Payment institutions on hunt for investment
INVESTOR interest has been on the rise ever since the licenses of payment institutions began to be distributed in Turkey. Domestic and foreign investment funds, banks, financial institutions and venture capital funds have started payment institutions on their close watch.
PayTR, a payment agency that offers innovative products and solutions developed by Turkish engineers, signed an investment partnership agreement with Actera, Turkey’s largest private equity fund.
PayTR looks to facilitate the lives of its customers and consumers with the products and technologies it has developed.
Binding agreements have been signed between the parties. With the completion of the partnership transaction, it is aimed that the growth rate of PayTR will gain new momentum and strengthen the company’s new business development activities. “It is very meaningful to us that Actera invests in our company in order to support our vision of becoming the leading fintech company in the field of payment services in Turkey,” PayTR founder and chairperson of the Board Yiğit Cengiz said of the agreement.
“With the investment we will receive, we will increase the growth rate of PayTR and diversify its services. At the same time, thanks to this partnership, we are determined to make PayTR a versatile fintech company with the innovation investments we will make in different fields and the collaborations we will establish.”
RAPID GROWTH TARGET
PayTR has become one of the industry leaders as the fastest growing payment agency in Turkey, its CEO Tarık Tombul said. “Our ability to provide uninterrupted and reliable service to businesses that prefer our products plays a crucial role behind our success,” he noted.
“While e-commerce growth continues rapidly in Turkey, Actera’s investment is very valuable to us. On the one hand, we continue to grow rapidly on the payment service side, which we see as the main business line of PayTR, and on the other hand, we aim to invest in areas where we will offer new value to businesses and consumers.”
In a statement on the deal, Actera said PayTR is an innovative company that is growing rapidly and that is making a significant contribution to the development of e-commerce in Turkey by using technology effectively and efficiently.
“We made this investment decision to support the realization of the PayTR team’s vision. We believe that PayTR will continue to grow and become Turkey’s leading fintech company. As Actera, we are happy to support PayTR on this journey.”