Fibabanka launches Türkiye’s first BaaS platform in partnership with GetirFinans
Fibabanka pioneers the Service Banking model with GetirFinans, developed in collaboration with Getir introducing a revolutionary approach to financial services through its BaaS platform. The bank looks forward to expanding its platform further to meet the needs of various industries and countries starting from the UK
ISTANBUL, Sept. 24, 2024 (GLOBE NEWSWIRE) — Fibabanka, a leading player in Türkiye’s banking sector, has launched the country’s first Banking as a Service (BaaS) model through an innovative collaboration with GetirFinans, which received a total of $70 million in investment last year at a valuation of $250 million. This partnership, a significant step in Fibabanka’s broader strategy to expand its BaaS platform, provides non-banking businesses with the infrastructure to offer tailored financial services to their customers efficiently.
The BaaS model, enabled by Fibabanka’s advanced technology, marks a new era in financial services, making it easier for businesses across industries to integrate financial solutions into their own platforms. Fibabanka is one of the few global institutions to implement this model, positioning itself as a key innovator in the Turkish market.
A new era for financial services integration
The partnership with GetirFinans is the first use case for Fibabanka’s BaaS model. Through the GetirFinans, integrated within the Getir, application, users can now access a range of banking services, including account management, card issuance, and payment options, directly from the app. By leveraging Fibabanka’s digital infrastructure, GetirFinans is able to offer these services without needing a banking license, while maintaining focus on its core operations.
With more than 500 APIs powering its platform, Fibabanka’s BaaS solution enables businesses to seamlessly incorporate financial services into their operations, opening the door to cost-effective and streamlined service delivery. Non-bank organizations, from large retailers to fintech startups, can use Fibabanka’s BaaS platform to meet rising customer expectations for integrated, convenient financial solutions.
Ömer Mert, General Manager and Member of the Board of Directors at Fibabanka, emphasized the transformative nature of 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.”
Expanding the reach of financial services
Fibabanka’s BaaS model is designed to drive financial inclusion by making banking services more accessible to a wider audience. By working with partners like GetirFinans, the bank is extending its reach beyond traditional banking channels, offering innovative solutions that cater to the changing needs of consumers and businesses alike.
Fibabanka’s BaaS platform also provides significant operational benefits to partner organizations, reducing the costs and complexity typically associated with offering financial services. By managing the backend processes that require a banking license, Fibabanka enables businesses to focus on growth and customer experience.
A broader vision for the future
Fibabanka’s launch of the Banking as a Service model is just the beginning of its journey. The bank has positioned itself as a leader in digital banking solutions in Türkiye and plans to expand its BaaS offerings across more industries in the near future. With its technology-driven approach and commitment to innovation, Fibabanka aims to set new standards in the financial services industry, providing solutions that benefit 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.”
About Fibabanka:
Since its establishment in 2010, Fibabanka has been a part of the Fiba Group, positioning itself as a forward-thinking technology company offering banking services for the future. Through its investments in digital infrastructure and innovation, Fibabanka continues to transform conventional banking into an end-to-end digital experience, delivering fast, easy, and accessible solutions to its customers.
About GetirFinans:
Founded in partnership with Getir, GetirFinans is a technology company that achieved a valuation of $250 million while still in its establishment phase, having raised a total of $70 million in investments last year. GetirFinans will offer users a fast and advantageous banking experience as an interface provider for the service banking services provided by Fibabanka, in accordance with the Regulation on the Principles of Operation of Digital Banks and Service Model Banking, which came into effect on January 1, 2022.
CONTACT: Media Contact: Deniz Güney Director of Marketing Communications, Customer Experience and Digital Banking deniz.guney@fibabanka.com.tr
