Economy

Turkish fintech firm reaches $200M valuation at 1st investment round

Institutional investors CEECAT Capital, European bank EBDR, Alpha Associates, Revo Capital subscribe to firm's investment round

Gokhan Ergocun   | 15.06.2022
Turkish fintech firm reaches $200M valuation at 1st investment round

ISTANBUL

A Turkish fintech firm, Param, reached the valuation of $200 million at its first investment round, the company announced on Wednesday.

According to a statement by Param, the round is subscribed by institutional investors CEECAT Capital, the European Bank for Reconstruction and Development (EBRD), Alpha Associates, and Revo Capital.

Emin Can Yilmaz, founder and CEO of the firm, said Param has grown three times last year.

Thanks to its technology, the firm maintains long-term relationships with Türkiye's unicorns and largest traders, as well as with thousands of small- and medium-sized enterprises, Yilmaz added.

"Today, we are proud to be processing record number of transactions as a leading player in the industry and sharing the journey of democratizing finance with our own investments in the ecosystem," he said in the statement.

He underlined that the firm will now turn towards expanding globally while strengthening its foothold in Türkiye.

The company said it operates 5.4 million cards across 138 business-to-business-to-consumer card programs, facilitating payments for more than 90,000 merchants, including leading e-commerce players and large organizations.

The company also offers an employee benefits and gift card system, a loyalty system with instant cash-back at 30 high-street retailers and instant collection with open banking solutions to 400,000 dealers across Türkiye, it added.

"The most recent innovation by the group is a more advanced and flexible approach to BNPL (Buy Now Pay Later), to serve merchants and customers with better and faster digital lending solutions," it stressed.

Param has all of its software development capabilities inhouse, which puts the company in great advantage in terms of speed, agility and efficiency, the statement read.

Established in the capital Ankara in 2005 with a small team, the firm has 600 employees currently, of whom 60% are female.

Ilker Yoney, co-head the EBRD’s private and public equity investments team, said: “We are delighted to support Emin and Param group in accelerating the deployment of innovative solutions in payments and Fintech."

He added: "Digital transition is among the top priorities for EBRD and we are very proud to help companies like Param Group to reach their full potential and offer high quality services to clients."

The bank believes that businesses can promote inclusion, integration and resilience thanks to the power of technology, and the EBRD funding, know-how and local presence will help Param Group achieve its strategic goals and further expansion both in Türkiye and the wider region, he underlined.

Anthony Stalker, CEECAT Capital's partner, said: "We are excited to be partnering with Param on their journey to be a regional leader."

CEECAT plans to work with the firm's team to accelerate the company’s growth in Türkiye and build new partnerships across the region, he added.

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