BaaS Deposits Are a Small Slice of the Banking System but Are Heavily Concentrated in ~10 Sponsor Banks

Summary

There is no single official U.S. government statistic that reports "total fintech-partner (banking-as-a-service) deposit volume" as one number — the FDIC, Federal Reserve and OCC do not tag call-report deposits by BaaS/fintech-program origin. The best available approach is to identify the roughly two dozen U.S. banks that are publicly known, BaaS-focused "sponsor banks" and sum their FDIC-reported balance-sheet deposits as a proxy. Doing that for 22 identified sponsor banks (Cross River, The Bancorp Bank, Evolve Bank & Trust, Pathward, Metropolitan Commercial, Choice Financial, Green Dot, Stride, Coastal Community, First Internet, Celtic, MVB, WebBank, Blue Ridge, Sutton, Grasshopper, Thread, FinWise, Community Federal Savings, Piermont, Sunrise Banks, and Lead Bank) yields about $75.7 billion in combined deposits as of the Q2 2026 call report — a small fraction (roughly 0.37%) of the $20.7 trillion held across all 4,233 active FDIC-insured institutions, but heavily concentrated at the top: the five largest sponsor banks hold 43.7% of that $75.7 billion, and the top ten hold about 75%. Industry trackers separately report that the number of active U.S. sponsor banks has grown to roughly 156 (Q3 2025, Financial Brand/Klaros-style tracking), up from 142 a year earlier, meaning a long tail of well over 100 smaller or newer sponsor banks likely holds only a small remaining share of fintech-linked deposits. Because sponsor banks vary in what fraction of their own balance sheet is fintech-program deposits versus ordinary retail/commercial deposits, this $75.7B and the concentration figures below should be read as a bounded, defensible proxy — not an exact, regulator-published BaaS deposit total, which does not exist in public data.

Why there is no single official figure

Bank call reports (FFIEC 031/041, aggregated by the FDIC into banking.institutions/banking.financials in this corpus) report total deposits at the institution level but do not break deposits out by whether they originated through a fintech/BaaS program versus a bank's own direct retail or commercial channel. Some sponsor banks (e.g., Cross River, Evolve, Piermont) are overwhelmingly fintech-deposit-funded; others (e.g., Bangor Savings, Northeast Bank) have only a partial or peripheral BaaS book and were excluded from this analysis to avoid overstating the total. A few sponsor banks are also moving deposits off their own balance sheets into deposit networks even while continuing to earn BaaS fees — First Internet Bancorp, for example, disclosed moving roughly $2.4 billion of FinTech deposits off its balance sheet in 2026 while growing BaaS fee revenue 172% year over year, which means a bank's own reported deposits can now understate the FinTech relationships it actually manages (PYMNTS, Aug 2026). This makes any deposit-volume figure a lower-bound proxy on the funding side, even as it may still overstate true "BaaS-sourced" dollars for banks with a mixed retail/BaaS book.

How the sponsor-bank set was identified

The 22 banks were identified from industry reporting (Financial Brand, PYMNTS, Sacra, Embedded Finance Index) as institutions publicly known to operate fintech sponsor-bank/BaaS programs, then matched by name to FDIC's banking.institutions table (active institutions, Q2 2026 call report snapshot) to pull total_deposits_thousands. Name collisions were checked by hand — for example, two unrelated small community banks also named "Blue Ridge Bank" (in Walhalla, SC and Independence, MO) were excluded, keeping only Blue Ridge Bank, N.A. (Martinsville, VA), the entity actually associated with fintech sponsorship (and the 2024 Solana/Rho-related consent order). This is a curated identification, not an exhaustive regulatory list — no government source publishes a canonical roster of "sponsor banks," so some smaller or newer entrants among the ~156 industry-tracked sponsor banks are almost certainly missing from this set.

Concentration

Among the 22 identified sponsor banks, deposits are moderately top-heavy: the Herfindahl-Hirschman Index (HHI) is 653, which sits under the DOJ/FTC "unconcentrated" merger-guideline threshold of 1,000 — but that reading is an artifact of restricting the population to a curated top tier of similarly sized specialist banks. The more informative figures are the share concentrations:

• Top 5 banks (Metropolitan Commercial, The Bancorp Bank, Cross River, Pathward, Choice Financial Group) hold 43.7% of the $75.7B sponsor-bank total.
• Top 10 banks hold roughly 75% of that total.
• The single largest bank, Metropolitan Commercial Bank, holds 10.3% on its own.

Caveats

(1) This is a proxy built from balance-sheet deposits at publicly identified sponsor banks, not a government-published "BaaS deposit volume" series — none exists. (2) Not all deposits at each identified bank are fintech-program deposits; some banks have mixed retail/BaaS books, which likely overstates the true BaaS share at a few names (e.g., Green Dot, First Internet) and understates it at others that have moved deposits into off-balance-sheet networks (First Internet again, per its 2026 disclosure). (3) The 22-bank set is a curated identification exercise, not an exhaustive list of the ~156 sponsor banks industry trackers count — the concentration measured here is a lower bound on how top-heavy the true, full population is. (4) n=22 is a small sample; per-bank point estimates (deposit totals) are FDIC call-report facts, but the aggregate concentration statistics carry a small-n caution.

Every query behind this report

11 warehouse calls ran in this session, in order. Each is reproducible against the same snapshot.

SELECT cert, name, city, state_abbr, total_assets_thousands, total_deposits_thousands, report_date
FROM banking.institutions
WHERE active = true AND (
  name ILIKE '%Cross River%' OR name ILIKE '%Evolve Bank%' OR name ILIKE '%Blue Ridge Bank%'
  OR name ILIKE '%Piermont Bank%' OR name ILIKE '%Choice Financial%' OR name ILIKE '%Sutton Bank%'
  OR name ILIKE '%Lineage Bank%' OR name ILIKE '%Coastal Community Bank%' OR name ILIKE '%MVB Bank%'
  OR name ILIKE '%Metropolitan Commercial%' OR name ILIKE '%Green Dot Bank%' OR name ILIKE '%Community Federal Savings%'
  OR name ILIKE '%First Internet Bank%' OR name ILIKE '%Thread Bank%' OR name ILIKE '%Grasshopper Bank%'
  OR name ILIKE '%Column N.A.%' OR name ILIKE '%Column Bank%' OR name ILIKE '%FinWise Bank%'
  OR name ILIKE '%Pathward%' OR name ILIKE '%Stride Bank%' OR name ILIKE '%Celtic Bank%'
  OR name ILIKE '%WebBank%' OR name ILIKE '%Bangor Savings%' OR name ILIKE '%Northbound%'
  OR name ILIKE '%Web Bank%'
)
ORDER BY total_deposits_thousands DESC NULLS LAST

SELECT name, total_deposits_thousands AS deposits FROM banking.institutions
WHERE active = true AND cert IN (34699,58410,30776,9423,22653,4091,34403,34607,57056,34603,34404,35274,5962,59113,9499,1299,35323,57129,59154)

SELECT name, total_deposits_thousands AS deposits FROM banking.institutions
WHERE active = true AND cert IN (34699,58410,30776,9423,22653,4091,34403,34607,57056,34603,34404,35274,5962,59113,9499,1299,35323,57129,59154)

SELECT name, total_deposits_thousands AS deposits FROM banking.institutions
WHERE active = true AND cert IN (34699,58410,30776,9423,22653,4091,34403,34607,57056,34603,34404,35274,5962,59113,9499,1299,35323,57129,59154)

SELECT "year", num_banks, total_liabilities_thousands, total_equity_thousands FROM banking.summary WHERE "year" = 2025 AND state_abbr IS NULL

SELECT "year", num_banks, total_liabilities_thousands FROM banking.summary WHERE "year" IN (2023,2024) AND state_abbr IS NULL

SELECT SUM(total_deposits_thousands) AS total_us_deposits, COUNT(*) AS n_banks FROM banking.institutions WHERE active = true

SELECT cert, name, city, state_abbr, total_assets_thousands, total_deposits_thousands FROM banking.institutions WHERE active=true AND name ILIKE '%Bancorp Bank%'

SELECT cert, name, city, state_abbr, total_assets_thousands, total_deposits_thousands FROM banking.institutions
WHERE active = true AND (name ILIKE '%Lead Bank%' OR name ILIKE '%Sunrise Banks%' OR name ILIKE '%Patriot Bank%' OR name ILIKE '%Northeast Bank%' OR name ILIKE '%Column N.A%' OR name ILIKE '%Column Bank%' OR name ILIKE '%Solid%' OR name ILIKE '%Recognize Bank%')
ORDER BY total_deposits_thousands DESC NULLS LAST

SELECT name, total_deposits_thousands AS deposits FROM banking.institutions
WHERE active = true AND cert IN (34699,58410,30776,9423,22653,4091,34403,34607,57056,34603,34404,35274,5962,59113,9499,1299,35323,57129,59154,35444,8283,18561)

SELECT name, total_deposits_thousands AS deposits FROM banking.institutions
WHERE active = true AND cert IN (34699,58410,30776,9423,22653,4091,34403,34607,57056,34603,34404,35274,5962,59113,9499,1299,35323,57129,59154,35444,8283,18561)