Fibabanka has partnered with GetirFinans to introduce Türkiye’s first Banking as a Service (BaaS) platform, marking a significant milestone in financial services innovation. The platform, set to expand internationally starting with the UK, will enable businesses to easily integrate financial services into their operations.
As a key player in Türkiye’s banking sector, Fibabanka collaborated with GetirFinans, which raised $70 million in investment last year and reached a valuation of $250 million. This strategic partnership is part of Fibabanka’s broader initiative to extend its BaaS platform to various industries, offering businesses the capability to seamlessly incorporate financial services into their platforms.
Fibabanka’s advanced technology enables the BaaS model, which positions the bank as a leader in financial services innovation in Türkiye.
Innovative Financial Service Integration
The partnership with GetirFinans represents the first use case of Fibabanka’s BaaS platform. Through this collaboration, GetirFinans provides users with integrated banking services – such as account management, card issuance, and payments – all available through the Getir app. Fibabanka’s digital infrastructure enables these services without the need for GetirFinans to acquire a banking licence, allowing the company to focus on its core operations.
Fibabanka’s platform is supported by more than 500 APIs, making it easy for businesses to embed financial services seamlessly. The platform is designed to offer cost-effective solutions to a wide range of industries, including retail and fintech, meeting the growing 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.”
Expanding Access to Financial Services
Fibabanka’s BaaS platform aims to enhance financial inclusion by making banking services accessible to a broader audience. By partnering with companies like GetirFinans, Fibabanka is offering innovative solutions that reach beyond traditional banking, helping businesses better serve their customers.
The platform also offers significant operational benefits, reducing the cost and complexity typically involved in offering financial services. Fibabanka manages the backend processes requiring a banking licence, enabling businesses to focus on growth and customer engagement.
Looking Ahead
Fibabanka’s launch of the BaaS platform marks just the beginning of a larger vision. The bank plans to expand the platform to more industries and countries, using technology to transform how businesses provide financial services. By offering innovative solutions, Fibabanka aims to redefine the future of financial services.
“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.”
