Project Scope
Fibabanka was officially established in December 2010, driven by the motto “Agile thinking, agile solutions”. However, as a startup bank looking to break into a crowded financial sector, Fibabanka has had trouble establishing a clear value proposition to customers and competitive advantage in the marketplace. Rather than pursuing traditional growth strategies led by branch formation, Fibabanka sought to leverage startup partnerships to reach new customers and grow its portfolio. Core Strateji was tasked with formulating such a strategy and creating an investment vehicle to deliver on the strategy.
Project Delivery
With direction from Core Strateji, Fibabanka formed one of the first retail-banking led corporate venture capital funds in Turkey, Finberg, focusing on small business banking opportunities. Finberg coordinates effective partnerships between Fibabanka and startups. Through investments and strategic partnerships, it establishes a foundation for an innovative, customer-focused approach to financial technology.
Core Strateji also lead the CVC team in scouting, evaluating and negotiating investment and partnership opportunities with fintech startups. Core Strateji also supported the bank in creating internal systems and processes to support startup integration with the bank’s operations.
Project Results
As of 2019, Finberg has already made three investments with several more in the pipeline.
HIGHLIGHTS
- Created the structure and governance for the establishment of the Finberg CVC
- Trained the team to search, evaluate and work with technology startups
- Supported internal units through the collaboration and integration process