Turkey’s Digital Invoice Financing Fintech Figopara Secures $1 Million in Capital via Second Funding Round

Turkish Fintech firm Figopara confirmed on May 7, 2020, that it has secured $1 million in funding from its second investment round.

Existing investors World Bank’s International Finance Corporation (IFC) and Turkish angel investor Revo Capital took part in Figopora’s latest round. Founding partners Ahmet Bilgen and Koray Gultekin Bahar also made contributions.

Hasan Davci, Arman Eker, CTO at  Figopara, and Orhan Ayanlar took part in the round as well.

Founded in 2017, Figopara assists licensed SMEs with selling their invoices to lenders for cash at reduced rates before they have matured. The Fintech firm works closely with several Turkey-based lending businesses, including Akbank, Fibabanka, ING Turkey and Yapi Kredi Bank.

Koray Gultekin Bahar, CEO at Figopara, has experience working at electronic invoice firm Foriba, a company he left back in May of last year.

As first reported by egirisim, Figopara claims over 1,000 registered customers. The company says it has brokered over 60,000 transactions that are valued at a combined 650 million Turkish liras (appr. $91.6 million).

Last month, Figopara reportedly brokered 80 million Turkish liras (TRY) worth of transactions. The firm is planning to process around 200 million TRY in total transactions per month by the end of this year. It will also be introducing a product, called the Figo Skor.

Digital Turkey Platform, the Turkish division of Digital Europe, recently revealed that the country would experience problems or challenges while working with suppliers in China and the EU, due to the COVID-19 outbreak.

According to a survey, 63% of respondents said they saw uncertainties as regards their customers to be a major challenge. Meanwhile, 57% of firms said they were expecting cancellations.

Around 40% of Turkish technology firms said they would be suspending their investment plans.

Employee layoffs, due to the Coronavirus, have been planned by 51% of Turkish tech firms, and 77% are preparing to deal with financial challenges because of the pandemic.

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