Fibabanka has introduced a pioneering Service Banking model in collaboration with GetirFinans, marking a new era in financial services through its innovative BaaS (Banking as a Service) platform. The bank has set its sights on expanding this platform to cater to industries worldwide, starting with the UK.
As a leader in Türkiye’s banking sector, Fibabanka has launched the country’s first Banking as a Service model in partnership with GetirFinans, which received $70 million in investment last year at a valuation of $250 million. This collaboration represents a key element in Fibabanka’s strategy to expand its BaaS offering, allowing non-banking businesses to integrate financial services into their operations efficiently.
Enabled by Fibabanka’s cutting-edge technology, the BaaS model is set to transform financial services, giving companies across various sectors the ability to integrate banking solutions into their platforms seamlessly. As one of the few global institutions to implement this model, Fibabanka is positioning itself as a leader in the Turkish financial landscape.
Revolutionising Financial Services Integration
The partnership with GetirFinans serves as the first application of Fibabanka’s BaaS platform. Through GetirFinans, integrated within the Getir app, users can access various banking services, such as account management, card issuance, and payments, directly from the app. By using Fibabanka’s digital infrastructure, GetirFinans is able to offer these services without the need for a banking licence, allowing them to focus on their core business activities.
With more than 500 APIs powering its platform, Fibabanka’s BaaS model allows businesses to seamlessly incorporate financial services, enabling cost-effective and efficient service delivery. From major retailers to fintech startups, organisations can utilise this platform to meet growing customer demand for integrated financial solutions.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, highlighted the innovation behind this model: “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.”
Broadening the Reach of Financial Services
Fibabanka’s BaaS model is designed to enhance financial inclusion by making banking services more accessible to a wider audience. Through partnerships like GetirFinans, Fibabanka is reaching beyond traditional banking, providing innovative solutions tailored to modern business and consumer needs.
The platform also offers operational advantages for partner organisations, reducing the costs and complexities typically associated with providing financial services. Fibabanka manages the backend operations that require a banking licence, allowing businesses to focus on their growth and customer experience.
A Vision for the Future
The introduction of Fibabanka’s BaaS model is just the beginning. The bank plans to expand its digital banking services to more industries and countries, with a strong commitment to innovation and technology-driven solutions. Fibabanka aims to set new standards in the financial services sector, benefitting both businesses and their customers.
“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.”
