Investment by major financial institutions presents one of the most significant investments in country’s fintech sector
The European Bank for Reconstruction and Development (EBRD) and Goldman Sachs on Monday made a decision to invest in DgPays, Turkey’s leading financial technology provider, according to a joint statement.
The investment by leading financial institutions represents one of the most significant foreign investments in Turkey’s fintech sector to date, it said.
“With its pioneering technology and innovative solutions, our company has been successful in attracting the interest of international investors,” said Serkan Omerbeyoglu, DgPays’ CEO.
He said the partnership will catalyze the firm’s strategy of expanding its product and service offerings in line with international trends.
“When our energy and entrepreneurial spirit are combined with our partners’ network and experience, we will soon become a platform that is recognized for its success. We are also pleased to bring foreign direct investment into our country.”
Also commenting on the investment, Max Klimov, partner in the Asset Management Division at Goldman Sachs, said: “With its young, tech-savvy population, and talented finance and technology human capital, Turkey is a market that will deliver growth in the fintech space.”
He said DgPays’ tech infrastructure and sectoral expertise will play a critical role in the continued growth and development of the market.
“We’re impressed how in a very short time, DgPays built a sizeable payment software business and secured strategic partnerships with key market players,”said Maria Barsuk, an investor at the Venture Capital Investment Program at the EBRD.
As a shareholder, the European Bank will be committed to supporting DgPays’ team in its mission and in scaling the company to a leading position in the Turkish fintech space, she concluded.
DgPays, a payment systems company founded in 2017, has been a pioneer among Turkish fintech companies and has grown rapidly.
Last year, the company acquired a majority stake in ZUBIZU, Turkey’s largest loyalty program owned by Dogus Group.
The investment from Goldman Sachs and EBRD is expected to strengthen its market position and facilitate continued expansion.