Goldman Sachs and the European Bank for Reconstruction and Development (EBRD) agreed to invest in leading Turkish financial technology provider company DgPays.
According to the statement made by DgPays Monday, the Turkish financial technology company reached an agreement to receive the investment after nearly a year of negotiations.
The investment tour is expected to be completed after approvals from the necessary authorities. It will be one of the highest international investments made in Turkey’s fintech sector so far.
Serkan Ömerbeyoğlu, founder and CEO of the company, said DgPays, which has grown rapidly and made a difference since its establishment, will become stronger with the investments of Goldman Sachs and the EBRD.
"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.
"When our energy and entrepreneurial spirit are combined with the network and experience of our partners, we will soon become a more successful platform," the fintech firm’s CEO said, also revealing his pleasure in bringing foreign direct investment (FDI) to Turkey.
Maxim Klimov, one of the Goldman Sachs Asset Management Unit managers, 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.
"The most innovative technologies have been available to consumers for a long time in both payment systems and retail banking. We believe that DgPays will play a key role in the growth and development of the sector and its stakeholders with its technology infrastructure and experience," he said.
Maria Barsuk, one of the EBRD Venture Capital Investment Program managers, also commenting on the investment, emphasized that they were very impressed by the fact that DgPays has become a large-scale payment system company in such a short time and entered into strategic partnerships with important players in the market.
"As the EBRD, we believe that we also provide contributions to the economic development of the countries we invested in by supporting the digital transformation and innovative consumer solutions. The EBRD, as a shareholder, will be supporting Serkan Ömerbeyoğlu and his team in their path to becoming the leader in Turkey’s fintech world," Barsuk said.
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.