The European Bank for Reconstruction and Development and Goldman Sachs are to jointly invest in Turkish fintech DgPays.
Founded in 2017, DgPays provides payment processing services to a client list comprising 24 institutions, mainly banks, e-money companies, mobile network operators, insurance and logistics companies,. It manages 9.2 million credit cards, 3,200 ATMs and more than 150,000 points of sale.
Last year, the company acquired a majority stake in Zubizu, Turkey’s largest loyalty program owned by Dogus Group.
The undisclosed investment will support the company’s plans to expand its product and service offerings via Open Banking channels.
Max Klimov, of Goldman comments: “With its tech-savvy young population and talented finance and technology human capital, Turkey is a market that will deliver growth in the fintech space. Payment systems and consumer banking have always been an advanced market where the latest technologies have been available to consumers. We believe that DgPays’ tech infrastructure and sectoral expertise will play a critical role in the continued growth and development of this market and its constituents.”