Fibabanka, a leading player in Türkiye’s banking sector, has officially launched the country’s inaugural Banking as a Service (BaaS) model through an innovative partnership with GetirFinans. This partnership comes on the heels of GetirFinans securing a notable $70 million in investment last year, leading to a company valuation of $250 million. The partnership is a pivotal component of Fibabanka’s strategy to broaden its BaaS platform, allowing non-banking enterprises to efficiently provide tailored financial services to their customers.
A New Era for Financial Services Integration
The BaaS model, powered by Fibabanka’s cutting-edge technology, heralds a significant transformation in financial services. It simplifies the process for businesses across various sectors to incorporate financial solutions directly into their platforms. Fibabanka stands out as one of the few global institutions to implement this model, reinforcing its role as an innovator in the Turkish market.
The collaboration with GetirFinans serves as the inaugural application of Fibabanka’s BaaS model. Users of the Getir app can now access an array of banking services, including account management, card issuance, and payment processing, seamlessly integrated into their experience. By leveraging Fibabanka’s digital framework, GetirFinans can provide these services without the need for a banking licence while concentrating on its core operations.
Expanding the Reach of Financial Services
Fibabanka’s BaaS solution is fortified by more than 500 APIs, allowing businesses to integrate financial services effortlessly into their operations. This platform empowers non-bank organisations, from major retailers to fintech start-ups, to meet the growing consumer demand for convenient, integrated financial solutions.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, highlighted the transformative impact of this model: “As consumer expectations evolve, businesses are looking for ways to provide seamless and integrated experiences through their own platforms. Our Banking as a Service model is designed to meet these needs by providing easy access to financial infrastructure for businesses outside the banking sector. The collaboration with GetirFinans marks only the start of our journey, and we are eager to enhance our platform to meet the needs of diverse industries and regions.
A Broader Vision for the Future
Fibabanka’s BaaS initiative aims to enhance financial inclusion by making banking services accessible to a broader audience. Through partnerships like that with GetirFinans, the bank is extending its reach beyond conventional banking channels, delivering innovative solutions that align with the changing demands of consumers and businesses alike.
This platform also offers significant operational advantages to partner organisations by minimising the costs and complexities usually linked to delivering financial services. By overseeing backend processes that require a banking licence, Fibabanka enables businesses to focus on growth and customer satisfaction.
Mert concluded, We take pride in being at the forefront of this transformation within the banking landscape. As the go-to destination for BaaS in Türkiye, Fibabanka is committed to building on this model and establishing new partnerships that cater to the needs of our collaborators and their clients. Our mission is to redefine the landscape of digital banking through innovation, and this is just the first of many significant milestones we aim to achieve.
