Fibabanka History and Funding Structure Explained

Fibabanka was founded in 2002 in Istanbul, Turkey, initially as a subsidiary of Fibabanka, a Turkish bank.

Fibabanka operates as a subsidiary of Fibabanka, a Turkish bank.

The bank provides a wide range of financial services to its customers, including consumer and business banking, investment banking, and asset management.

Fibabanka has grown significantly since its inception, with a strong presence in Turkey and a growing international presence.

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Fibabanka's history dates back to Sitebank A.Ş., which was later transferred to SDIF and sold to Novabank in 2002.

The bank's name was changed several times, first to Bank Europe Bankası A.Ş. in 2003, then to Millennium Bank A.Ş. in 2006 after shares were transferred to Millennium BCP.

Millennium Bank A.Ş. joined Fiba Group in 2010 and was renamed Fibabanka A.Ş. later that year.

Fibabanka has raised funding over 2 rounds, with its first funding round taking place on October 23, 2015.

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Fibabanka's history dates back to Sitebank A.Ş., which was later transferred to SDIF and sold to Novabank in 2002.

The bank's name was changed to Bank Europe Bankası A.Ş. in 2003, and then again to Millennium Bank A.Ş. in 2006 after Novabank's shares were transferred to Millennium BCP.

In 2010, Millennium Bank A.Ş. joined Fiba Group, and its name was changed to Fibabanka A.Ş.

Fiba Holding A.Ş. purchased the shares held by Credit Europe Bank N.V. in 2012.

The International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) invested in the bank in 2015, each acquiring a 9.95% stake through a capital increase.

The same year, the bank's capital increased to TL 941,160,553.25.

TurkFinance B.V. (Abraaj), a private equity investor, acquired a 9.95% stake in the bank in 2016.

As a result of this investment, the shares of IFC and EBRD in the bank were reduced to 8.96% each.

Fiba Group continues to retain the majority stake in Fibabanka, with 71.57% of the bank's share capital as of year-end 2018.

Fibabanka has raised funding over 2 rounds, with its first funding round being on October 23, 2015. This round was a Seed round.

Fibabanka's latest funding round was a Series A round on June 6, 2016, for an undisclosed amount. This round was led by The Abraaj Group.

Here's a breakdown of Fibabanka's funding rounds:

The Abraaj Group participated in Fibabanka's Series A round, which was a significant milestone for the company.

Fibabanka has a strong presence in the market, but it's not alone. Its top competitors include UniCredit, Scotiabank, and Akbank, all of which are public commercial banks.

UniCredit, the number one competitor, has a Tracxn Score of 78/100 and has received funding from notable investors like Capital Group and Mubadala. Its headquarters is located in Milan, Italy.

Scotiabank, ranking second, has a Tracxn Score of 73/100 and has been funded by Seaside Private Capital and Colpatria. It's based in Toronto, Canada.

Here are some key competitors of Fibabanka:

Fibabanka has 3 institutional investors. They are IFC, EBRD, and The Abraaj Group.

Fibabanka's main competitors in the commercial banking sector include UniCredit, Scotiabank, and Bank of America, all of which have been in operation for over a century.

UniCredit, founded in 1998, is a commercial bank with a strong presence in Italy, backed by notable investors such as Capital Group and Mubadala.

Scotiabank, established in 1832, is a Canadian commercial bank that has a significant international presence, with investors like Seaside Private Capital and Colpatria.

Bank of America, founded in 1904, is a US-based commercial bank and asset management firm with a long history of stability and growth, supported by investors like PSP Investments and Berkshire Hathaway.

Here's a list of Fibabanka's top competitors, ranked by their Tracxn Score:

Other notable competitors of Fibabanka include Akbank, Garanti BBVA, Yapi Kredi, VakıfBank, Turkiye is Bankasi, and Odeabank, all of which are commercial banks with a strong presence in Turkey.

Fibabanka has been actively investing in various companies since 2022. One notable investment was made in Colendi, a company based in London, United Kingdom, which was founded in 2016.

Fibabanka also made investments in two Turkish companies, Tahsildar and Easycep. Both of these companies were founded in 2018.

Here's a list of Fibabanka's investments:

Fibabanka, a bank serving customers in various fields in Turkey, had a significant challenge to address. They needed a solution to prevent transaction fraud while ensuring compliance with regulatory and data processing obligations.

The bank was looking for an industry-leading solution to detect and prevent fraud, and they were able to detect over $450,000 of fraud in a single year with the help of GBG Predator.

GBG Predator helped Fibabanka identify various types of fraud, including digital channel scams, card payment systems scams, and money laundering and terrorist financing. This solution also enabled the bank to reduce "false positives" and automatically take risk prevention actions.

Here are the key benefits Fibabanka achieved with GBG Predator:

Fibabanka, a bank in Turkey, serves customers across various fields, including Corporate, Commercial, SME, Personal, Agriculture, and Private Banking. They aimed to add value to their customers' lives by investing in digital technology and perfecting the customer experience.

The bank was seeking an industry-leading solution to identify and prevent transaction fraud. This was crucial for ensuring full compliance with regulatory and data processing obligations in Turkey.

Fibabanka was detecting over $450,000 of fraud in a single year through various scams, including digital channel scams, card payment systems scams, and money laundering and terrorist financing.

The outcome of implementing GBG Predator was a significant success for Fibabanka, with the system detecting over $450,000 of fraud in a single year.

Fibabanka was able to identify fraud types across multiple transactions and customer sectors, giving them a better understanding of the types of threats they faced.

The system reduced "false positives" by using behavioural analytics to calculate the risk of each transaction in real time.

This resulted in a significant reduction in response times for fraud cases, as risk prevention actions were taken automatically.

Fibabanka was also able to create and customise business rules itself, without the need for specialist or scarce IT resources.

To transfer money to Fibabanka, you'll first need to create an account using your email address through their website or app. This can be done through the App Store or Google Play.

Once you have an account, you can select the currency and the amount you want to send, as well as the delivery speed that suits your needs. The delivery options vary depending on the recipient's location.

To complete the transfer, you'll need to choose how your money is delivered, including bank deposit as an option. You'll also need to enter the name and information of the person receiving the money.

After that, you'll enter your payment information and select "confirm transfer" to send the money.

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