In an innovative move, Fibabanka has partnered with GetirFinans to introduce Türkiye’s first Banking as a Service (BaaS) platform. This collaboration brings a new approach to financial services, with plans to expand the platform to other sectors and countries, starting with the UK.
Fibabanka, a leading name in Türkiye’s banking sector, has teamed up with GetirFinans, which received $70 million in investment last year, achieving a valuation of $250 million. This strategic partnership allows non-banking businesses to integrate financial services into their operations efficiently, forming part of Fibabanka’s goal to extend its BaaS platform across industries.
Powered by Fibabanka’s advanced technology, the BaaS model is set to transform the way financial services are integrated into various sectors. With this offering, Fibabanka becomes one of the few global institutions providing this model, strengthening its position as an innovator in the Turkish banking landscape.
New Frontiers for Financial Integration
GetirFinans is the first practical use of Fibabanka’s BaaS platform. Integrated into the Getir app, GetirFinans allows users to access banking services such as account management, card issuance, and payments. With Fibabanka’s digital infrastructure in place, GetirFinans is able to offer these services without the need for a banking licence, focusing instead on its primary business.
The platform, supported by over 500 APIs, enables businesses to seamlessly incorporate financial services, providing an efficient and cost-effective solution. From retailers to fintechs, companies can leverage Fibabanka’s BaaS platform to meet the growing demand for accessible, 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.”
Broadening Access to Financial Services
Fibabanka’s BaaS model is designed to increase financial inclusion, providing banking services to a wider audience. Through its partnerships, such as with GetirFinans, Fibabanka is extending its reach beyond traditional banking, offering innovative solutions that cater to modern consumer and business needs.
The platform also provides operational efficiencies for partner organisations, reducing the cost and complexity typically associated with offering financial services. Fibabanka manages the backend processes 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 model is the start of a broader vision. The bank aims to continue expanding its digital services to additional industries and countries, leveraging technology to offer innovative financial solutions. By focusing on cutting-edge technology, Fibabanka is committed to setting new benchmarks in the financial services sector, benefiting businesses and their customers alike.
“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.”
