Joint statement by Goldman Sachs, European Bank for Reconstruction and Development and DgPays says this will be one of the most significant foreign investments in Turkey’s fintech sector to date without disclosing the amount.

In this photo illustration, a computer screen displays the logo of
In this photo illustration, a computer screen displays the logo of "European Bank for Reconstruction and Development" and "Goldman Sachs" as a smart phone screen displays the logo of "DgPays" in Ankara, Turkey on March 22, 2021. (AA)

The European Bank for Reconstruction and Development (EBRD) and Goldman Sachs have made a decision to invest in DgPays, Turkey’s leading financial technology provider, according to a joint statement.

The investment by leading financial institutions represents one of the most significant foreign investments in Turkey’s fin-tech sector to date, it said on Monday.

"With its pioneering technology and innovative solutions, our company has been successful in attracting the interest of international investors," said Serkan Omerbeyoglu, DgPays’ CEO.

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'Continued growth and development'

He said the partnership will catalyse the firm's strategy of expanding its product and service offerings in line with international trends.

"When our energy and entrepreneurial spirit are combined with our partners’ network and experience, we will soon become a platform that is recognised for its success. We are also pleased to bring foreign direct investment into our country."

Also commenting on the investment, Max Klimov, partner in the Asset Management Division at Goldman Sachs, said: "With its young, tech-savvy population, and talented finance and technology human capital, Turkey is a market that will deliver growth in the fin-tech space."

He said DgPays’ tech infrastructure and sectoral expertise will play a critical role in continued growth and development of the market.

"We’re impressed how in a very short time, DgPays built a sizeable payment software business and secured strategic partnerships with key market players," said Maria Barsuk, investor at the Venture Capital Investment Program at the EBRD.

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DgPays's market position after investment

As a shareholder, the European Bank will be committed to support DgPays' team in its mission and in scaling the company to a leading position in the Turkish fin-tech space, she concluded.

DgPays, a payment systems company founded in 2017, has been a pioneer among Turkish fin-tech companies and has grown rapidly.

Last year, the company acquired a majority stake in ZUBIZU, Turkey’s largest loyalty program owned by Dogus Group.

The investment from Goldman Sachs and EBRD is expected to strengthen its market position and facilitate continued expansion.

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Source: AA