Turkish fintech start ups draw $166 million in investments

Turkish fintech startups received a total of $166 million worth of investment in the first five months of 2024, according to a report by the Finance Office.

Some 10 deals were made in January-May, said the Fintech Snapshot report.

There was a total of 845 fintech startups in Türkiye as of May and 696 of them were operational.

The number of fintech companies was 594 in 2019, rising to 843 in 2023. Two new fintech companies were launched in the first five months of 2024.

Only one deal was made in the January-May period worth $1 million, while there were six fintech exits worth $109 million.

Some five acquisitions were made by fintech companies which amounted to $52 million.

Most of the fintech firms are operating in the payments industry with 273, followed by banking technologies at 111 and crypto currencies and blockchain at 101.

In insurance and financing, 57 and 56 fintech companies were operating, respectively, as of May, according to the report.

Türkiye's share in global FDI inflows

Meanwhile, a report by the United Nations Conference on Trade and Development (UNCTAD) showed that Türkiye's share in global foreign direct investments declined from 1 percent in 2022 to 0.8 percent last year.

FDI inflows into the country amounted to $10.4 billion in 2023, down from $13.45 billion a year ago. FDI outflows rose from $4.7 billion in 2022 to $5.77 billion last year, according to the report.

Türkiye's FDI inward stock was $156.5 billion in 2023, declining from $202.5 billion in 2022, while FDI outward stock rose from $54.08 billion to $60 billion.

The UNCTAD report said that in the West and Central Asia, Türkiye attracted the largest share of manufacturing projects.

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