Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in partnership with GetirFinans, enabling businesses to seamlessly integrate financial services. The platform is set to expand across industries and regions, starting with the UK.
As a prominent player in Türkiye’s banking sector, Fibabanka has joined forces with GetirFinans, which received $70 million in investment last year and was valued at $250 million. This collaboration is a key part of Fibabanka’s strategy to extend its BaaS platform, providing businesses with the ability to incorporate banking services into their platforms efficiently.
Fibabanka’s technology-driven platform offers businesses the tools to integrate financial services with ease, positioning the bank as an innovator in the Turkish financial sector.
New Frontiers in Financial Services Integration
The partnership with GetirFinans represents the first use of Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans enables users to access various banking services, including account management, card issuance, and payments, without needing a banking licence. Fibabanka’s digital infrastructure supports these services, allowing GetirFinans to focus on core operations.
Fibabanka’s platform, powered by over 500 APIs, allows businesses to incorporate financial services seamlessly, offering a cost-effective solution to meet customer expectations. Companies across industries, from retailers to fintech startups, can use the platform to offer 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.”
Wider Access to Financial Services
Fibabanka’s BaaS platform is designed to improve financial inclusion by making banking services accessible to a broader audience. By partnering with companies like GetirFinans, Fibabanka is extending its reach beyond traditional banking channels to offer innovative financial solutions.
The platform also provides operational advantages for partner companies by reducing the costs and complexities associated with offering financial services. Fibabanka manages the backend processes requiring a banking licence, allowing businesses to focus on growth and customer satisfaction.
Looking Forward
The launch of Fibabanka’s BaaS platform is the beginning of a wider initiative. The bank plans to continue expanding its digital services across industries and regions, using advanced technology to redefine the standards of financial services. This approach will benefit businesses and their customers, setting a new benchmark for the future of banking.
“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.”