Turkiye’s giant companies have entered e-money & electronic financial services

The operating license given by the Central Bank (CBRT) to 16 institutions that want to offer electronic money (e-money) and payment services was published in the Official Gazette the previous day.

The Central Bank granted operating licenses to 16 different institutions that wish to provide electronic money and payment institution services. In the management of the licensed companies, there are senior names of giant companies from Koc Holding to Trendyol, from Fuzul Group to A101 and Anadolu Group.

Financial technologies are growing at a striking pace in Turkiye, and one of the most important engines of this growth is fintechs operating in the field of payment services and electronic money. Until the end of the activity permits issued by the Central Bank, the number of companies that received permission to operate as an electronic money institution from the CBRT was 29, and the number of companies that received payment institution permission was 27. Meanwhile, 3 companies’ operating licenses were revoked, while one company (PayU) ceased to operate. With the latest operating permits, the number of legal electronic money institutions in Turkiye has reached 42 and the number of payment institution companies has reached 30. So which are these companies and which capitals, companies and names are behind them? We searched one by one. Let us specify the source of our research from the beginning: Istanbul Chamber of Commerce Registry Records and Turkish Trade Registry Gazette…

■ DSM Payment and Electronic Money Services Inc.

Here is one of the most interesting companies on the list. It was established in May 2020 by DSM Grup Danışmanlık in Istanbul with a capital of ₺30 million. Yes, you are not mistaken DSM Group Counseling is the company that also manages Trendyol, one of the biggest market places in Turkiye, which we know with the first letters of Demet Suzan Mutlu. The chairman of the board of directors of the company is Dundar Ozdemir, who is also the general manager of Trendyol, and the vice-chairman is Yasin Canki as jointly authorized. Yasin Canki is also the CFO of Trendyol.

Thus, the official operating permit for Trendyol’s entry into the electronic money field was also obtained. The company has reached a capital of ₺60 million with its latest capital increase.

■ Fzypay Electronic Money and Payment Services Inc.

FZYPay, which was established in December 2020 by Bafen Energy, which operates in the field of cable TV and telecom infrastructure, reached a paid-in capital of ₺33 million with the last capital increase. Bafen is 100% owned by Fazli Yildirim.

■ Lidio Payment Services Inc.

It was founded in Istanbul in May 2020 by Yunus Emre GUzer, former Country Manager of PayU Turkiye, Erhan Ula, who served as the general manager of Mobilexpress for a while and then as the CPO, and Murat Tural, the CTO of Mobilexpress. Türk Telekom ex-CEO Paul Doany and Vestel’s former CMO Tunc Berkman joined the first supporters of Mobilexpress, with the foreign fund raised in the investment tour that Mobilexpress launched in February 2020 with a valuation of close to $20 million. As the company started Lidio, Collective Spark held 32.5%, Deniz Doany 5.36%, Emre Tok 0.38%, Yunus Emre Guzer 24.38%, Murat Tural 24.38% and Erhan Ula 13%. In the new capital increases, the shareholding status was as follows:

● Collective Spark: 10%
● Deniz Doany: 12.84%
● Emre Tok: 0.12%
● Yunus Emre Guzer: 7.5%
● Murat Tural: 7.5%
● Erhan Ula: 4%
● Tunc Mehmet Berkman: 9.63%
● Zeynep Sener: 24.34%
● A. H. Hussein Kolagassi: 24.07%

In May of 2022, the company changed its name from only a payment institution to an electronic money company by name.

■ Moneypay Payment and Electronic Money Services Inc.

Another of the giant companies making the move of electronic money institution. Migros, which changed the name of the company called Virtual Center in October 2020, got 80% share in Moneypay with the capital increase realized on the same date. The 20% share belonged to Bulent Tekmen, Colendi Founding Partner and CEO. With the capital increase made at the end of 2021, the paid-in capital was increased to ₺50 million, keeping the same rates. Currently, Migros CEO Omer Ozgur Tort is the chairman of the company’s board of directors, while the vice chairmanship of the company is held by Migros CFO Ferit Cem Dogan.

■ ParaQR Electronic Money and Payment Services Inc.

It was founded in September 2020 by Lutfi Akbulut, former Director of Denizbank Electronic Money and Payment Systems Group, Alparslan Kerim Karakus, former Director of Denge Electronic Alternative Sales Channels, and Ahmet Erzurum, resident in Shanghai. Denge Telekom General Manager Nurettin Erzurum was one of the first names to enter the management. Ahmet Erzurum took part in the first capital increase with 60% and Halil Aslan with 40%. In the last capital increase this year, the company’s capital increased to ₺35 million, while the same ratios were maintained.

■ Parolapara Electronic Money and Payment Services Inc. was founded in Istanbul in November 2020 by Mehmet Guler and Fatih Bugra Hasgul. Shares in the organization belonged to Mehmet Guler 33% and Fatih Bugra Hasgul 67%. In the capital increase on February 22, 2022, Mehmet Guler’s share increased to 42%, while Fatih Bugra Hasgul’s share decreased to 58%.

■ Rubik Electronic Money and Payment Services Inc.

Founded by Fuzul Holding in 2020, the company increased its capital to ₺20 million at the end of 2021 and to ₺40 million in 2022. Fuzul Group and Nevita Board Member Resit Yusuf Akbal, Fuzul Holding and Fuzulev Board Member Yunus Furkan Akbal are in the management of the company.

■ SecurIT Payment and Electronic Money Services Inc.

It was founded in December 2020 in Istanbul by Mahmut Fatih Tuncer and Ekin Miral. 98% of the founding capital belonged to Mahmut Fatih Tunçer and 2% to Ekin Miral. While the total paid-in capital of the company increased to ₺20 million with two separate capital increases, these share ratios were preserved.

■ Token Payment Services and Elektronik Para Inc.

Here is another one of the most striking companies on the list. Appearing as the founder of the company, Token Financial Technologies Inc. The sole controlling shareholder of the company, whose paid-in capital has increased to ₺60 million through capital increases over the years, is the same as the founding company. So who is this founding shareholder? Arcelik… At the establishment of the company, the members of the board of directors are Rahmi Koc, Omer Koc, Semahat Sevim Arsel, Ali Koc, Levent Cakiroglu, Fatih Kemal Ebiclioglu, Hakan Hamdi Bulgurlu. Now back to Token again. Koc Holding Durable Goods Group President Fatih Kemal Ebiclioglu, Token Financial Technologies CEO and Arcelik former CIO Erkan Duysal, Arcelik’s former Finance Director and Hande Saridal, CEO of Token Payment Services and Board Member of TUSIAD Fintech Law and Regulation Group appear to be the executives of this company.

■ Tom Pay Electronic Money and Payment Services Inc.

In Tom Pay, which was established by Ahmet Yasar Aydin, Ayhan Aydin and Aydan Aydin in January 2021, the shares of the shareholders in the establishment were as follows: Ahmet Yasar Aydin: 40%, Ayhan Aydin: 30%, Aydan Aydin: 30%. Shares until the end of 2021 changes took place. Ayhan Aydin gave all of his shares to Zehra Aydin, Aydan Aydin gave 1% of the company’s capital to Yusuf Aydin and 15% to Zehra Aydin. Aydan Aydin transferred 14% of the company’s capital to Ahmet Yaşar Aydin and left the partnership. Thus, 54% of the company passed to Ahmet Yasar Aydın, 45% to Zehra Aydin, and 1% to Yusuf Aydin. Ahmet Yasar Aydin, Chairman of Aydin Group and A101, is still in the management of the company as chairman. Another noteworthy name in the management is Onur Ozkan, Former CEO of and former Board Member of CarrefourSA.

TTM Electronic Money and Payment Services Inc.

The company was founded in December 2019 by Berat Kübra Erdoğan in Istanbul with a capital of ₺5 million. With the capital increase realized at the end of 2021, it reached a paid-in capital of ₺20 million 200 thousand, and with the capital increase in 2022, it reached a paid-in capital of ₺36 million 300 thousand. Berat Kubra Erdogan (Ipekisleyen) Chairman of TTM Telekom, Oguzhan Yardimeli Association Vice Chairman of the Board of Directors Zuhal Ipekisleyen and Oguzhan Yardimeli Association, which appears to be an association located in Eyupsultan, and Hakan Turkoglu, Treasurer of Oguzhan Yardimeli Association, are in the management of the company.

■ As Payment Services and Elektronik Para Inc.

The company, which has a paid-in capital of ₺36 million, is 51% owned by Haluk Sert and 49% by Yusuf Kose. Haluk Sert is also known as the chairman of the board of directors of As Yapi. The company was established on March 9, 2020 as an Inc. in Istanbul. Subsequently, two more capital increases were made in 2021 and one more capital increase in April 2022, while the shareholding structure in the organization was preserved.

■ Bingo Electronic Money and Payment Services

Founded on October 9, 2020, based in Ankara, Bingo Elektronik Para and Payment Services Inc. has all its capital owned by Ozan Bingol since its establishment. Bingol appears as a board member of Hydro Park Energy and Cetin Bingol Construction. It reached a paid-in capital size of ₺36 million with two separate capital increases in 2020 and in June 2022.

■ BRQ Link Payment Services Inc.

Founded by Omer Asaf Islamoglu in Istanbul Kuyumcukent on July 8, 2020, the ₺7 million founding capital of BRQ Link Payment Services Inc. was paid in full by the same name. In April 2022, its capital reached ₺15 million with the payment of İslamoğlu as the sole controlling shareholder. It was not possible to find much information about the name Omer Asaf Islamoglu in the internet archives.

■ Vepara Electronic Money and Payment Services Inc.

Hasan Huseyin Aktas, Finance Director of Diff usion Capital Partners, is in the management of Vepara Elektronik Money and Payment Services, which was founded in November 2020 by Nedim Vural, the founder of Venture capital institution VeVentures. Fevzi Utku Kilic, also from VeVentures, is another name in the management. The company has a paid-in capital of ₺32 million 450 thousand.

■ Sundus Payment Agency Inc.

Another of the noteworthy companies. The company, formerly Taaj Payment Institution (Taaj Money Transfer, a Somali-based money transfer company), changed its name to Sundus Payment Institution AŞ with the contract amendment in 2019. In the first capital increase, the company’s ₺4 million capital was paid by Abdirahman Ahmed Ali. Abdirahman Ahmed Ali, who is originally from Djibouti but whose address is visible at Buhaira Plaza Tower in Sharjah, United Arab Emirates, became a Turkish citizen in the meantime, took the name Abdirahman Ali and registered his new citizenship information. In the capital increase made in the middle of 2021, the same name was still the sole judge in the paid-in capital of ₺25 million. Another of the names in the management of the company, Ilyas Ahmad Ali, a Somali national, also obtained Turkish citizenship. And the new name and new identity information of this person, İlyas Ahmed Ali, were recorded. Abdırahman Ali, İlyas Ahmed Ali and Abdirisak İsse are in the management of the company.

Source: Dunya / Translated by Irem Yildiz

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