Finch Capital, a leading European and South East Asian financial technology investor, has reached an agreement to acquire Wirecard Odeme Ve Elektronik Para Hizmetleri (Wirecard Turkey), through Nomu Pay. The deal is expected to be completed by summer 2021 and is subject to certain conditions, including regulatory approvals, according to a company statement.
The acquisition is part of a larger plan of Nomu Pay, a vehicle that invests in payment assets, to invest in payments infrastructure in Turkey and the Middle East region, said in the statement. More details on the strategy and rebranding will be provided at closing, it added.
Radboud Vlaar, Managing Partner of Finch Capital, said that they see tremendous growth opportunities to further enhance payments for Turkey’s 80 million inhabitants. “We are excited to team up with Wirecard Turkey under the leadership of its CEO Serkan Yasin and we continue to actively look for further M&A opportunities in the region to accelerate its growth and development.”
Backing future industry champions
Founded in 2013, Finch Capital is a series A/B investor in high-growth financial technologies companies run by “exceptional” entrepreneurs. The company has a track-record of backing future industry champions including AccountsIQ, Aylien, BUX, Brickblock, Brytlyt, Fixico, Fouthline, Goodlord, Grab, Hiber, Twisto and ZOPA. Located across offices in Amsterdam, London and Jakarta, Finch Capital is an active producer of original research on the state of European fintech and the fintech sector in the post Covid-19 period.
Funded by Finch Capital, Nomu Pay is a newly established company that provide payment solutions to help its clients accelerate growth in Turkey and the Middle East region.
Has e-money licence since 2016
Wirecard Turkey was established in Turkey in July 2008 as Mikro Ödeme Sistemleri İletişim ve Ticaret A.Ş. and started its operations in April 2009 as Turkey’s first direct carrier billing service provider. The company, which has been in the investment and sales process twice since its establishment, received its first private investment in 2011. In 2014, all the shares of the company were acquired by Wirecard Issuing & Acquiring Gmbh which is a subsidiary of Wirecard AG and has been operating as “Wirecard Odeme ve Elektronik Para Hizmetleri AS” since 2015.
Within the scope of the legal regulations issued in the Turkish payment services ecosystem, the company was granted with the ‘e-money’ license by the regulator in October 2016 as one of the first in the country. Wirecard Turkey has currently contracts with all three GSM operators, majority of the banks in Turkey and more than 1200 merchants.