Most experts will tell you countries such as the UK, USA and Germany are the hotbeds of fintech innovation, but increasingly, Turkey is finding her level in competition with them. The key challenges for Turkish fintech are political turmoil and the need for updated legislation. Despite these challenges, fintech in Turkey is “punching above its weight” in terms of transaction value and investment. According to researcher Statista, transaction value in the Turkish fintech market is growing at the rate of 19% per year. This list of Fintech Companies in Turkey will give you an overview of the fintech sector in the country:
Founded in 2013, Parasut is an Istanbul-based company developing a software-as-a-service expense and invoice management application to empower SMEs. The company is the first enterprise technology (B2B) company to attract investment from Turkey’s Silicon Valley since its establishment. Cloud-Based Financial Management Application, Parachute, has been introduced to over 100,000 Users
Launched in 2011, Apsiyon is a leading Software As a Service (SAS) company, providing property management, payment services, finance & accounting, 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 places.
3) FIT Solutions
FIT Solutions is a leading E-transformation Solutions Provider for firms in Turkey. The company develops electronic transformation solutions such as e-invoices, e-books, e-waybills, e-tickets, e-signatures and e-archives. Currently, FIT Solutions handles 60 percent of e-invoicing traffic within Turkey, serving over 2000 customers.
Founded in 2012, Ininal aims to be “The Bank for the Unbanked”, offering simple financial products to underbanked and unbanked customers by leveraging technology and physical retail networks. Currently, Ininal Physical Card and and Top Up are sold from more than 15,000 physical locations. With Ininal card, customers can shop offline and online. Recently, the company launched virtual POS Gateway and Mobile POS.
Founded in 2015, Papara is an electronic money and payment institution. It is a platform where customers load balance with thousands of points, transfer money 24/7, shop safely online, and play games. The company reached 40,000 users in the first 3 months after establishment.
Cardtek offers nascent technologies in the mobile industry covering financial services, loyalty,Trusted Service Manager(MNO)s, near field communication (NFC) and Service Provider. Since 2001, the company offers innovative end-to- end payment solutions for telecom operators, financial institutions, personalisation bureaus, card vendors and retailers to over 150 customers in 25 countries.
7) BKM Express
BKM Express is a mobile application that allows its users to transfer money and pay for products via their phone. Introduced by Interbank Card Centre in 2012, BKM Express is the first national digital wallet on the global scale. Currently BKM Express has 1.2 million users and is accepted in 15.000 merchants.
Founded in 2008, Provus offers enveloping, printing and card personalization services for POS, bank cards, and ATM operations. The company’s service portfolio includes POS and merchant operation, credit card application, ATM operation, customer loyalty applications, card personalization services, document printing and enveloping. It offers its services to 59 national and international customers.
Sigortam.Net, an affiliate of iLab Holding, is a leading consumer insurance comparison and direct sales company in Turkey. The company was awarded ‘Insurance and Reinsurance Brokerage’ license from Turkish Republic in 2001. Besides maintaining a fast growth, the company has a paid-up capital amounting to about 6.3 million TL.
Bigpara is a finance and investment portal that focuses on investors’ interest on domestic and global stocks. It helps traders, professional financiers, academicians, finance students, businessmen and others to make fair and accurate decisions on the stock exchange and related fields. It provides services in the areas of exchange, credit, Forex trading, analysis, SMEs, and Bitcoin.