Turkish fintech startups secure record $166M
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 on Thursday.
The “Turkish Fintech Snapshot for May 2024,” published by the Presidency’s Finance Office, revealed that there are 845 fintech startups in the country, with 696 operational as of May.
The highest concentration of fintech startups was in the payments sector, which accounted for 273 registered companies. This was followed by banking technologies with 111 startups, cryptocurrency and blockchain with 101, and corporate finance firms with 91.
In May alone, two new companies were established, and fintech exits totaled $109 million for the first five months of the year.
The report also highlighted significant deals, including one company securing a $1 million deal and five acquisitions totaling $52 million.
Göksel Aşan, head of the Finance Office, noted the growth in fintech employment and the increasing number of startups. “We continue to work diligently to ensure Türkiye’s position among the leading countries in fintech,” Aşan stated.
