EBRD Reinforces Commitment to Türkiye’s Tech Sector with Follow-On Investment in Dgpays

EBRD Reinforces Commitment to Türkiye’s Tech Sector with Follow-On Investment in Dgpays

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has solidified its support for Türkiye’s burgeoning technology sector by investing in Dgpays, a rapidly expanding tech firm. Partnering with Truffle Capital, the EBRD’s follow-on investment in Dgpays underscores its ability to nurture technology companies from their early stages to maturity. Dgpays, known for its payment and banking infrastructure software platform, aims to leverage this funding to pursue strategic priorities such as product development and market expansion, particularly targeting the GCC region, Central Asia, and Western Europe. This investment aligns with the EBRD’s objective of fostering Türkiye’s digital transformation and enhancing access to innovative financial services. With Türkiye showcasing remarkable potential for digital innovation, this partnership signals a concerted effort to propel the country towards a more digitally inclusive future.

(PRESS RELEASE) LONDON, 28-Feb-2024— /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has invested in Dgpays, a fast-growing technology firm in Türkiye with a software platform that provides payment and banking infrastructure to large companies.

The Bank is investing alongside Truffle Capital, a French venture capital fund with a strong track record in fintech investments. This is a follow-on investment for the Bank after the successful financing of Dgpays via its Venture Capital Investment Framework in 2021, showing the Bank’s ability to track the growth profile of technology companies from early stages to maturity across the capital structure.

The transaction was finalized last year.

With this new funding, Dgpays aims to follow up on its strategic priorities: developing new products, platforms and services, and targeting new markets, such as GCC region, Central Asia and western Europe.

One of the EBRD’s key ambitions in Türkiye is to support the country’s digital transformation, seeking to finance innovation in all fields of technological advancement, as well as the expansion of digital connectivity across the country. Major trends in the Turkish market – such as its young and growing population and high digital penetration – support the growth of banking and payments, especially through fintech.

Through the investment, the EBRD will help to expand access to payment solutions that are crucial to ensuring access to economic opportunity.

Holger Muent, Director of the EBRD’s Telecommunications, Media and Technology team, said: “Over the last few years, Türkiye has proved to be a fertile ground for innovation and digital advancement. As the EBRD, we are committed to supporting the country in its transition towards a more digital future. Through this partnership with Dgpays, we are happy to be expanding innovative financial services in the country, facilitating faster adoption of digitalisation.”

Serkan Ömerbeyoğlu, CEO and Founder DGPays, said “We have shown exponential growth since our inception 7 years ago and became a prominent technology company in Türkiye and in the region in a short period of time. We were able to bring foreign investment to Türkiye one more time at a valuation that has more than doubled in less than 2 years. We will continue to grow Dgpays technology and services both in Türkiye and beyond and position Dgpays as a leader financial technology provider globally.”

The EBRD is one of the key investors in Türkiye, with almost €19.5 billion invested in 440 projects and trade facilitation lines since 2009, the majority of them in the private sector.

Media Contact:

Tel: +44 207 338 7805
Email: Group-PressUnit@ebrd.com

SOURCE: EBRD