In a significant partnership, Fibabanka and GetirFinans have launched Türkiye’s first Banking as a Service (BaaS) platform, enabling businesses to offer integrated financial services. This platform, a first for Türkiye, will expand internationally, starting with the UK.
As a leader in Türkiye’s banking industry, Fibabanka has collaborated with GetirFinans, which secured $70 million in investment last year, with a valuation of $250 million. This partnership allows non-banking businesses to seamlessly integrate financial services into their operations, forming part of Fibabanka’s strategy to expand its BaaS platform across various sectors.
Fibabanka’s advanced digital platform drives the BaaS model, offering businesses the ability to incorporate banking features directly into their platforms. With this initiative, Fibabanka is positioning itself as a leader in the Turkish financial services sector.
Transforming Financial Services
The partnership with GetirFinans serves as the first use case for Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans allows users to access a range of banking services, including account management, card issuance, and payments, without requiring a banking licence. Fibabanka’s digital infrastructure powers these services, enabling GetirFinans to focus on its primary business functions.
With over 500 APIs, Fibabanka’s platform enables businesses to seamlessly incorporate financial services, providing a cost-effective solution to meet rising customer demand. From large retailers to fintech startups, businesses can leverage this platform to integrate financial services into their operations.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, stated: “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.”
Increasing Financial Accessibility
Fibabanka’s BaaS platform is designed to improve financial inclusion by making banking services more accessible. By partnering with companies like GetirFinans, Fibabanka is extending its reach beyond traditional banking to offer innovative solutions that address the evolving needs of businesses and consumers.
The platform also offers significant operational benefits by reducing the costs and complexities typically associated with providing financial services. Fibabanka manages the backend processes that require a banking licence, allowing businesses to focus on customer growth and satisfaction.
Looking to the Future
The launch of Fibabanka’s BaaS platform marks the beginning of a broader plan to revolutionise financial services. The bank intends to expand its digital services to more industries and countries, using cutting-edge technology to benefit both businesses and their customers. This initiative positions Fibabanka as a key innovator in the future of financial services.
“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.”