Turkish fin-tech Turan has received seed funding of $1 million to help enable its digital money transfer initiative for the Turkic States
Participating in the funding round where United Payment, Colendi Ventures, APY Ventures, KT Portföy, Tera Portföy, Neo Portföy Turkaz Investment Fund, Re-Pie, and Caucasus Ventures, the first venture capital fund of Azerbaijan.
Turan has developed a digital money transfer app through which all Turkish descendants can transfer money to all Turkic States, including Türkiye, Azerbaijan, Uzbekistan, Kyrgyzstan, Kazakhstan, and Turkmenistan.
Its aim is to reach approximately 170 million people through customised products and financial services that are designed for the Turkic States.
In 2023, Turan plans to implement the digital money transfer model in Uzbekistan which already implemented in Azerbaijan in earlier this year. This aims to solve the problem of sending money home for Uzbekistan citizens residing in Türkiye.
“We are working in close cooperation with the diplomatic agencies of the Turkic States in our country, particularly including the Organisation of Turkic States, which was established as an international organisation with the aim of promoting comprehensive cooperation between the Turkic States and bringing these states together as a voluntary union. With the new funding round we announced today, we will strengthen our presence in the region, especially in Azerbaijan and Uzbekistan, by means of the offices we will open in 2023,” says founder and CEO of Turan, Özgür Bayraktar.