Fintech
Turkish fintech startups raise record $166 million in January-May period
Turkish financial technology (fintech) startups received a record $166 million in total investments in the first five months of 2024, according to a report released Thursday.
The Türkiye Fintech Snapshot of May 2024, published by the Financial Office of the Presidency, highlighted that there are 845 fintech startups in the country and 696 were operational as of May.
The largest number of fintech startups operated in the payments field, with 273 companies registered, followed by banking technologies with 111, cryptocurrencies and blockchain with 101, and corporate finance companies with 91.
Two companies were formed in May, while fintech exits totaled $109 million over the five months.
The report showed one company closed a deal worth $1 million in five months and five were acquired for $52 million.
Göksel Aşan, head of the Finance Bureau, said that fintech employment is growing and that the number of fintech startups has seen an upward trend.
“We continue to work diligently to secure Turkey’s position among the leading fintech countries,” Aşan said.