Introduction

There is a lot of growth in Turkey's financial technology sector, with new companies popping up daily. The top Turkish fintech to watch in 2023 are discussed here. These startups have revolutionized traditional financial services like digital payments, lending, and insurance.

From seasoned pros to fresh faces, these startups are pushing the envelope of what is possible in the financial technology sector. Whether you're an investor, a customer, or just someone curious about the future of finance, this reading list is a must-have. 

The Top 10

1. Paraşüt: Paraşüt, a cloud-based pre-accounting tool, was launched in 2013 to help the small and medium-sized firms (SMEs) that play a significant role in the Turkish economy better manage their financial operations. The driving force behind the development of Paraşüt includes functions such as invoice and current account management, income and tracking, and reporting that are essential to the financial operations of enterprises. Paraşüt is a financial management panel for business owners, and they have made sure that even someone who's never sent out an invoice before will be able to use all of its functions with ease. Paraşüt and the rest of the Mikrogrup family have been working to improve the lives of small and medium-sized enterprises (SMEs) from the moment they opened their doors until now.

2. iPara: In 2012, iPara Bilgi Teknolojileri A.. was created under the moniker iPara, and it quickly rose to prominence as Turkey's premier online payment service provider. It was pivotal in introducing consumers and member companies to the convenience of online purchasing by providing cutting-edge innovations and industry firsts. The company's primary goal is to provide value-added services to its member businesses and business partners, in addition to expanding and improving its product and service offerings.

3. Moka: Moka is a subsidiary of Türkiye ş Bankas and a financial technology firm that provides its clients with convenient and cutting-edge payment options. With the knowledge and experience of şbank in the financial sector, Moka joined the market in 2014 with the intention of delivering fast, convenient, and practical payment solutions. In 2021, Moka will continue to provide the market with payment solutions that will propel enterprises forward in e-commerce. Since receiving its e-money licence in 2022, Moka has been working to expand its present business and serve as a bridge between the traditional payment industry and the digital one by providing rapid and competitive services. Moka's mission is to provide its customers with cutting-edge financial technology solutions, and it does this by placing a premium on the quality of its overall experience with the company. To this end, the company places an emphasis on the development of novel business models and on anticipating and addressing customer requirements across all of its interactions with the company.

4. Papara: Papara is an electronic money and payment services provider that was established in 2016 by Ahmed Faruk Karsli and Ilker Diker. The FinTech firm competes with traditional financial executions by providing solutions that are both innovative and user-friendly. In a nutshell, a Papara account is a novel and convenient way to make payments, buy, and send and receive money. Users are also able to better control their financial situations. Companies like Uber and BiTaksi as well as Yemeksepeti are among their satisfied customers. In 2016, Papara received a $2 million investment.

5. KolayBi: Through their partnerships with 22 of Turkey's and the world's top banks, e-commerce platforms, e-invoice integrators, and payment systems, as well as our own cutting-edge technological infrastructure and the tireless efforts of our talented staff, we are committed to meeting our clients' e-transformation needs with the most efficient digital solutions possible.

6. PayCore: Founded in 2001, PayCore provides its clients in the banking, telecommunications, payment service provider, public service, and retail industries with cutting-edge, comprehensive payment technology solutions. PayCore is the solution partner of over 250 institutions, effectively delivering technology to 30+ countries, and the winner of over 30 local and international awards in the sectors of card management, digital payment and EMV solutions, processing services, and secure hardware devices. The Processing Center at PayCore is PCI DSS-, BKM-, MasterCard-, and Visa-certified, and it serves over 65 customers in the area. 

7. Colendly: Colendi was established with the mission of providing simple, easy-to-use financial products to everyone, regardless of gender, background, financial condition, banking status, or lack thereof. Because of the restrictions of legacy banking, Colendi offers embedded fintech services that democratise banking services for customers, merchants, and financial and non-financial organisations. Their cutting-edge scoring technology allows us to provide you with credit scores that are unique to you. We consider a wide range of real data, which is then converted into a numerical representation of one's financial creditworthiness by the use of machine-learning algorithms. Start fresh, unburdened by your financial past.

8. Arf: With Arf, financial institutions may make instant, compliant international payments using regulated stable coinage. For its customers, it offers custody, redemption and tokenization, settlement, and foreign exchange (FX) services. By providing licensed money service businesses and financial institutions with digital asset-based working capital and settlement services, with native on-ramp and off-ramp capabilities. 

9. Tekkredi: Tekkredi is a service that helps people consolidate their debt. Loans to customers are made possible by the company's connections with other financial institutions. The company provides one lending option that can be utilized to pay off multiple previous loans. The consumer has the ability to choose the bank with which he/she can open a new loan account.
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10. ‍Ininal: In 2012, a group of developers launched a new generation of payment processing technology called Ininal with the intention of serving the needs of individuals and small businesses alike for essential banking services. In 2017, the BRSA (Banking Regulation and Supervision Agency) issued Ininal, a subsidiary of Multinet UP, an electronic money operating licence. Ininal, which joined BKM in the same year, provides its prepaid card to customers at over 20,000 locations across Turkey (including D&R, KM Market, Migros, Tatil Operation, PTT workplaces, KM Market, Teknosa, and Vatan Bilgisayar) and the Ininal Wallet app for all smartphones. Ininal users can fund their accounts or cards at any of the more than 75,000 retail and ATM locations and utilise their funds everywhere Visa is accepted. In addition to providing its business clients with a unique API platform and co-branded cards, Ininal also provides them with a streamlined method of handling bulk payments and keeping tabs on business expenditures. Hundreds of thousands of people benefit from the ease and affordability of the Ininal Wallet app and Ininal Cards' financial services.

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