Record $166 Million Investment in Turkish Fintechs in First Five Months

Presidential Finance Office Chief Highlights Unprecedented Growth in Fintech Sector

Turkiye’s fintech sector has hit a historic milestone, attracting a record $166 million investment in the first five months of the year. Goksel Asan, Head of the Presidential Finance Office, announced that the investment volume in May alone reached the highest level ever recorded, surpassing previous peaks achieved in 2022.

According to the “Turkiye Fintech Overview” report, prepared under the coordination of the Presidential Finance Office and released in May, there are a total of 845 fintech companies in Turkiye, with 696 actively operating.

Payment Solutions Lead the Sector

The report highlights that the majority of fintech companies in Turkiye operate in the payments sector, with 273 companies. This is followed by 111 companies in banking technologies, 101 in blockchain/crypto assets, and 91 in corporate finance.

In May, the Turkish fintech ecosystem welcomed 2 new companies, while 6 fintech companies exited the market with a total transaction value of $109 million. In contrast, the previous year saw 5 companies exiting with a combined value of $86 million.

Aiming for Global Reach

Goksel Asan emphasized the rapid development of Turkiye’s fintech ecosystem in an interview with Anadolu Agency (AA). He noted the increase in both employment and the number of active companies in the sector over the past two years.

Asan stated, “Our efforts to position Turkiye among the leading countries in the fintech sector continue with great diligence and sensitivity. As the Presidential Finance Office, we aim to create a robust ecosystem for financial technologies, promote open finance, and drive the internationalization of the sector.”

Regarding the investments made by May, Asan highlighted that Turkish fintech startups have exceeded the highest levels of both deal numbers and investment amounts recorded in 2022, achieving a record $166 million in May 2024.

Source: AA / Prepared by Irem Yildiz

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