MV Holding and Revo Capital invest in Turkish fintech company Cardtek
Cardtek, a leading provider of payment technologies, is aiming to further strengthen its presence in North America, Europe, Middle East and Asia-Pacific with the equity investment made by MV Holding and Revo Capital.
Cardtek, developing end-to-end solutions in payment systems in many countries across the globe since 2001, is now taking firm steps toward its goal of becoming one of the world’s top 10 financial technology companies. MV Holding, founding partner of Turkey’s leading GSM operator (NYSE: TKC / BIST: TCELL), and Revo Capital, Netherlands-based technology fund, have become 24% shareholders in Cardtek.
Cardtek is currently providing payment technologies and services to more than 150 customers in 25 countries, including banks, processors, telecom operators, retail and public transit services. With this investment, the company will further strengthen its presence in North America, Europe, Middle East and Asia-Pacific.
“We have had resounding success in the international arena with numerous accomplishments with clients in four continents,” said Cardtek CEO Ayse Nil Sarigollu. “By proactively following the developments in the FinTech sector and with the foresight we have, we are able to offer a dynamic competitive edge to our customers. As a group, we achieved a growth rate of 48% in 2015, and are well on our way to reaching the goals we set for ourselves in the international arena. Thanks to this collaboration with MV Holding and Revo Capital, we are now aiming to become one of the world’s top 10 financial technology companies within the next five years.”
MV Holding CEO Ebru Dorman added: “Cardtek’s continued growth and achievements to date are outstanding and their technology suite is well ahead of the game by international standards. We believe that the company, with its technological edge and impressive team, has tremendous potential to become a leading global player. We are very excited to become a part of Cardtek’s success story and to join forces to accelerate their growth to new heights.”
Ozcan Tahincioglu, the general partner of Revo Capital notes “Cardtek has proven itself as a true leader in payment solutions with benchmark implementations across the globe, and has been in our investment radar for a while. We see a tremendous opportunity and a shared vision with the founding team to further scale Cardtek’s solutions in the US, Europe and APAC building on the successes so far. We are thrilled to be a part of this growth story and believe this investment will enable big bets that can catapult Cardtek into a global brand name in payments.”
Cardtek, a global payment processing solution provider, was founded in 2001 to meet the growing demand for easier, faster and more secure payment technologies. Cardtek provides innovative payment solutions for emerging businesses, such as EMV migration, open-loop transit, mobile payment, mobile wallet, NFC, HCE, and wearable payment technologies, while continuing to provide core payment solutions for Card Management, Fraud Management, and Central/Instant card personalization. A thriving company with 200+ customers in 26 countries, Cardtek globally contributes to the payment ecosystem through financial inclusion, payment renovation and cashless societies. Together with its international affiliates, Cardtek serves its worldwide customers from its USA, Canada, India, Turkey, United Arab Emirates and Azerbaijan offices.Cardtek.com
About MV Holding
MV Holding was founded in 1993 by Murat Vargı, a prominent Turkish entrepreneur. MV Holding is co-founder of Turkcell, the leading GSM operator of Turkey and the region, and founder and major shareholder of KVK, the leading mobile phone distributor of Turkey. The Group continues to create value in technology, hospitality and renewable energy sectors. The net value of MV Group’s assets exceeds USD1.5 billion as of 2015. http://www.mvholding.com/en/homepage/
About Revo Capital
Revo Capital is a Netherlands-based $65M venture capital fund that invests in truly innovative early-stage technology ventures in Turkey and the region. The fund operates in a few focus areas that promise long-term potential with a strong local market and a global upside, particularly B2B Cloud Applications, Internet of Things and Digital Commerce/Marketing Platforms. Among Revo Capital’s selected investments are FIT Solutions, Onedio, parasut.com, 8digits, Skyatlas, Nuvia, Neozeka and ACLteslim. http://www.revo.vc.
Source: Revo Capital Press Release