Fibabanka Partners with GetirFinans to Introduce Türkiye’s First BaaS Platform
Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in collaboration with GetirFinans, revolutionising financial services integration for businesses. The platform is set to expand internationally, with the UK as the first destination.
As a leading figure in Türkiye’s banking sector, Fibabanka has teamed up with GetirFinans, which secured $70 million in investment last year and achieved a valuation of $250 million. This partnership allows businesses outside the banking industry to integrate financial services efficiently, aligning with Fibabanka’s broader plan to extend its BaaS platform across industries.
Fibabanka’s advanced technology drives the BaaS model, offering businesses the ability to incorporate banking services into their platforms effortlessly. Fibabanka is positioning itself as a leading innovator in the Turkish financial sector.
New Frontiers in Financial Services
The partnership with GetirFinans represents the first practical application of Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans allows users to access a variety of financial services, including account management, card issuance, and payments, without the need for a banking licence. Fibabanka’s digital infrastructure supports these services, enabling GetirFinans to focus on core business activities.
Fibabanka’s platform, backed by more than 500 APIs, allows businesses to integrate financial services seamlessly, providing a cost-effective solution to meet customer demand. From large retailers to fintech startups, the platform caters to businesses across industries.
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 Financial Services Access
Fibabanka’s BaaS platform is designed to increase financial inclusion by making banking services accessible to a wider audience. By partnering with companies like GetirFinans, Fibabanka is offering innovative financial solutions that cater to modern business needs.
The platform provides significant operational advantages by reducing the costs and complexities associated with providing financial services. Fibabanka manages the backend processes that require a banking licence, allowing businesses to focus on growth and customer satisfaction.
The Future of Financial Services
Fibabanka’s BaaS platform launch represents the start of a larger digital strategy. The bank plans to expand its digital services across more industries and countries, using technology-driven solutions to redefine the standards in financial services. This approach is set to benefit 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.”