FinTech or financial technology is a rapidly growing industry all over the world. As daily life becomes increasingly digital, Fintech is of high importance as it improves financial services. To optimize and develop the quality of financial services, FinTech is supported by various technologies. Artificial intelligence, robotic process automation (RPA), blockchain technology and big data are a few of the technologies that support FinTech. In this article, we will examine some of the best financial technology companies in Turkey.
In Turkey, the FinTech market for advanced technologies is expanding rapidly and investment in this area is expected to increase. According to the report “The State of Fintech Ecosystem in Turkey”, there are more than 500 active fintech start-ups and more than 50 e-money and payment firms in Turkey. Let’s discover some of them together.
Birlesik Odeme (United Payment)
Birlesik Odeme, founded by Ilker Sozdinler in 2010, is one of Turkey's best fintech companies. The Fintech leader received an e-money and payment services license from Banking Regulation and Supervision Agency (BDDK) and other authorities. The company is the only fintech as a service (FaaS) company in Turkey with offices in Azerbaijan and Romania.
They have investments from Fibabanka and Oyak. The company provides its services to various enterprises such as Total, Borusan, and PepsiCo. They collaborate with many local banks and have global partnerships for international money transfers with Wise, Remitly and Paysend.
They help businesses with digital and financial transformation and assist them to deliver financial products to their channels with their brand and produce new revenues by using smart payment technologies.
Papara, founded in 2016 by Ahmed Faruk Karsli and Ilker Diker, is an e-money and payment services company. The FinTech company, working as a B2B and B2C, offers competitive and user-focused solutions against traditional financial executions. With a Papara account, users can make payments, shopping, and money transfers in a new and effortless way. Moreover, users can manage their budgets effectively. Some of their corporate clients are Uber, BiTaksi, and Yemeksepeti. Papara got a $2 million investment in 2016.
Iyzico is a FinTech company that makes the online shopping experience easier both for buyers and sellers. The company had been founded by Tahsin Isin and Barbaros Ozbugutu in 2013, was later purchased by PayU for $165 million. Now, the PayU company provides online payment services and AI-based payment technologies to businesses of different sizes in the e-commerce world.
It’s also a certified payment service and e-money corporation. Thanks to its simple and secure platform, Iyzico helped ease complex payment receiving processes and numerous companies to digitalize in a short while. Thus, millions of consumers who don’t get banking services shop online safely. The fintech firm has many customers such as H&M, Letgo, and sahibinden.com.
Figopara was established by Ahmet Bilgen and Koray Gultekin Bahar in 2017 to enhance financial technology executions in Turkey. With the usefulness of e-invoice, Figopara’s solutions make it easier for clients to meet their financing needs in the short term by providing quick and safe customer information to the financial organizations for which the clients would like to work or have an existing relationship. The company offers solutions for supply chain finance also known as reverse factoring or supplier finance, and they benefit both buyers and suppliers. Figopara got a $6.3 million investment in total.
Param, established by Emin Can Yilmaz in 2014, is one of the first e-money corporations in Turkey. The company serves its corporate and individual customers with physical, virtual POS, e-wallet services and more than 3 million prepaid cards. The Central Bank of the Republic of Turkey has recognized and verified the firm. In addition to domestic money transfers, the firm also has collaborations with global money transfer initiatives like Transfer Go as well as many local banks. The fintech company has corporate clients such as ebebek, Mavi, and TeknoSa.
Moka, a licensed payment corporation, was founded in 2014 by Hasan Serhan Suzer, Seyfettin Ersen Erol, and Levent Ilhaner. In 2020, Turkiye Is Bankasi purchased Moka for $3.8 million. The company provides secure payment solutions to businesses, verified by MasterCard, Amex and Visa. Moka creates and designs specific financial solutions for various sectors and organizations in these sectors. Without requiring huge infrastructure assets, the firm offers quick and easy payment integration to every company of every size.
Ininal, a subsidiary of Multinet UP, is a new generation payment platform that was founded by Bulent Tekmen and Celik Oren in 2012. They serve both corporate and individual customers, and they have payment services and an e-money license from Banking Regulation and Supervision Agency. The company provides its users with a debt-free, interest-free, secure prepaid card and wallet application. They create easy, economical, and secure financial infrastructure solutions with the API services for their corporate clients.
The company provides a collective payment and expense tracking system to businesses with its co-branded card and virtual POS services as well as loyalty programs for their users. The company got a $2.1 million investment in total.
Paynet Odeme Hizmetleri (Paynet Payment Services)
Paynet Payment Services was established in 2000 to make businesses get paid via credit cards. At that time, firms in Turkey were in a poor financial situation and the company came up with the idea of using credit cards in B2B transactions.
Now Paynet is one of the most successful FinTechs which digitalizes the financial processes of more than 20 thousand businesses in Turkey, and they give virtual POS services. The company manages payment flows of middle and big scale firms. So that businesses can manage their payment and cash flow effortlessly.
iPara was founded by the founders of Gittigidiyor, one of the leading e-commerce sites in Turkey, in 2012. The company is now a subsidiary of Multinet UP and They offer virtual POS and online payment solutions to companies. Moreover, it provides solutions for businesses to cut their costs. It is another verified and licensed payment corporation.
We hope that our content about “9 Best FinTech Companies in Turkey: A Developing Ecosystem” helped you to discover a little bit about the Turkish fintech ecosystem. The fintech ecosystem in Turkey is growing rapidly and it’ll keep growing.