Fibabanka has launched Türkiye’s first-ever Banking as a Service (BaaS) platform in partnership with GetirFinans, transforming the way businesses offer financial services. This innovative model is set to expand internationally, with the UK as the first destination.
As a major player in Türkiye’s banking industry, Fibabanka has collaborated with GetirFinans, which received $70 million in investment last year and was valued at $250 million. This partnership allows non-banking businesses to seamlessly integrate financial services, forming part of Fibabanka’s broader strategy to extend its BaaS platform to new sectors and regions.
Fibabanka’s advanced technology enables the BaaS model, allowing businesses to incorporate banking services into their own platforms. This positions Fibabanka as a key innovator in the Turkish financial landscape.
Transforming Financial Service Integration
The partnership with GetirFinans marks the first implementation of Fibabanka’s BaaS platform. Through GetirFinans, integrated into the Getir app, users can access a range of banking services, such as account management, card issuance, and payments. Fibabanka’s digital infrastructure supports these services without the need for GetirFinans to hold a banking licence, allowing them to concentrate on core operations.
With over 500 APIs, Fibabanka’s platform allows businesses to integrate financial services seamlessly, providing a cost-effective solution for various industries. Companies from retail to fintech can use the platform to meet the growing demand for integrated financial services.
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.”
Increasing Financial Inclusion
Fibabanka’s BaaS platform is designed to promote financial inclusion, making banking services more accessible to a wider audience. Through partnerships with companies like GetirFinans, Fibabanka is delivering innovative solutions that go beyond traditional banking methods.
The platform offers operational benefits for partner organisations by reducing the costs and complexities of offering financial services. Fibabanka manages the backend operations that require a banking licence, allowing businesses to focus on growth and customer satisfaction.
The Future of Digital Banking
The launch of Fibabanka’s BaaS platform represents the beginning of a larger journey. The bank plans to expand its digital services to more industries and countries, using cutting-edge technology to benefit businesses and customers alike. Fibabanka aims to set new standards 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.”
