API Monetisation strategies for FinTech startups: Balancing innovation with revenue generation

GBEMINIYI DEBORAH ONIPEDE *

University of Plymouth.
 
Research Article
International Journal of Science and Research Archive, 2024, 11(01), 2668-2681.
Article DOI: 10.30574/ijsra.2024.11.1.0358
Publication history: 
Received on 13 December 2024; revised on 16 January 2024; accepted on 20 January 2024
 
Abstract: 
The fast advancement of financial technology (FinTech) has triggered businesses to adopt API-based operational models at an increasing rate. Financial service integration through APIs delivers better customer service and operational improvement capabilities. FinTech startups encounter difficulties monetizing their API resources because they need to innovate while maintaining sustainable revenue streams. Pay-per-use subscriptions, annual payments, and free trials with premium options represent monetization methods in FinTech that offer different operational benefits and security issues. The research evaluates approaches that affect both financial services and market growth processes. The research demonstrates how API ecosystems require choosing between accessibility, scalability, and profitability during development. Real-world examples and statistical data enable the study to demonstrate tested methods for API monetization alongside startup success against competitors. Researchers have uncovered practices allowing profitable API establishments without obstructing innovative developments for FinTech professionals who wish to develop such systems.
 
Keywords: 
API Monetisation; Revenue Models; Fintech Startups; Open Banking; Developer Adoption; Regulatory Compliance
 
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0