The latest edition of the Türkiye Fintech Ecosystem Status Report, first published in 2021 and prepared by the Presidency of the Republic of Türkiye Finance Office, has been shared with the public.
According to the report, fintech startups in Türkiye surpassed their previous record investment levels from 2022 in both deal count and investment amount, reaching the highest figures ever recorded in 2024. The Türkiye Fintech Ecosystem Status Report 2024 provides the most up-to-date insights and data on the country’s financial technologies sector, serving as a key reference for industry stakeholders.
This year’s report extensively details recent regulations that have contributed to the sector’s growth.
Landmark Regulatory Developments in 2024
Among the most significant regulatory changes in 2024 was the enactment of the law on crypto assets. The amendments to the Capital Markets Law No. 6362 were officially published in the Official Gazette on July 2, 2024, bringing crypto asset regulations into effect. With this regulation, crypto asset service providers and crowdfunding platforms were designated as members of the Türkiye Capital Markets Association.
Key developments in 2024 were summarized in the report as follows:
- Implementation of the Law on Crypto Assets
- Launch of the FAST Secure Payment Transaction Layer Service
- Introduction of the FAST Payment Request Layer Service, enabling payment requests
Record-High Fintech Investments in 2024
The report highlights that fintech startups in Türkiye exceeded their previous record in both the number of deals and total investment amount, reaching an all-time high in 2024. Officially disclosed data indicate that investments in Türkiye’s fintech sector reached $194 million by the end of 2024.
With 19 new fintech startups established in 2024, the total number of active fintech companies in Türkiye has now reached 901, with 731 currently operational. The sector has witnessed significant growth in recent years.
The report traces the origins of fintech development in Türkiye back to the early 2010s, providing the following insights:
“The number of fintech startups grew rapidly after payment and e-money institution licenses were first issued in 2015. As of December 2024, a total of 89 companies have been licensed. By the end of 2024, Türkiye had 283 payment technology startups, 120 banking technology startups, and 107 blockchain and crypto asset startups. These were followed by companies specializing in corporate finance solutions, stock market investments, and financial solutions. In 2024, the highest number of fintech startups emerged in the fields of stock investments, banking technologies, and financing. Equity-based crowdfunding has also become one of the most in-demand verticals for entrepreneurs, with the number of crowdfunding platforms listed by the Capital Markets Board of Türkiye reaching 18 in 2024, facilitating investments for over 43,000 investors.”
Fintech Zone Istanbul: A Next-Generation Fintech Hub
Fintech Zone Istanbul, established under the leadership of the Presidency of the Republic of Türkiye Finance Office, continues to operate as a key hub for entrepreneurs and investors in financial technologies.
Throughout 2024, infrastructure projects, strategic initiatives, partnerships, and events played a crucial role in strengthening Türkiye’s position in fintech.
Planned as a comprehensive ecosystem providing mentorship and accelerator programs from the idea development stage onward, Fintech Zone Istanbul aims to boost Türkiye’s global competitiveness and serve as a strategic component of the Istanbul Financial Center. The report emphasizes that:
“Sustainable infrastructure developments, strategic management, project planning, international events, and partnerships are being implemented to enhance the fintech ecosystem as part of Türkiye’s broader financial strategy.”
With growing investments and regulatory advancements, Türkiye is cementing its role as a rising global player in financial technologies.
Source: Bloomberght/ Source: İlayda Gök