3 Innovative financial technology companies in Turkey

By Leandra Monteiro

According to the website of the Finance Office of the Presidency of the Republic of Türkiye, the country, with an experience of more than 30 years, has become a FinTech ecosystem for all stakeholders, from public institutions to entrepreneurs and investors. FinTechs in Turkey operate in a wide area, including payments and securities settlement systems, electronic money and payments services, digital banking, open banking, banking as a service, and insurance technologies.

The Finance Office aims to make Turkey one of the world’s leading countries and societies in the field of FinTech. Its financial system is entering a different phase with the impact of technological transformation. According to Statista, the market’s largest segment will be Digital Investment with a total transaction value of $290.70 million in 2023. In the Digital Payments segment, the number of users is expected to amount to 67.99 million users by 2027.

Here are 3 influential FinTech companies in Turkey to watch out for:

• Figopara

Figo Commercial Information and Application Platform Inc. was established to develop financial technology applications in Turkey. It is an online marketplace for invoice financing.

Figopara Supplier Financing Solution, one of the technology products that makes it easier for customers to meet their financing needs in the short term, by providing fast and secure information to the financial companies that the customer has a relationship with and wants to reach, with e-invoice or printed invoice information, is offered to its customers.

• ininal

Ininal is a payment platform in Turkey and the nearby regions. The new-generation payment platform ininal was established in 2012 to provide basic financial services to both individual and corporate customers.

ininal, a subsidiary of Multinet UP, received electronic money activity permission from the BRSA (Banking Regulation and Supervision Agency) in 2017. Aiming to be the digital banking platform for 25 million non-bank users, ininal is also a member of BKM and integrated into BKM Express.

ininal enables the development of projects that are tailored to the needs and the creation of effortless, economical and secure financial infrastructure solutions with the API services it provides to its corporate customers. ininal offers a collective payment and expense tracking system for corporate customers with its co-branded card and Virtual POS services, as well as enabling companies to create campaigns and loyalty programs for their users.

• Tekkredi

Tekkredi is an AI-powered consumer lending platform based in Turkey. It helps users to restructure their existing loans from different banks by combining them, thereby relieving their monthly payment plan.

After the credit consolidation process users make from Tekkredi, their current debts will be closed and merged in a single bank of their choice among the contracted banks. In this way, they get rid of the trouble of dealing with different banks separately.