UAE-based Fintech company TPAY MOBILE has acquired Payguru, a leading Turkish digital payment service provider as part of its expansion plan.
The value of the transaction has not been disclosed but the Middle East’s leading Merchant Acquirer, Digital Payment Enabler, said it extends its footprints in the region and continues its diversification into new business lines.
The operation is subject to approvals from the Turkish Central Bank and the Competition Authority.
Launched in 2014 and backed by Helios Investment Partners, TPAY MOBILE is present in 24 countries and boasts about 580 million people in the Middle East region where fintech sector has grown exponentially lately owing to mobile transactions as result of the covid-19 pandemic.
Established in 2005, Payguru provides cash mobile payments and bank transfer services in Turkey. It currently has more than 1,300 merchants on its platform and has processed over 13 million transactions in the past 12 months.
