Fibabanka, in partnership with GetirFinans, has introduced Türkiye’s first Banking as a Service (BaaS) platform, marking a new chapter in financial services. The bank plans to expand this platform internationally, starting with the UK, to support various industries.
As a leading player in Türkiye’s banking industry, Fibabanka has joined forces with GetirFinans, which attracted $70 million in investment last year and reached a valuation of $250 million. This collaboration enables businesses outside the banking sector to integrate financial services into their operations seamlessly, forming a core part of Fibabanka’s strategy to grow its BaaS platform.
Fibabanka’s technology-driven BaaS model provides companies with the tools to incorporate banking services into their platforms easily, positioning the bank as a key innovator in the financial landscape of Türkiye.
Revolutionary Financial Services Integration
The partnership with GetirFinans is the first demonstration of Fibabanka’s BaaS model. Through this collaboration, GetirFinans offers users a range of banking services – including account management, card issuance, and payments – all integrated within the Getir app. Thanks to Fibabanka’s digital infrastructure, GetirFinans can provide these services without needing a banking licence, allowing the company to focus on its core business.
With over 500 APIs powering its platform, Fibabanka’s BaaS solution allows businesses to seamlessly integrate financial services, making it a cost-effective solution for companies of all sizes. From large retailers to fintech startups, businesses can utilise Fibabanka’s platform to meet rising customer demand for integrated financial solutions.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, said: “As consumer expectations around financial services evolve, businesses are seeking ways to offer seamless and integrated experiences through their own platforms. Our Banking as a Service model responds directly to these demands by enabling businesses outside the banking sector to access financial infrastructure easily. The GetirFinans collaboration is just the first step, and we look forward to expanding our platform further to meet the needs of various industries and countries.”
Broadening Financial Services Access
Fibabanka’s BaaS platform is designed to increase financial inclusion by making banking services more accessible to a wider audience. Through partnerships like GetirFinans, Fibabanka is expanding its reach beyond traditional banking methods, offering innovative solutions that meet the changing needs of businesses and consumers.
The platform offers significant operational benefits for partners by reducing the costs and complexities typically associated with providing financial services. Fibabanka handles the backend processes requiring a banking licence, allowing businesses to focus on growth and customer experience.
A Vision for the Future
The launch of Fibabanka’s BaaS model is just the beginning. The bank plans to continue expanding its platform across industries and countries, using its technology-driven approach to set new standards in financial services. By delivering innovative solutions, Fibabanka aims to benefit both businesses and their customers.
“We are proud to be at the forefront of this shift in the banking landscape,” Mert added. “As the destination for BaaS in Türkiye, Fibabanka will continue to build on this model, offering new collaborations that meet the needs of our partners and their customers. Our mission is to redefine the boundaries of digital banking through innovation, and this is just the first of many milestones we intend to achieve.”
