Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in collaboration with GetirFinans, revolutionising the way businesses integrate financial services. The platform 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, valuing the company at $250 million. This collaboration allows businesses outside the banking industry to integrate financial services seamlessly, forming a core part of Fibabanka’s strategy to expand its BaaS platform.
Fibabanka’s BaaS model leverages advanced technology to allow businesses to embed banking services into their platforms effortlessly, positioning the bank as a key innovator in Türkiye’s financial market.
Revolutionising Financial Services
The partnership with GetirFinans is the first demonstration of Fibabanka’s BaaS platform in action. Through this collaboration, GetirFinans is offering a variety of banking services – including account management, card issuance, and payments – integrated within the Getir app. By leveraging Fibabanka’s digital infrastructure, GetirFinans can provide these services without needing a banking licence, allowing them to focus on their core operations.
With more than 500 APIs supporting the platform, Fibabanka’s BaaS solution enables businesses to integrate financial services easily, providing a cost-effective solution to meet rising customer demand. Companies across industries, from retail to fintech, can use the platform to offer integrated financial services.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, commented: “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.”
Enhancing Financial Access
Fibabanka’s BaaS platform is designed to extend financial inclusion, making banking services more accessible to a wider audience. By partnering with companies like GetirFinans, Fibabanka is providing innovative solutions that go beyond traditional banking, offering financial services that meet the needs of businesses and consumers.
The platform also provides significant operational benefits to partner organisations by reducing the cost and complexity of offering financial services. Fibabanka manages the backend processes requiring a banking licence, enabling businesses to focus on customer growth and satisfaction.
The Future of Financial Services
Fibabanka’s BaaS platform launch is the first step in a broader digital strategy. The bank plans to expand its platform across industries and countries, setting new standards in financial services through technology-driven solutions. By offering innovative digital banking services, Fibabanka aims to benefit both businesses and customers.
“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.”
