Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in partnership with GetirFinans, introducing a new approach to financial services for businesses. The platform is set to expand into various sectors and countries, starting with the UK.
As a leading institution in Türkiye’s banking sector, Fibabanka has collaborated with GetirFinans, which secured $70 million in investment last year, reaching a valuation of $250 million. This partnership is an integral part of Fibabanka’s strategy to expand its BaaS offering, allowing businesses outside the financial sector to offer financial services to their customers with ease.
Fibabanka’s technology-driven BaaS model is designed to revolutionise how businesses across industries integrate banking solutions into their platforms. As one of a few global institutions to implement this model, Fibabanka is positioning itself as a key innovator in Türkiye’s financial landscape.
Revolutionary Integration of Financial Services
GetirFinans, integrated into the Getir app, is the first use case of Fibabanka’s BaaS platform. Through this collaboration, users can now access a range of financial services, such as account management, card issuance, and payments, without GetirFinans needing a banking licence. Fibabanka’s digital infrastructure supports these operations, allowing Getir to maintain its focus on core business functions.
Fibabanka’s platform is supported by over 500 APIs, enabling businesses to integrate financial services efficiently. The platform offers a cost-effective solution for companies across industries, from large retailers to fintechs, meeting customer demand for accessible, seamless financial services.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, emphasised the transformative nature of the collaboration: “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 Access to Financial Services
The BaaS model from Fibabanka aims to increase financial inclusion by making banking services more widely available. By collaborating with partners such as GetirFinans, Fibabanka extends its reach beyond traditional banking, offering innovative financial solutions tailored to the needs of modern businesses and consumers.
This platform provides substantial operational benefits to partner companies, reducing the costs and complexities typically involved in offering financial services. By managing the backend processes that require a banking licence, Fibabanka enables businesses to focus on their growth and customer satisfaction.
A Vision for Digital Banking’s Future
The launch of Fibabanka’s BaaS platform represents just the beginning of the bank’s broader digital strategy. By expanding into new industries and countries, Fibabanka aims to set new standards in financial services with technology-led solutions. This approach will benefit businesses and customers alike, transforming how financial services are delivered.
“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.”