Fintech in Turkiye (Part 2)

Fintech has emerged as a growing industry in Turkiye over the past few years, driven by technological advancements and changing consumer preferences. The first fintech companies in Turkiye started to emerge in the early 2000s, but the industry did not experience significant growth until the mid-2010s.

In 2013, Turkiye launched its first fintech conference, which brought together industry leaders, entrepreneurs, and investors to discuss the future of fintech in the country.

One of the earliest successful fintech companies in Turkiye was Iyzico, which was founded in 2012 and provides a secure payment gateway for online transactions. The company has since expanded its services to include payment processing for brick-and-mortar businesses as well.

Another notable fintech company in Turkiye is Papara, which was founded in 2016 and offers mobile payment and banking services. Papara has quickly gained popularity in Turkiye and has attracted significant investment, with its user base growing rapidly.

In recent years, the Turkish government has also taken steps to support the growth of the fintech industry.

In 2019, the Turkish government launched a fintech action plan, which aims to promote the development of fintech companies and create a more favorable regulatory environment. The plan includes initiatives such as providing funding for startups, creating a fintech sandbox for testing new products and services, and developing a regulatory framework for cryptocurrencies.

Despite the growth and potential of fintech in Turkiye, the industry still faces challenges, including limited access to funding, regulatory barriers, and competition from traditional financial institutions.

However, with continued support from the government and advancements in technology, the fintech industry in Turkiye is poised for continued growth and innovation in the years to come.