FinTech Ecosystem in Turkey
FinTech brings together finance and technology to provide better, faster and easier financial services. With the help of technology, FinTech makes financial services become more user-friendly enabling consumers to access financial services in an innovative fashion. The rapid increase in the Internet usage and the use of mobile applications are the main drivers behind the FinTech hype.
According to the 'FinTech Ecosystem in Turkey' report, which is prepared in collaboration with Deloitte, BKM and FinTech İstanbul, FinTech market in Turkey is growing rapidly and investments in this area are expected to increase. The amount of FinTech investments in Turkey, which was $ 4.6 million in 2012, grew by 175% in 2016, reaching $ 29 million. Venture capital and angel investment networks have invested a total of $ 53.2 million in FinTech initiatives in Turkey in the last four years (2012-2016). The overall size of the FinTech market in Turkey, with more than 200 companies, is currently estimated to be worth $ 15 billion and growing at an annual average of 14%. Despite the rapid growth and development, the relatively new field of financial technologies in Turkey has not yet reached the optimum size. This points to the high potential of FinTech in Turkey.
'FinTech Ecosystem in Turkey' report points out that the FinTech sector will continue to grow with an annual average growth rate of 14% and that the geopolitical advantage of Turkey will help Turkey turn into a regional financial technology center in the near future.