Fibabanka has taken a bold step in financial services with the launch of Türkiye’s first Banking as a Service (BaaS) platform, developed in collaboration with GetirFinans. This revolutionary Service Banking model marks a significant move towards transforming financial services for various sectors, with expansion plans starting in the UK.
As a prominent player in Türkiye’s banking industry, Fibabanka has partnered with GetirFinans, which secured $70 million in investment last year at a valuation of $250 million. The BaaS platform allows non-banking businesses to incorporate tailored financial services into their operations efficiently, forming part of Fibabanka’s long-term strategy to expand its platform.
Fibabanka’s BaaS platform, powered by advanced technology, is set to redefine how financial services are integrated across industries, offering businesses the ability to seamlessly embed banking features into their own platforms. Fibabanka is one of a select few global institutions offering this model, establishing itself as a key innovator in the Turkish financial market.
Transforming Financial Services Integration
GetirFinans is the first application of Fibabanka’s BaaS platform. Through GetirFinans, integrated within the Getir app, users can now manage accounts, issue cards, and make payments, all directly through the app. Fibabanka’s digital infrastructure supports these services without the need for GetirFinans to hold a banking licence, enabling them to focus on core operations.
Fibabanka’s platform, backed by more than 500 APIs, allows businesses to incorporate financial services seamlessly, providing cost-effective solutions that streamline service delivery. The platform can be used by a range of organisations, from major retailers to fintech companies, to meet rising customer demand for integrated, accessible financial services.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, explained the importance of the model: “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 to a Broader Audience
Fibabanka’s BaaS model is aimed at expanding financial inclusion, making banking services available to a broader audience. By partnering with companies like GetirFinans, Fibabanka is extending its services beyond traditional banking channels, offering innovative solutions that meet the needs of modern businesses and consumers.
The platform offers significant advantages to partner companies, lowering the costs and complexities of providing financial services. Fibabanka handles the backend processes requiring a banking licence, allowing businesses to focus on their customers and growth.
Aiming for the Future
Fibabanka’s BaaS platform launch is only the beginning of a larger journey. The bank plans to continue expanding its digital services across industries, positioning itself as a leader in innovative financial solutions. By focusing on technology and new approaches, Fibabanka aims to set a new standard for the financial services industry, 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.”
