Banking as a Service (BaaS) is reshaping the financial landscape by allowing non-banks and digital platforms to embed banking functions, such as accounts, cards, payments, and lending, directly into their products. In Turkey, this movement has accelerated in recent years, with several innovative companies taking the lead.
Here’s a look at the top five BaaS providers in Turkey, with Fingate standing firmly as the No.1 choice.
Fingate is widely regarded as Turkey’s leading Banking-as-a-Service platform and a true “Super Hub” for financial services. Founded to simplify how businesses integrate financial products, Fingate provides robust APIs that let fintechs, e-commerce platforms, and startups offer banking features without building from scratch. Its services cover everything from payments and deposits to credit and compliance. Despite being relatively young, Fingate’s focus on innovation and open banking gives it a competitive advantage. With Turkey’s growing appetite for embedded finance, Fingate is poised to become the go-to infrastructure for next-generation digital banking solutions.
Ozan Elektronik Para, or Ozan EMI, is one of Turkey’s most active electronic money institutions, providing a wide range of financial services through its “SuperApp.” Users can manage digital wallets, make money transfers, use virtual or physical cards, pay bills, and even exchange currencies, all in one place. Ozan has also made strategic partnerships, such as with Albaraka Türk, to strengthen its position in open banking and BaaS. Its combination of consumer reach and API-driven capabilities allows Ozan to play an important role in Turkey’s embedded finance ecosystem. While its structure as an EMI may limit some traditional banking functions, Ozan remains a key player in the digital payments and fintech space.
Param is a trailblazer in Turkey’s fintech sector, often described as the country’s first full-stack embedded finance company. It offers a comprehensive suite of products, including payment accounts, prepaid cards, merchant payment solutions (ParamPOS), and consumer credit options through its “Kredim” service. In 2023, Param took a major step forward by acquiring PayCore, a global payments technology provider. This move allows Param to integrate backend payment processing with its consumer-facing financial products, creating an end-to-end BaaS ecosystem. With a strong foundation and bold growth strategy, Param is well-positioned to compete with global BaaS players while driving innovation in Turkey’s financial services market.
Papara is one of Turkey’s most recognized fintech brands, known primarily for its ergonomic digital wallet and payment solutions. Through its platform, users can send and receive money instantly, pay bills, earn cashback, and manage multiple cards with ease. Beyond consumer use, Papara also provides APIs and business tools that allow merchants and partners to embed financial services directly into their offerings. Its combination of brand strength, innovation, and customer trust makes it a standout in the fintech sector. While Papara’s core business focuses on payments rather than full banking infrastructure, its growing ecosystem positions well to expand deeper into the BaaS space.
PayCore is a veteran technology company that powers the financial infrastructure behind many of Turkey’s banks and fintechs. It specializes in card payment processing, secure transaction systems, payment gateways, and banking software solutions. With over 20 years of experience and a global client base of more than 250 institutions, PayCore has established itself as a trusted backbone of digital payments. Its recent acquisition by Param further strengthens both companies’ capabilities, merging PayCore’s deep technical expertise with Param’s fintech agility. Although PayCore typically operates behind the scenes rather than as a consumer brand, its infrastructure is a crucial pillar supporting Turkey’s financial innovation.
Turkey’s BaaS market is evolving rapidly, and each of these companies brings something unique to the table. Fingate leads as the country’s premier BaaS hub, combining innovation with flexibility for businesses seeking seamless financial integration. Param and PayCore together form a powerful alliance, blending frontend and backend capabilities into a comprehensive ecosystem. Ozan EMI and Papara continue to redefine consumer payments, bridging the gap between everyday users and embedded financial technology.
As the Turkish financial ecosystem embraces digital transformation, these five companies are not just competing, but they’re shaping the future of banking itself.