In 2024, they kicked off with significant momentum for financial technology ventures in Türkiye, where prominent investment funds from Europe are closely following and backing the fintech companies.
Dgpays, one of Türkiye's leading fintech startups featuring a software platform that provides payment and banking infrastructure to large companies, has concluded its second round of investment, securing major funding from Europe.
The funding from Truffle Capital, one of Europe's largest fintech funds, along with strategic investments from the world's largest payment services company and the European Bank for Reconstruction and Development (EBRD), has propelled Dgpays to more than double its company valuation in less than two years, surpassing the $600 million (TL 18.79 billion) mark.
It marked a follow-on investment for the EBRD after financing Dgpays via its Venture Capital Investment Framework in 2021.
The momentous collaboration was shared with the public through a ceremony held at the Turkish Embassy in London this week, attended by Dgpays' founder and CEO Serkan Ömerbeyoğlu, head of the Presidency's Investment Office Ahmet Burak Dağlıoğlu and Arvid Tuerkner, the director of EBRD in Türkiye.
Established in 2017, Dgpays has swiftly emerged as the largest technology provider in the region, with products and services developed by a research and development team exceeding 600 individuals. Positioned strongly in the financial technology sector in Türkiye, Dgpays serves over 50 institutions from both financial and non-financial sectors.
Expanding its operations internationally in 2022, the company rapidly established itself as a significant player in the global arena, having completed its initial investment round at the end of 2021.
Boosted by international investment, Dgpays aims to elevate its company valuation further while expanding its operations abroad to become a formidable player in the global market.
It looks to follow up on its strategic priorities, including developing new products, platforms and services, and targeting new markets, such as the Gulf Cooperation Council (GCC) region, Central Asia and Western Europe.
"In just seven years, Dgpays has rapidly grown into a leading technology company. Over the past two years, we have continuously attracted foreign investments to our country and further increased the value of our company," Ömerbeyoğlu said.
"With the recent investments, our company's valuation has exceeded $600 million. We will continue to work toward our goal of becoming a critical player in the global fintech sector by sustaining strong growth both in Türkiye and abroad," he noted.
Highlighting Türkiye's growing economy and strategic position, Dağlıoğlu emphasized that in 2023, there were a total of 325 early-stage technology transactions in Türkiye, with fintech being one of the most active sectors with 33 investment rounds.
"The most significant assets of our technology ecosystem are talented entrepreneurs and qualified employees. This international investment in Dgpays, a key player in the sector, demonstrates confidence in our country's potential and the increasing investor interest in Türkiye," he said.
EBRD's Tuerkner expressed satisfaction in making the second investment in Dgpays, stressing that Türkiye possesses innovative companies with the potential to compete globally in the financial technology sector.
"Dgpays is one of the largest players in this sector. With our confidence in Dgpays and Türkiye's economic potential, we are pleased to reinvest in Dgpays in 2024, having previously invested in 2021," he added.
One of Türkiye's leading telecommunications and technology companies, Türk Telekom's subsidiary specializing in the development of technologies in the field of 5G, Argela, has been granted an award at the GTI Awards on the sidelines of the GSMA Mobile World Congress in Barcelona.
As one of the leading companies in its sector, Argela was honored with the Innovative 5G Service and Application Award for its ongoing development of unmanned aerial vehicles (UAV) and traffic management systems.
Ismail Emanet, CEO of Argela, said the company is working with domestic engineers on research and development activities focusing on next-generation technologies to contribute to Türkiye's digital transformation under the leadership of Türk Telekom.
"We have set our sights on surpassing the goals of our country in 5G and current technologies with domestic and national elements. In this context, we are generating projects focused on innovation and implementing next-generation technologies," said Emanet.
"We are proud to receive an award in the Innovative 5G Service and Application category from an international organization like GTI Awards for our UAV and Traffic Management System project. I extend my thanks to everyone involved in the project. I hope this award serves as an inspiration to everyone working and producing in Türkiye."
Türk Telekom, in collaboration with Argela, initiated the UAV Innovation Project to expand commercial drone applications and 5G services.
The project includes Türk Telekom eSIM, an artificial intelligence-supported UAV Traffic Management System (UTMS), and 5G communication technologies. It aims to develop 5G and Smart UTMS systems and promote Türk Telekom's eSIM-supported UAV and applications.
Argela and Türk Telekom's subsidiary Netsia in the United States continues to lead in information and communication tech solutions by developing the latest domestic technologies. With a vision extending beyond 5G and current technologies, they are preparing for the 6G era with artificial intelligence, wireless communication, virtualization, and autonomous and management systems.
The world's largest mobile industry exhibition, the Mobile World Congress, held in Barcelona, once again played host to a major entrepreneurs gathering.
4YFN24, a startup event of the MWC celebrating its 10th anniversary, unfolded across two halls, featuring a series of programs dedicated to significant topics such as digital health, green technology, fintech and more, spanning seven stages and four networking areas.
This year, it marked the debut of the Founders program and the University and Spin-off Center, celebrating academic innovation.
Qilimanjaro Quantum Tech emerged as the winner of the 4YFN Awards, selected by a jury panel representing expert investors and industry specialists.
The quantum computing initiative was chosen as the winner after a presentation competition on stage, evaluated by a panel of expert investors and industry specialists, as well as a live audience consisting of company executives, entrepreneurs, government officials and the public.
Among the privileges bestowed upon the winners was a cash prize of 20,000 euros ($21,630) provided by GSMA Foundry, along with the opportunity to speak at 4YFN MWC Barcelona 2025.
The 4YFN Awards is a global startup competition to discover the best digital ventures worldwide.
Pere Duran, director of 4YFN, congratulated Qilimanjaro Quantum Tech for winning the 10th-anniversary edition of the 4YFN Awards and to each of the four finalists who took the stage.
"Triggering innovation and entrepreneurial spirit, as seen on the 4YFN stages over the past decade, is significant. We eagerly await the next 10 years, where the future of the global startup ecosystem shines bright as we connect founders with investors and shed light on the world's top digital startups," Duran said.
Qilimanjaro Quantum Tech faced stiff competition from other finalists shortlisted in the 4YFN Top 50 Startup list, including Bitsensing, Mica AI Medical, Ocean Econstructures and Whispp. Finalists were selected based on innovation, impact, future potential and more of the venture's offerings.
The 4YFN Top 50 Startup list, released for the second consecutive time in November 2023, rewards digital startups at the forefront of technology. Over its decadelong impact, 4YFN has brought together more than 9,200 founders with 5,400 investors, and this year, it hosted over 900 participants, 400 speakers, and over a thousand investors, with a collective fund exceeding 50 billion euros.
NBL Games, a new player in the Turkish gaming sector, one of the most dynamic areas of Türkiye's entrepreneurial ecosystem, has surpassed a size of $1.5 billion and has made a swift entry into the market.
The company's first game, "Quiz Crush," focusing on artificial intelligence-powered multiplayer social trivia and word games, has begun to excite gamers, quickly climbing the ranks in the Turkish gaming market.
Bringing new excitement to the dynamic gaming sector, NBL Games has completed its first investment round with a valuation of TL 150 million. The seed investment round was supported by investors such as Heaventures, along with Abidin Gülmüş, Nedim Özkan, Tolga Camadan, Kerim Dumanlı, Savaş Keleş and Cengiz Zabcı.
Aimed at expanding both domestically and internationally, NBL Games is now gearing up to enter the U.S. market.
Some 3.3 billion people worldwide are estimated to play digital games. While global revenues from digital games reached $184 billion in 2023, it is predicted to rise to $205 billion by 2026. Mobile games account for the largest share of this pie, with 49%.
Quiz Crush, where users compete fiercely in 10 different categories ranging from general knowledge to football, cinema, science and technology against other players in real-time, is already making strides toward gaining a devoted community with its fresh take on trivia games.
Players can form their own friend groups and engage in in-game messaging while participating in exciting trivia battles.
NBL Games emerged from the collaboration of Emre Ulusoy and Gökhan Örün, the names behind Türkiye's fastest-growing and widely followed 11-time award-winning "Hadi" application, along with Erdem Yurdanur, Ömer Kırkağaclıoğlu and the Kokteyl team, who achieved great success with "Maçkolik," "Ofsayt" and "Kafatopu" games.
"We aim to offer our players not only fun but also mentally challenging, socially interactive and innovative games," said Yurdanur, evaluating the road map of NBL Games established in 2023.
For his part, Ulusoy said Quiz Crush is just the beginning.
"Throughout our journey, we aim to provide gamers with experiences that will be firsts in the world," he noted.
While the number of gamers worldwide exceeds 3 billion, it is estimated that there are 36 million active gamers in Türkiye. Startups developing games in Türkiye received $672.5 million in investments in the last five years.
In 2023, the number of investments in gaming startups increased by over 50% compared to the previous year.
When evaluated across Europe, Türkiye ranks fifth in investment volume in gaming startups, after the U.K., France, Switzerland and Sweden and ranks first in the number of investments.
The medium- and long-term goal of NBL Games is to become one of the unicorns emerging from the Turkish gaming market.
