Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in partnership with GetirFinans, an initiative set to transform the way businesses integrate financial services. The platform is poised for international expansion, beginning with the UK.
As one of Türkiye’s leading banking institutions, Fibabanka has collaborated with GetirFinans, which secured $70 million in investment last year, reaching a valuation of $250 million. This partnership allows businesses outside the banking sector to integrate financial services into their platforms easily, marking a key step in Fibabanka’s strategy to expand its BaaS offering.
The BaaS model, powered by Fibabanka’s advanced technology, enables businesses to seamlessly embed banking features into their operations, positioning the bank as a major innovator in Türkiye’s financial sector.
Revolutionising Financial Service Integration
The collaboration with GetirFinans is the first application of Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans now allows users to manage accounts, issue cards, and make payments, all without the need for a banking licence. Fibabanka’s digital infrastructure powers these services, enabling GetirFinans to focus on its primary business operations.
Fibabanka’s platform is supported by more than 500 APIs, allowing businesses to seamlessly incorporate financial services and offer cost-effective solutions to meet the growing demand for integrated services. Companies across a variety of industries, from retail to fintech, can use the platform to deliver tailored financial solutions to their customers.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, emphasised: “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 improve financial inclusion by making banking services more widely accessible. Through partnerships like GetirFinans, Fibabanka is extending its reach beyond traditional banking channels, providing innovative financial solutions that meet the evolving needs of businesses and consumers.
The platform also offers significant operational advantages by reducing the complexities and costs typically associated with offering financial services. Fibabanka handles all backend processes that require a banking licence, allowing businesses to focus on customer experience and growth.
A Broader Vision for the Future
The launch of Fibabanka’s BaaS platform is the first step in the bank’s larger plan to expand its digital banking services. The bank aims to extend its platform to more industries and countries, using technology-driven solutions to benefit businesses and consumers alike. Fibabanka’s focus on innovation positions it as a leader in 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.”