EBRD, Goldman Sachs to invest in Turkish fintech company DgPays

The European Bank for Reconstruction and Development (EBRD) and Goldman Sachs are jointly investing in Turkish fintech company – DgPays, as per an announcement made in March 2021.

The transaction is subject to regulatory approval.

Established in 2017, DgPays is a banking technology company that is said to power the digital payment structures of banks and alternative payment channels.

The Turkish fintech firm is said to manage 9.2 million credit cards, 3,200 ATMs, and over 150,000 points of sale. Furthermore, DgPays provides financial services and products.

Mariia Barsuk of the EBRD’s Venture Capital Investment Program said: “We are impressed how, in a very short period of time, DgPays has built a sizeable payment software business and secured strategic partnerships with key market players.

“At the EBRD, we believe that the digital transformation of industries and empowering consumers with innovative solutions are critical parts of economic development. As a shareholder in the company, the EBRD will be supporting Mr. Ömerbeyoğlu and his team in their mission and in growing the company to a leading position in Turkey‘s fintech space.”

EBRD, Goldman Sachs to invest in Turkish fintech company DgPays. Photo courtesy of Sdrawkcab/Wikipedia.org.

The investment from the EBRD and Goldman Sachs will be used for supporting the plans of the digital payment system provider in growing its product and service offerings and for introducing open banking and other new high-tech products.

Serkan Ömerbeyoğlu – founder and CEO of DgPays said: “This partnership will catalyze our strategy of expanding our current product and service offerings in line with international trends and introduce the novel and high-tech products we are developing, such as open banking, both locally and in overseas markets.”