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Turkish financial technology (fintech) startups received a record $166 million in total investments in the first five months of 2024, according to Türkiye Fintech Snapshot for May 2024, released by Türkiye's Finance Office.
The report highlighted that there are 845 fintech startups in Türkiye and 696 were operational as of May.
The highest number of fintech startups were operating in the payments field with 273 registered companies, followed by banking technologies with 111, crypto and blockchain had 101 and corporate finance firms at 91.
Two companies were established in the fintech industry in May, while fintech exits amounted to $109 million in the five-month period.
The report showed that one company made a deal worth $1 million in the five-month period and five were acquired for a total of $52 million.
Goksel Asan, the head of Türkiye's Finance Office, told Anadolu that fintech employment is growing and the number of fintech startups has been on an upward trend.
"We continue to work diligently to ensure Türkiye's position among the leading countries in fintech," said Asan.
*Writing by Emir Yildirim -
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