Fibabanka has partnered with GetirFinans to launch Türkiye’s first Banking as a Service (BaaS) platform, revolutionising financial services for businesses. This platform is set to expand internationally, with the UK being the next step.
As a prominent player in Türkiye’s banking industry, Fibabanka has collaborated with GetirFinans, which secured $70 million in investment last year at a valuation of $250 million. This partnership allows businesses outside the banking sector to seamlessly offer financial services, forming a key part of Fibabanka’s strategy to expand its BaaS platform across industries.
Fibabanka’s BaaS model is driven by advanced technology, enabling businesses to incorporate banking services into their platforms with ease. This innovative approach positions Fibabanka as a leading force in Türkiye’s financial services sector.
Innovating Financial Services Integration
The partnership with GetirFinans serves as the first practical application of Fibabanka’s BaaS platform. Through GetirFinans, integrated within the Getir app, users can access a wide range of banking services, including account management, card issuance, and payments, without the need for a banking licence. Fibabanka’s digital infrastructure supports these services, allowing GetirFinans to focus on its core business operations.
With more than 500 APIs powering the platform, Fibabanka’s BaaS solution allows businesses to integrate financial services effortlessly, offering a cost-effective and scalable approach. Companies across a range of industries can leverage the platform to meet growing customer demand for integrated financial services.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, explained: “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.”
Extending Financial Inclusion
Fibabanka’s BaaS platform is designed to enhance financial inclusion by making banking services more accessible to a broad range of customers. Through partnerships such as GetirFinans, Fibabanka is extending its services beyond traditional banking, offering solutions that meet the evolving needs of businesses and consumers.
The platform provides significant operational benefits for partner organisations by reducing the costs and complexities involved in offering financial services. Fibabanka manages the backend processes that require a banking licence, allowing businesses to focus on customer growth and experience.
Looking Ahead
The launch of Fibabanka’s BaaS platform marks the beginning of an exciting journey. The bank plans to continue expanding its digital services across industries and countries, focusing on technology-driven solutions that benefit both businesses and their customers. Fibabanka aims to set new benchmarks in financial services through its commitment to innovation.
“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.”