Fibabanka, in collaboration with GetirFinans, has launched Türkiye’s first Banking as a Service (BaaS) platform, revolutionising how businesses offer integrated financial services. The platform, designed to expand across industries and regions, will begin its international journey with the UK.
As a key figure in Türkiye’s banking sector, Fibabanka has partnered with GetirFinans, which secured $70 million in investment last year and achieved a valuation of $250 million. This partnership allows non-banking businesses to seamlessly incorporate financial services into their platforms, forming a crucial part of Fibabanka’s strategy to grow its BaaS platform.
The BaaS model, powered by Fibabanka’s advanced technology, allows businesses to embed banking services into their operations, positioning the bank as a leader in financial innovation.
Transforming Financial Service Integration
The partnership with GetirFinans is the first use case of Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans offers users banking services such as account management, card issuance, and payments. Thanks to Fibabanka’s digital infrastructure, GetirFinans can provide these services without needing a banking licence, allowing the company to focus on its core operations.
Fibabanka’s platform is supported by more than 500 APIs, enabling businesses to incorporate financial services seamlessly, offering a cost-effective solution for a wide range of industries, including retail and fintech. The platform is designed to meet the increasing 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 Access to Financial Services
Fibabanka’s BaaS platform is designed to broaden access to banking services, making them available to a wider audience. Through partnerships like GetirFinans, Fibabanka is delivering innovative solutions that go beyond traditional banking, helping businesses better serve their customers.
The platform also offers significant operational advantages by reducing the costs and complexity typically involved in offering financial services. Fibabanka handles backend processes that require a banking licence, enabling businesses to focus on growth and customer experience.
Looking to the Future
The launch of Fibabanka’s BaaS platform represents just the beginning. The bank plans to expand its platform across industries and countries, using its technology-driven approach to reshape the future of financial services. By offering innovative solutions, Fibabanka aims to benefit both businesses and their 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.”
