The European Bank for Reconstruction and Development (EBRD) and Goldman Sachs announced on Monday their decision to invest in DgPays, Turkey's digital payment system provider.
The investment will support the company's plans to expand its product and service offerings and to introduce new high-tech products, according to a press release.
The investment tour, which is expected to be completed after approvals from the authorities, will be one of the most significant foreign investments in Turkey's Fintech industry to date.
“This partnership will catalyse 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," said Serkan Ömerbeyoğlu, founder and CEO of DgPays.
"When our energy and entrepreneurial spirit are combined with our partners' network and experience, we will soon become a platform that is recognized for its success. We are also pleased to crowd in foreign direct investment to our country," he added.
Founded in 2017, DgPays is a financial technology firm that powers banks' digital payment structures and alternative payment channels. Besides offering innovative financial services and products, it operates 9.2 million credit cards, 3,200 ATMs, and over 150,000 points of sale.