Goldman Sachs and EBRD to invest in Turkish FinTech DgPays

By Leandra Monteiro

According to Istanbul media reports, The European Bank for Reconstruction and Development (EBRD) and New York-headquartered global investment banking firm Goldman Sachs are looking to invest in Turkish financial technology provider DgPays.

The investment is reportedly to be among the largest international investments made in Turkey’s FinTech sector so far. It is expected to be completed following approvals from the relevant authorities. However, the value of the investment was not disclosed.

According to media reports, Serkan Omerbeyoglu, DgPays’ CEO declared that “With its pioneering technology and innovative solutions, our company has been successful in attracting the interest of international investors.”

“Our company has managed to attract the attention of important international investors in the field of fintech in a short time with the innovative technologies and solutions it offers. We are happy to be the center of attention of the world’s most important financial institutions,” he said, noting that this will also highlight existing products and services in the international arena in parallel with global trends and open banking.

The FinTech’s CEO went on to further add, “When our energy and entrepreneurial spirit are combined with the network and experience of our partners, we will soon become a more successful platform.”. He is pleased to have been able to bring foreign direct investment (FDI) to Turkey with the country being one of the preferred location for foreign investments especially in the FinTech field.

According to media reports, Maxim Klimov, a Goldman Sachs Asset Management Unit manager, meanwhile, said they believe Turkey has the potential to grow in the fintech sector thanks to its technology adaptation, young population and quality human resources in the fields of finance and technology.

Having established in 2017, DgPays operates in the field of payment systems. It has 24 institutions, mainly banks, e-money companies, mobile network operators, insurance and logistics companies, 55 million debit/prepaid cards and 23,000 ATMs in nearly 300,000 workplaces. It has a solution and service ecosystem consisting of Android point of sale (POS) and Soft POS. Its services are available in almost every bank in the country.