboarding friction, fraud losses, disputes, customer support, reconciliation, regulatory reporting, incident management and implementation time. A provider with a higher upfront cost may be cheaper overall if it reduces operational complexity and regulatory risk.
It is also important to understand revenue-sharing models. Some embedded banking providers may allow partners to share revenue from customer balances, payments, cards or other financial products. ClearBank, for example, says embedded banking can include a shared revenue agreement where interest generated on customer balances is split between the end customer and partner, depending on the model.
Use cases
Best BaaS provider for EU-wide embedded banking
Solaris is one of the strongest options for EU-wide embedded banking because it has a German banking licence and says it can operate in all EU countries. This makes it especially relevant for companies that want banking products across Europe rather than a single local market. Solaris is also attractive when the product roadmap includes multiple financial services, not only payments.
Swan and Treezor are also strong EU options, especially if the product is built around accounts, cards and payments. Swan covers 30 countries and positions itself around European software companies embedding banking features. Treezor is authorised to operate in 25 countries and has strong card and payment infrastructure through its Mastercard principal membership.
Best BaaS provider for the UK
ClearBank is one of the strongest BaaS and embedded banking providers for the UK. It is a regulated bank with API-based account and payment infrastructure, and it supports embedded accounts and payments through its own banking infrastructure. For UK fintechs, platforms and payment firms, ClearBank’s regulated bank model is a major advantage.
Griffin is also highly relevant for UK builders that want a full-stack BaaS bank with modern APIs. It is smaller and more focused than ClearBank, but that can be attractive for companies looking for a developer-friendly banking partner. For a UK-first embedded finance product, ClearBank and Griffin should both be on the shortlist.
Best BaaS provider for cards and accounts
Treezor and Swan are especially strong for cards and accounts in Europe. Treezor has Mastercard principal membership and is focused on white-label payment services, wallets, cards and accounts. Swan is strong for embedded accounts, cards and payments inside software platforms and vertical SaaS products.
Solaris can also support cards and accounts, particularly where the business wants broader financial services under a banking licence. The right choice depends on whether you need a full bank, an EMI-style provider, card programme support, local IBANs, SEPA payments, card issuing, compliance operations or a complete embedded banking experience. Cards and accounts sound simple, but the regulatory and operational model underneath them matters.
Best BaaS provider for SaaS platforms
Swan is one of the most natural providers for SaaS platforms because it positions banking as something that belongs inside business software. Its use cases include accounting, treasury, proptech, HR tech, health, insurance and travel, which shows a clear vertical SaaS and workflow mindset.
ClearBank and Griffin can also be strong for UK SaaS platforms, especially when the product needs real bank accounts, embedded payments or regulated infrastructure. Modulr may be a better fit when the SaaS product mainly needs payments automation, payroll, accounts payable or embedded money movement. The best provider depends on whether the SaaS company wants to become a financial hub or simply automate payments inside its workflow.
Best BaaS provider for payments-heavy products
Modulr is a strong choice for payments-heavy products because it is focused on payments automation and operational money movement. Its account services support instant account issuance and API access, and its platform is built around payroll, bulk payments, cards and accounts payable.
ClearBank is also strong for payment-heavy UK products because of its real-time payment capabilities and API-first infrastructure. ClearBank says its embedded banking model includes API-first payment processing across Faster Payments and CHAPS. For EU-focused payments, Treezor, Swan and Solaris may be more relevant depending on the product scope.
Best BaaS provider for regulated fintechs
Solaris, ClearBank and Griffin are strong choices for regulated fintechs that want to build on a banking licence or regulated banking infrastructure. Solaris is relevant for EU-wide banking products, while ClearBank and Griffin are more UK-focused. The advantage of working with a bank-led provider is that the regulatory foundation can be stronger, but the partner still needs to understand its own responsibilities.
Regulated fintechs should not choose a BaaS provider only based on speed. They should assess licence scope, safeguarding, outsourcing arrangements, AML responsibilities, customer ownership, data controls, operational resilience, incident management, complaints handling and exit planning. BaaS can reduce complexity, but it never removes regulatory accountability completely.
Alternatives
Solaris is the best alternative for companies that want a full EU banking licence-backed BaaS provider with modular financial services. It is particularly relevant for fintechs that need accounts, cards, payments, lending or broader embedded finance across Europe. Buyers should still perform detailed due diligence because BaaS partnerships are long-term infrastructure decisions.
ClearBank is the best alternative for UK embedded banking and real-time payment infrastructure. It is especially strong for companies that want accounts, payments and regulated banking infrastructure from a cloud-native bank. It is less natural if your first priority is EU passporting rather than the UK.
Swan is the best alternative for European SaaS and vertical platforms that want to embed accounts, cards and payments into workflows. It is productised, European-focused and strong for companies that want banking features inside business software. It may not be the best fit if you need full bank balance sheet products.
Treezor is the best alternative for card programmes, wallets, accounts and payment services across Europe. It is especially relevant because it is ACPR-regulated, passported in 25 countries and backed by Société Générale. It is a strong option for embedded finance programmes that are more payment and card oriented.
Griffin is the best alternative for UK companies that want a full-stack BaaS bank with modern APIs. It is particularly interesting for fintechs, platforms and software companies that want to embed bank accounts and payments. It is more focused than some larger providers, which can be a strength or limitation depending on scale.
Modulr is the best alternative for businesses that need embedded payments, accounts, payroll payments, bulk payments or finance operations automation. It is not always a full BaaS replacement, but it can be a better fit when the business problem is moving money efficiently. It is especially relevant for operational finance workflows.
Banking Circle is a strong alternative for cross-border payments, accounts and financial infrastructure for PSPs, marketplaces and financial institutions. It is more institutional than startup-friendly, but that can be useful for larger companies. It should be considered when cross-border money movement is central.
OpenPayd is a strong alternative for embedded accounts, multi-currency payments and digital asset-adjacent businesses. It is less prominent than Solaris or ClearBank in some mainstream BaaS discussions, but it can be relevant for global payment and embedded finance use cases. It is worth comparing when multi-currency and international accounts are important.
FAQ
What is the best Banking-as-a-Service provider in Europe?
Solaris is one of the best-known BaaS providers in Europe because it has a German banking licence and an API-based platform for modular financial services. Swan and Treezor are strong options for embedded accounts, cards and payments across Europe. ClearBank is one of the strongest options for UK embedded banking rather than EU-wide BaaS.
Is Solaris a good BaaS provider?
Solaris is a major European BaaS provider and is especially relevant for companies that want EU-wide banking services through a licensed banking platform. It can support modular financial services through APIs and has a long history in European BaaS. Buyers should still assess regulatory history, operational controls, implementation complexity and partner responsibilities before choosing it.
Is ClearBank a BaaS provider?
ClearBank offers embedded banking and API-first banking infrastructure, which fits closely with the BaaS model. It is a regulated UK bank and supports embedded accounts, payments and banking products for partners. It is especially relevant for UK fintechs, platforms and payment companies.
What is the difference between BaaS and embedded banking?
BaaS is the infrastructure model that lets non-banks or fintechs access banking capabilities through a licensed provider. Embedded banking is the customer-facing result, where accounts, payments, cards or savings products appear inside another company’s product. ClearBank describes embedded banking as the BaaS model delivered by a regulated banking entity to a firm that offers those services to its customer base.
What is the difference between BaaS and embedded finance?
Embedded finance is broader than BaaS. It can include lending, insurance, payments, cards, accounts, wallets, investments and other financial products inside non-financial platforms. BaaS is more specifically about access to banking infrastructure, licences, accounts, payments and sometimes cards or lending.
Which BaaS provider is best for SaaS companies?
Swan is one of the strongest European options for SaaS companies because it is built around embedding accounts, cards and payments into business software. ClearBank and Griffin are strong for UK SaaS products that need embedded banking infrastructure. Modulr is a strong fit when the SaaS use case is mainly payment automation rather than full banking.
Which BaaS provider is best for UK fintechs?
ClearBank is one of the strongest BaaS and embedded banking providers for UK fintechs because it is a regulated bank with API-first accounts and payments. Griffin is also highly relevant because it is a UK full-stack BaaS bank built for companies embedding financial services. Modulr can be a strong alternative for UK businesses focused on embedded payments and account services.
Which BaaS provider is best for EU fintechs?
Solaris, Swan and Treezor are among the strongest options for EU fintechs. Solaris is especially relevant when a full banking licence and broader financial services are needed. Swan and Treezor are especially relevant for embedded accounts, cards, payments and software platform use cases.
Is BaaS risky?
BaaS can be risky if partner responsibilities, compliance controls, customer ownership, safeguarding, outsourcing, AML, fraud monitoring and exit planning are not clear. The BaaS model depends heavily on trust between the provider and the partner. A weak provider relationship can create regulatory, operational and reputational problems.
How much do BaaS providers cost?
Most BaaS providers use custom pricing based on account volume, card programmes, payment volume, implementation complexity, compliance workload, product scope and risk profile. The vendor fee is only one part of the cost. Companies also need to budget for compliance operations, integration work, fraud controls, customer support, reconciliation and regulatory governance.
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