Figopara, a fintech company that offers fast, easy, and low-cost financing for SMEs and mediates supplier financing for corporate companies, is making waves in the eyes of major domestic and foreign investors with its innovative business model and sustainable growth, despite challenging global economic conditions. The company has recently secured a Series A funding round of $11 million, led by LG2 Ventures, and backed by a number of prominent investors, bringing its valuation to $50 million.
The new round of funding includes investments from JIMCO, Maxis Venture Capital (an affiliate of İş Bankası), Logo Yazılım, Sabancı Ventures, ScaleX Ventures, İstanbul Portfolio Techone Venture Capital Investment Fund, Development Investment Bank of Türkiye (TKYB) Venture Capital, as well as existing backers such as the International Finance Corporation (IFC) and Eczacıbaşı Momentum. These new investments will enable Figopara to provide SMEs with more financing options and pursue growth opportunities both domestically and abroad.
Co-founder and CEO Koray Bahar expressed his pride in the company’s ability to attract high-profile investors, stating, “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.” Bahar also emphasized Figopara’s commitment to global expansion, noting that the company has exceeded its growth goals for the past two years and has plans to further expand its operations in Turkey and abroad.
The participation of the World Bank member IFC in this funding round for the third time is seen as a vote of confidence in both the Turkish economy and Figopara. Additionally, Figopara chairman of the Executive Board Ahmet Bilgen highlighted the significance of raising investments from prominent Turkish and international institutions, especially at a time when central banks are tightening monetary policies worldwide.
Mehmet Ali Deniz, managing partner of L2G Ventures GSYF, emphasized the importance of supporting companies like Figopara that have the potential to compete in global markets and drive innovation in the Turkish market. The investment round was facilitated by Core Finance and Gökçe Hukuk ve Danışmanlık provided legal consultancy.
Overall, Figopara’s latest round of funding has positioned the company to further solidify its position in the fintech sector and continue expanding its offerings to SMEs and corporate clients. With a strong network of investors behind it, Figopara is well-positioned to navigate the challenging economic landscape and achieve its ambitious growth goals.
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