Fintech is growing rapidly in Turkey. Investment in Turkish fintech companies grew 175% from US$4.6 million in 2012 to US$29 million in 2016, and the overall Turkish fintech industry, which counts more than 200 companies, according to the Fintech Ecosystem in Turkey report by Deloitte, BKM and Fintech Istanbul, is estimated to be worth US$15 billion.
Given the rapid rise of fintech in Turkey, here are ten fintech companies in the country you should know:
Sometimes dubbed the “Stripe of Turkey,” Iyzico provides a payment management platform to online companies. Currently the company offers IyziPos, a virtual point-of-sale (POS) solution with automated fraud prevention and high authorization-rate bank integrations, IyziBazaar, a payment infrastructure solution for marketplaces, IyziLink, a pay by link solution, and Buyer Protection, as the flagship products.
Founded in 2012, Iyzico has raised US$24 million in disclosed funding so far, according to Crunchbase.
Founded in 2011, Istanbul-based Cardtek provides end-to-end payment solutions for financial institutions, processors, telecom operators, personalization bureaus, retailers, terminal and card vendors and last but not least public transportation authorities to more than 185+ customers in 35+ countries across the globe.
Cardtek manages more than 100 million payment cards globally and processes more than 1 million POS devices. The company has raised US$19.3 million in disclosed funding so far.
Foriba, a company formed by FIT Solutions and ISIS Bilisim, offers electronic solutions such as e-books, e-invoices, e-waybills, e-audit, e-archives, e-tickets, and e-signatures. It currently serves to largest 2,000 companies operating in Turkey.
Foriba has raised US$5 million in disclosed funding so far.
Founded in 2013, Parasut is an Istanbul-based company that has developed a software-as-a-service expense and invoice management application for SMEs. The company is the first enterprise technology (B2B) company to attract investment from Turkey’s Silicon Valley since its establishment. Its cloud-based financial management application, Parachute, is used by over 200,000 users.
Parasut has raised US$3.9 million in disclosed funding so far.
Launched in 2011, Apsiyon is a software-as-a-service company, providing property management, payment services, finance and accounting, and community management, in a software package to professional commercial and residential property management companies.
As of June 2016, the website has been actively used by over 300,000 residents in over 1,600 residents.
Apsiyon has raised US$5 million in disclosed funding so far.
Istanbul-based Moka provides mobile POS terminals for SMEs. The company charges its users a monthly subscription fee, depending on the number of stores they have. Transaction data is stored in the cloud which means business owners can access real-time sales data anytime, anywhere.
Founded in 2015, Papara is an electronic money and payment company. It provides a platform that users can use to load balance from thousands of points, transfer money 24/7, shop safely online, and play games. The company reached 40,000 users in the first three months after its establishment.
Papara is a licensed e-money corporation under Turkish law, an issuer/acquirer member of MasterCard and a member of BKM, Turkey’s Interbank Card Center organization. The company has raised US$2 million in disclosed funding.
PlusOneMinusOne (P1M1) is an internationally operating company that provides optimization and predictive analytics software for the ATM market, servicing banks, ATM ISOs and IADs. Currently, the company offers Cash+, an advanced, cloud-based cash analytics software for ATMs, Location+, which helps banks, ATM ISOs, and IADs find value-added locations for their ATMs, Reload+, an enhancement to its cash optimization portfolio, and Uptime+, a predictive maintenance software to reduce downtime.
P1M1 has raised US$2 million in disclosed funding.
Founded in 2014, Tekkredi provides a platform that allows users to reconfigure their existing loans and credit card debts from different banks and consolidating them under a single payment plan. After credit consolidation, customers close their existing debts and combine them into a single bank of their choice from Tekkredi’s partner banks.
Founded in 2008, Enuygun.com is a price comparison platform that operates in five verticals: money, insurance, travel, electronics and home services. With over 600,000 unique visitors a month, the platform leads approximately 100, 000 loan applications per month to Turkish banks. In the travel vertical, Enuygun.com claims to be Turkey’s largest online travel agency, having sold more than 7 million flight tickets.
Enuygun.com has raised more than US$500,000 in disclosed funding.