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While it is known that the total amount of investments made in fintech startups in H1 2022 is close to 108 billion, it has been determined that the number of agreements completed in the first 6 months in Turkey is 20. Approaching the end of the year, a fintech application was also launched in Turkiye's largest crowdfunding campaign with a total investment of 17 million TL.

*** This release is originally published in Turkish.

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ISTANBUL (TR) - While trends such as embedded finance and service banking continue to be discussed in the financial sector, the share of digital wallets in payments has gradually increased. The growth of the financial technologies field has turned the attention of investors of all sizes in this direction. In the report of the global consultancy company KPMG, which evaluated the first half of the year, it was seen that global fintech investments approached 108 billion dollars, while the number of fintech investment agreements completed in the first 6 months in Turkiye was determined as 20. In the second half of the year, the activity continued. A record has been broken in the crowdfunding campaign launched by technology company Magellan for the digital wallet solution Alternative SuperApp on September 15 through the venture crowdfunding platform Fonangels. The campaign, which was completed on November 6 with a total investment of 16.7 million TL, won the title of Turkey's largest crowdfunding campaign.

Magellan CEO Göktürk Yetim, commented, “The fact that we reached an investment of 3 million TL in the first three days of the crowdfunding tour, which included nearly 1,400 investors, and that we finished the funding one week before the completion of the campaign, shows the belief in our product. Additional funding will continue until November 13," he said.

It will open to 12 countries in 5 years

In the investment process, which is the first investment tour in which both share-based crowdfunding and venture capital fund are used together, it was aimed that qualified investors can also invest in Alternative SuperApp through the Magellan Advanced Technology Venture Capital Investment Fund, which was established under the leadership of Qinvest Portfolio Management after the crowdfunding. Reminding that 20% additional funding is offered in the investment round, Alternative SuperApp CPO Zeynel Enes Mirza said, “In the additional funding process that will continue until 13 November, large and small investors will be able to invest even with 100 TL. After this successful investment round of 17 million TL, we, as Alternatif SuperApp, aim to focus on our global growth and expand to 12 countries in 5 years. Alternative SuperApp, which hosts more than 80 digital wallets today, will strengthen its market position with nearly 250 brands by the end of 2023. We thank everyone who believed in this story and invested in us.”

Reached 82 businesses, 1,100 branches and 170 thousand users

Magellan CEO Göktürk Yetim, who pointed out that the super application they developed offers a special digital wallet infrastructure for businesses and provides the advantage of collecting all digital wallets in a single application for end users, said: “Alternative SuperApp not only turns businesses into fintech, but also brings together other fintech solutions. In this way, all solutions such as wallets, gift cards, QR menus and loyalty programs turn into a common marketplace in the industry. Our product, which was launched in December 2021, reached 82 businesses, 1,100 branches and more than 170,000 users. We are proud to have signed the biggest crowdfunding campaign in our country. With the support of our investors, we will take firm steps towards our goals of accelerating our growth in Turkiye and opening up to foreign markets. As Magellan and Alternative SuperApp, we have shown to the whole industry that as long as the right solution is offered in the field of financial technology, both B2B and B2C can be progressed rapidly. We are waiting for those who want to be a partner in this success story, in which nearly 1,400 investors participated, on our campaign page on Fonangels until November 13."