Türkiye's leading financial technology provider Dgpays achieved a notable milestone on Tuesday by completing its second investment round, including a significant investment influx from Europe that effectively doubled its value.
In a landmark event held at the Turkish Embassy in London, the company announced the completion of its second investment round, securing a substantial infusion of capital from European investors.
Truffle Capital, a prominent European fintech fund, led the investment round, alongside strategic contributions from the world's largest payment services company and the European Bank for Reconstruction and Development (EBRD).
This injection of funds has effectively doubled Dgpays' value in less than two years, propelling it beyond the $600 million (TL 18.7 billion) mark.
The event was attended by key figures including Dgpays founder and CEO Serkan Ömerbeyoğlu, Presidency Investment Office head Ahmet Burak Dağlıoğlu, and EBRD Türkiye's Director Arvid Tuerkner.
Speaking on the banner landmark, Ömerbeyoğlu expressed his enthusiasm, saying that in just seven years, Dgpays has evolved from a nascent venture into a technology powerhouse.
"The influx of foreign investments over the past two years underscores our commitment to growth. Surpassing the $600 million valuation is a testament to our relentless pursuit of excellence. We remain steadfast in our ambition to assert a dominant global presence in the fintech sector," he underlined.
Echoing similar sentiments, Tuerkner highlighted the country's potential in the global fintech arena.
"Türkiye is an enormously important country for the EBRD. It is the largest country of investments last year – we invested 2.5 billion euros ($2.7 billion) – so that shows you the significance of the Turkish market for EBRD, and then equity is an important product," he said.
Such good opportunities are not so frequent, he said, adding: "And in that sense, for us, this is not a small investment. It's a decent, decently-sized investment. It's a second investment in Dgpays, which has an enormous potential.”
Türkiye boasts a host of innovative companies poised to compete on the global stage, he added, saying this investment underscores their confidence in the country’s trajectory and the resilience of the Turkish economy.
Truffle Capital CEO Bernard-Louis Roques said this is their first investment in Türkiye. "There are a number of reasons why we conducted investment ... related to the qualities of the entrepreneur, the head of a company, but also the company itself and I would say also the country."
"And one of the assets that the company has (is its) being in Türkiye (which) is at the forefront of accessing the Middle East, which is something that is more successfully handled from Türkiye than it is in general from Europe. But on the other hand, there's also a window on Europe, and we've had a number of contacts with European companies in similar markets," he underlined.
He also praised Dgpays' track record of entrepreneurs, calling it very convincing, saying: "That's something that we look after. The company itself has developed a wide array of services and products which is found to become used internationally."
Dağlıoğlu for his part underscored Türkiye's burgeoning economy and strategic significance, noting that the burgeoning tech landscape in the country witnessed a surge of 325 transactions in early-stage technology investments in 2023, with the fintech sector emerging as a frontrunner.
"Dgpays' success epitomizes Türkiye's innovation prowess and investor appeal. The substantial international investment reaffirms our commitment to fostering a conducive investment environment and propelling Türkiye to new heights," he noted.
Buoyed by international backing, Dgpays aims to fortify its market position and expand its global footprint.
Founded in 2017, the company swiftly emerged as the preeminent technology provider in the region, and with a workforce of over 600 IT/R&D professionals in Türkiye, the company has spearheaded innovation in the financial technology sector.
Venturing into foreign markets in 2022, Dgpays rapidly garnered international recognition, culminating in its first investment round by the end of 2021.
