EBRD invests in fintech company Dgpays

ANKARA

The European Bank for Reconstruction and Development (EBRD) has invested in Dgpays, a fast-growing technology firm in Türkiye with a software platform that provides payment and banking infrastructure to large companies.

The bank is investing alongside Truffle Capital, a French venture capital fund with a strong track record in fintech investments, the EBRD said in a statement.

This is a follow-on investment for the bank after the successful financing of Dgpays via its Venture Capital Investment Framework in 2021.

With this new funding, Dgpays aims to follow up on its strategic priorities — developing new products, platforms and services and targeting new markets, such as the GCC region, Central Asia and Western Europe, the statement added.

Major trends in the Turkish market, such as its young and growing population and high digital penetration, support the growth of banking and payments, especially through fintech, according to the EBRD.

Over the last few years, Türkiye has proved to be a fertile ground for innovation and digital advancement, said Holger Muent, director of the EBRD’s telecommunications, media and technology team.

“As the EBRD, we are committed to supporting the country in its transition towards a more digital future,” he added.

Since 2009, the EBRD has invested almost 19.5 billion euros in 440 projects and trade facilitation lines in Türkiye, the majority of them in the private sector.