World Bank Group Member IFC Invested in Turkey’s Rising Fintech Company, Figopara

New York, NY, October 14, 2022 –(– Figopara, the fintech company that provides fast, easy, and low-cost financing for SMEs and mediates supplier financing for corporate companies, remains the favorite in the eye of major domestic and foreign investors with its unprecedented business model and sustainable growth, despite the compelling global economic circumstances. Figopara, the company that has raised $5.6 million in separate funding series, has raised $11 million, a Series A led by LG2 Ventures, backed by Turkey’s largest independent domestic asset management company Istanbul Asset Management, and has reached a valuation of $50 million.

New investors JIMCO, Maxis Venture Capital affiliate of İş Bankası, Logo Yazılım, Sabancı Ventures, ScaleX Ventures, İstanbul Portfolio Techone Venture Capital Investment Fund and Development Investment Bank of Türkiye (TKYB) Venture Capital, as well as existing backers including the member of World Bank IFC (International Finance Corporation), Finberg, Eczacıbaşı Momentum invested in the new round. The new funding offers SMEs access to more financing, and Figopara will draw upon new acquisition opportunities and growth goals abroad with this investment.

Bahar: “Being a mediator to access funding will go on.”

Addressing the investment, Figopara co-founder and CEO Koray Bahar said, “We have succeeded in gaining investments much higher than we predicted in the first place with our fast-growing presence, current global expansion, and business plans abroad. We are proud to be the company that gathers so many robust institutions of the financial technologies and entrepreneurship ecosystem for investment. Raising investments from leading strategic investors and venture capital matters greatly to us. Figopara, which has integrated more than twenty banks and more than ten financial institutions, will maintain its rapid growth abroad and locally with the power of new investors today. Seeing IFC, a World Bank member, participate in our series funding for the third time is another indication of confidence in the Turkish economy and Figopara. We’re happy to see our current investors in the funding series again. I truly believe that our distinguished new investors will also strengthen us. This investment we raised will be used to overcome the settlement issues for SMEs and companies. In fact, we might consider this an investment for SMEs,” he says.

Bahar: “Our global expansion will continue.”

Pointing out that Figopara has reached its growth goal of five times for the first two years; “As we launch our İzmir, Ankara, and Adana branches in 2022, we aim to grow our supplier financing solutions for SMEs eight times more comparing to the previous year. After Italy, our global expansion will continue in the Middle East and North Africa (MENA) region,” says Bahar.

“At a time that central banks all around the world are shifting to tightening monetary policies that causing to soak up liquidities from the markets, gaining investment like this proves that Figopara is on the right path. We are proud to raise investments from the most robust institutions from Turkey and the world,” says Figopara chairman of the Executive Board Ahmet Bilgen.

Deniz: “…Focusing on the companies would compete in global markets.”

L2G Ventures GSYF managing partner Mehmet Ali Deniz addresses the investment; “As L2G Ventures, our strategy will be supporting companies with enough resources, team, and vision to compete in regional and global markets, as well as being sector leader of the Turkish market. We’re very pleased to provide finance with distinguished international and Turkish investors by leading this funding series to Figopara’s innovative approach to Turkey’s supplier financing system and to provide funding to SMEs and from local to the global growth of our vision.”

Investment consultancy led by Core Finance and legal consultancy conducted by Gökçe Hukuk ve Danışmanlık.

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