Turkish fintech firm Dgpays gets int’l investment at $600M valuation
The domestic financial technology initiative Dgpays received significant investment from prominent European institutions, namely the French venture capital fund Truffle Capital and the European Bank for Reconstruction and Development, with a valuation of $600 million
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 nonfinancial 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.
GLOBAL PLAYER
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.
QUALIFIED WORKFORCE
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.
SECOND MAJOR INVESTMENT
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.