Turan, which built a financial bridge between Turkish States, announced that it received a follow-on investment of ₺35 Million under the leadership of United Payment, one of Turkiye’s first e-money companies. Along with United Payment, APY Ventures, one of Turan’s existing investors, also accompanied the follow-up investment round.
Turan, a local startup that made its first expansion with Azerbaijan in January, on its journey with the aim of establishing money transfer corridors between Turkish States, started to transfer money to Kazakhstan, TRNC, Kyrgyzstan and Uzbekistan in seconds as of November.
Turan announced that it received a follow-on investment of ₺35 million under the leadership of United Payment, one of Turkiye’s first e-money companies. Along with United Payment, APY Ventures, one of Turan’s existing investors, also accompanied the follow-up investment round.
The application, which reaches a money transfer volume of millions of lira every day, facilitates many financial transactions for Turkish citizens residing in Turkiye, while continuing to provide 100% digital and cost-effective financial services to all its users within Turkiye.
Turan, which has been the first application in the finance category and the second most downloaded application in general in Turkiye in mobile application stores in the past weeks, has managed to enter the phones of many users in Turkiye. The application, which provides accessible financial services to more than 300 thousand customers, also opened local offices in Azerbaijan and Uzbekistan.
“We are only 1% into Turan’s journey.”
Speaking about Turan’s follow-on investment, Turan Founder Ozgur Bayraktar said;
“When we look at the point we have reached and the future on the path we set out to offer as a solution for our compatriots living in Turkiye, we evaluate that we are only 1% into this journey. In our goal of establishing a digital money transfer corridor between Turkish States, we first accelerated our activities in Azerbaijan. Soon our users will be able to transfer money from wallet to wallet from Azerbaijan to Turkiye and from Turkiye to Azerbaijan. However, our main goal will be to complete our corridors by implementing the same model in all Turkish States and providing digital money transfer between states with a single wallet infrastructure. Turan will be the largest financial application in Central Asia. We would like to thank our invisible power, United Payment, for continuing to trust and believe in us in this vision and mission since the first day and providing our entire financial infrastructure on this journey we have embarked on together. We believe that this follow-up investment is an important step in deepening our strategic cooperation.”
“We also support the startups we invest in in the foreign markets we expand into.”
United Payment CEO Ilker Sozdinler said:
“As United Payment, we support the startups we invest in in the foreign markets we expand into, and we attach great importance to their growth together with us. We create an ecosystem together by taking advantage of our advanced infrastructure facilities as well as the dynamic and innovative teams of startups. Turan, whose journey we have accompanied as an investor and business partner since the day it was founded, forms an important part of this ecosystem with the services it offers. In the Turkish Geography, where more than 180 million of our compatriots live, Turan ensures that the financial needs of the masses that banks cannot reach are met completely in a digital environment, in a short time and safely. We are proud of Turan’s development and success in this process, with the number of customers exceeding 300 thousand, transaction volume reaching 500 million and more than 70 thousand card users, even though it has been only 14 months since its establishment.”
Turan, whose investors include KT Portfolio, Re-pie, Colendi, Tera Portfolio, Neo Portfolioand Azerbaijan’s first venture capital fund Caucasus Ventures, has received a total investment of more than ₺75 million in the last 16 months with this follow-on investment.
Turan Technology is a financial technologies company founded in May 2022 and continues its work with the aim of becoming a new generation financial application that will benefit users living in all Turkish States.
Source: Egirisim / Prepared by Irem Yildiz