Turan raises 35 million TL investment for next-generation finance app

Turan’s 35 million TL investment round was led by United Payment. In addition to United Payment, existing investor APY Ventures also participated in the round.

We first introduced Turan, which was founded with the goal of becoming a neobank for Turkic States, in September 2022. In March of last year, Turan raised 20 million TL in investment from United Payment, Colendi Ventures, APY Ventures, KT Portföy, Tera Portföy, Neo Portföy Türkaz Investment Fund, RePie Portföy, and Caucasus Ventures. The company has now announced a new investment.

According to the information shared by Turan, the startup has received a follow-on investment of 35 million TL. The investment round was led by United Payment, with participation from existing investor APY Ventures. With this new 35 million TL investment, Turan’s total funding to date has reached 75 million TL.

Founded in May 2022 by Özgür Bayraktar, Turan focuses on enabling money transfers between Turkic States. Starting with Azerbaijan, Turan currently enables money transfers not only to Azerbaijan but also to Kazakhstan, Northern Cyprus, Kyrgyzstan, and Uzbekistan. It should also be noted that Turan, which has more than 300,000 customers, has opened offices in Azerbaijan and Uzbekistan.

Turan Founder Özgür Bayraktar stated that they believe Turan will become the largest financial application in Central Asia, and thanked United Payment—described as their “invisible power” that has supported them from day one and provided all their financial infrastructure throughout this journey. He also emphasized that this follow-on investment represents an important milestone in deepening their strategic partnerships.

İlker Sözdinler, CEO of United Payment, stated that they support the startups they invest in in the international markets they expand into and that they value growing together with them. He added that despite being established only 14 months ago, Turan has surpassed 300,000 customers, is approaching a transaction volume of 500 million, and has more than 70,000 card users, expressing pride in the company’s growth and achievements during this period.