1.2M USD Follow-up Investment in Turan, the Financial Application of the Turkic World

Istanbul, Turkey – 07/02/2024 – (SeaPRwire) – Turan, which aims to build a financial bridge between the Turkic states, announced that it has received a follow-up investment of 1.2 Million USD under the leadership of United Payment, one of the first e-money companies in Turkey. The follow-up investment round was accompanied by United Payment and also APY Ventures, one of Turan’s existing investors.

Turan, which made its first expansion with Azerbaijan in January on its way to establishing money transfer corridors between Turkic states, started transferring money in seconds to Kazakhstan, Turkish Republic of Northern Cyprus, Kyrgyzstan and Uzbekistan in November. The application, which reaches a daily transfer volume of millions of Turkish Liras, facilitates many financial transactions for Turkish people living in Turkey, while continuing to provide 100% digital and low-cost financial services to all users in Turkey.

Turan, which has been ranked number one in the finance category in Turkey and the second most downloaded application in the general ranking in mobile application stores in recent weeks, has managed to find its way into the phones of many users in Turkey. The app, which provides accessible financial services to more than 300,000 customers, has also opened local offices in Azerbaijan and Uzbekistan.

We are only at 1% of Turan’s journey

Speaking about Turan’s follow-up investment, Turan founder Özgür Bayraktar said: “On the path we have set out as a solution proposal for our compatriots residing in Turkey, when we look at the point we have reached and the future, we assess that we are only at 1% of this journey. In our goal to create a digital money transfer corridor between the Turkic states, we first accelerated our activities in Azerbaijan. Soon our users will be able to transfer money from Azerbaijan to Turkey and from Turkey to Azerbaijan from wallet to wallet. However, our main goal is to implement the same model in all Turkic states and complete our corridors by providing digital money transfer between states with a single wallet infrastructure. Turan will be the largest financial application in Central Asia. We would like to thank United Payment, our invisible power, which has continued to trust and believe in us in this vision and mission since day one and has provided all our financial infrastructure in this journey we have taken together. We believe that this follow-up investment is an important step in deepening our strategic cooperation”.

We also support the initiatives we invest in in foreign markets

İlker Sözdinler, CEO of United Payment, said, “As United Payment, we support the startups we invest in the foreign markets we open and we attach great importance to their growth with us. In addition to our advanced infrastructure facilities, we are creating an ecosystem together by leveraging the startups’ dynamic and innovative teams. Turan, whose journey we have accompanied as an investor and business partner since its inception, is an important part of this ecosystem with the services it offers. In the Turkish geography, where more than 180 million of our compatriots live, Turan enables the masses that banks cannot reach to fulfill their financial needs in a fully digital environment, in a short time and with confidence. We are proud of Turan’s development and success in this process, with more than 300.000 customers, 500.000.000 TL transactions and more than 70.000 card users, despite the short period of 14 months since its establishment”.

About Turan

Turan, is a financial technology company established in May 2022, which continues its activities with the aim of becoming a new generation financial application that will benefit users residing in all Turkish provinces.

Turan carries out its payment and e-money activities with the financial services provider of United Payment, which is a licensed institution and audited by the Central Bank of the Republic of Turkey (“CBRT”) and the Financial Crimes Investigation Department (“FCID”).

The balances in Turan’s accounts are held in United Payment’s protection accounts and no interest is earned on these amounts. Turan, is not authorized by the Central Bank of Turkey and other competent authorities to operate as an electronic money and payment services institution. It acts as an agent.

Your e-money transactions are carried out by Birleşik Ödeme Hizmetleri ve Elektronik Para A.Ş., which is licensed by the BRSA and supervised by the CBRT, within the framework of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493.

Social Links

X: https://twitter.com/turanapp

Facebook: https://www.facebook.com/turanappcom

LinkedIn: https://www.linkedin.com/company/turanapp/

Instagram: https://www.instagram.com/turan_app/

Media Contact

Brand: Turan

Contact: Ozgur Bayraktar

Website: https://turan.app/en


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