The European Bank for Reconstruction and Development (EBRD) has provided new financing to Dgpays, a Turkey-based fast-growing technology firm that offers payment and banking infrastructure to large companies.
EBRD has invested in the Turkish fintech along with a French venture capital fund Truffle Capital.
The transaction was finalised in 2023.
EBRD’s new commitment is a follow-on investment after the funding of Dgpays through its venture capital investment framework in 2021.
It showcases the bank’s ability to track the growth profile of technology companies from early stages to maturity across the capital structure, said EBRD.
Through the new financing, EBRD aims to expand access to payment solutions that are important for ensuring equal economic opportunity.
EBRD telecommunications, media and technology team director Holger Muent 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.”
The new capital will allow the Turkish payment and banking infrastructure provider to follow up on its strategic priorities.
It includes the development of new products, platforms and services, and focussing on new markets such as the Gulf Cooperation Council (GCC) region, central Asia and western Europe.
DGPays CEO and founder Serkan Ömerbeyoğlu said: “We have shown exponential growth since our inception seven 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 two 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.”