Turkish online payment company Mobilexpress raises $2 million

Mobilexpress announced today that it has raised USD 2 million in a Series A financing round led by Collective Spark. Ali Kolaghassi, Tunç Mehmet Berkman and Deniz Doany, as well as Emre Tok, who previously served as Vice President of Growth in Careem, participated in the funding round.

Mobilexpress is one of the largest online payment platforms processing nearly 10 million transactions per month and having more than 15 million cards tokenized on its systems. The company is led by Yunus Emre Guzer, the co-founder of Turkey’s first and the largest payment services provider. Mobilexpress offers AI backed services such as online payment gateway, smart transaction routing, card storage, cross border services and anti-fraud to businesses and users over its existing platform integrated to all banks and payment service providers that may require such services. Mobilexpress also develops tailor-made solutions for Turkey's leading e-commerce, retail, insurance, and telecom companies.

Yunus Emre Güzer, Mobilexpress CEO

Thanks to the new approach of the Central Bank of Turkey and in parallel the positive environment created by the recent regulatory changes, the new generation of Fintechs has been showing rapid progress and reaching new heights in a relatively short time span and unlike traditional financial institutions that have been operating for years.

Open Banking, PSD2, new generation payment systems and other solutions that can be offered in a 360 degree approach by Mobilexpress will be advantageous for unbanked businesses that aim to grow but have been unable to do so in recent years. It is observed that banks have started to cooperate with fintechs and paved the way for growth of businesses, helping them scale successfully in recent years.

We will continue to keep the name and services of Mobilexpress alive in the code of our new brand. In this new journey, I would like to thank my partners, my team, and the Collective Spark team who did not hesitate even for a moment in their faith during such an unprecedented period shaped by the COVID-19 pandemic.

Görkem Oktay, General Partner of Collective Spark

The fintech ecosystem in Turkey, parallel to the strengthening of the banking infrastructure, continues its strong growth momentum with innovative technological initiatives. In that respect, we regard Mobilexpress as a successful fintech player on the back of its strong infrastructure, experience of its team providing technology services and the breadth of payment solutions that can be offered to businesses and consumers. We believe that the company possesses the potential to replicate its success in Turkey across international markets. As Collective Spark, we are happy to support Mobilexpress in this funding round alongside co-investors and complete another investment in the area of fintech which is one of our Fund’s key target industries.