Fibabanka has introduced a groundbreaking Banking as a Service (BaaS) platform in collaboration with GetirFinans, revolutionising the way businesses offer financial services. This innovative model, the first of its kind in Türkiye, is set to expand internationally, starting with the UK.
As a leader in Türkiye’s banking sector, Fibabanka has partnered with GetirFinans, which attracted $70 million in investment last year and reached a valuation of $250 million. This partnership allows non-banking businesses to seamlessly incorporate financial services into their operations, aligning with Fibabanka’s long-term strategy to extend its BaaS platform across different sectors.
Fibabanka’s advanced technology underpins the BaaS model, enabling businesses to integrate banking features directly into their platforms. With this offering, Fibabanka is positioning itself as an innovator in Türkiye’s financial services industry.
Leading Financial Integration
The partnership with GetirFinans marks the first practical application of Fibabanka’s BaaS platform. Through GetirFinans, embedded within the Getir app, users can access a variety of banking services, including account management, card issuance, and payments. Fibabanka’s digital infrastructure supports these services without requiring GetirFinans to hold a banking licence, allowing them to focus on core business activities.
With over 500 APIs supporting the platform, Fibabanka’s BaaS solution allows businesses to seamlessly integrate financial services, offering a cost-effective and efficient way to meet customer demand. The platform can be utilised by organisations ranging from retailers to fintech companies, catering to the growing 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.”
Extending Financial Services
Fibabanka’s BaaS model is designed to increase financial inclusion by extending access to banking services. By collaborating with partners like GetirFinans, Fibabanka is providing innovative solutions that go beyond traditional banking, helping businesses meet the evolving needs of their customers.
The platform also offers operational advantages for partner organisations by reducing the costs and complexity associated with providing financial services. Fibabanka manages the backend processes that require a banking licence, allowing businesses to focus on their customers and growth.
Looking to the Future
Fibabanka’s BaaS platform launch is just the beginning. The bank plans to expand its digital services across a wide range of industries and countries, focusing on technology-driven solutions that benefit businesses and consumers alike. As a leader in innovation, Fibabanka is poised to set new standards in the financial services sector.
“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.”
