Turkish financial technology (fintech) startups received a record $166 million in total investments in the first five months of 2024, a report showed on Thursday.

The Türkiye Fintech Snapshot for May 2024, released by the Presidency’s Finance Office, highlighted that there are 845 fintech startups in the country and 696 were operational as of May.

The highest number of fintech startups were operating in the payments field, with 273 registered companies, followed by banking technologies at 111, cryptocurrency and blockchain at 101 and corporate finance firms at 91.

Two companies were established in May, while fintech exits amounted to $109 million in the five months.

The report showed that one company made a deal worth $1 million in the five months and five were acquired for $52 million.

Göksel Aşan, the head of the Finance Office, said that fintech employment is growing and the number of fintech startups has been on an upward trend.

“We continue to work diligently to ensure Türkiye’s position among the leading countries in fintech,” said Aşan.

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