Last Updated on: 24th September 2024, 08:12 am
Fibabanka has launched Türkiye’s first Banking as a Service (BaaS) platform in collaboration with GetirFinans, revolutionising financial services by enabling non-banking businesses to offer tailored financial services. The platform is expected to expand internationally, starting with the UK.
As a prominent force in Türkiye’s banking industry, Fibabanka has joined forces with GetirFinans, which received $70 million in investment last year at a valuation of $250 million. This partnership marks an important step in Fibabanka’s broader strategy to expand its BaaS platform, providing businesses with a seamless way to integrate financial services.
Fibabanka’s advanced technology powers the BaaS model, positioning the bank as a global leader in this innovative approach to financial services. The platform allows businesses to embed banking features into their existing operations effortlessly, making Fibabanka a key innovator in Türkiye’s financial sector.
Innovating Financial Services Integration
The collaboration with GetirFinans is the first demonstration of Fibabanka’s BaaS platform. Integrated within the Getir app, GetirFinans offers users a range of financial services, including account management, card issuance, and payment options, all without requiring a banking licence. Fibabanka’s digital infrastructure supports these operations, allowing GetirFinans to focus on its core business.
Backed by over 500 APIs, Fibabanka’s platform enables businesses to incorporate financial services seamlessly, offering an efficient and cost-effective solution for a range of industries. From large retailers to fintech startups, companies can use Fibabanka’s platform to meet rising customer demand for integrated, convenient 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.”
Widening the Reach of Financial Services
Fibabanka’s BaaS model aims to improve financial inclusion by making banking services more accessible. Partnering with companies like GetirFinans allows Fibabanka to offer innovative solutions that go beyond traditional banking channels, providing businesses and consumers with flexible, integrated services.
The platform offers significant operational advantages to partner organisations, reducing the cost and complexity of providing financial services. By managing backend processes requiring a banking licence, Fibabanka enables businesses to focus on customer experience and growth.
Looking Ahead to the Future
Fibabanka’s BaaS platform launch is just the start of its plans for digital innovation. With ambitions to expand across industries and countries, the bank is committed to setting new standards in financial services by offering cutting-edge technology-driven solutions. This expansion will benefit businesses and customers alike, helping them achieve new levels of success.
“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.”
