Turkish fintech company Turan receives $1 million for digital money transfer project between Turkic states.

This is seed funding for a company that intends to launch its digital money transfer initiative among Turkic countries, according to Tech.eu, an online publication dedicated to the European tech ecosystem.

According to the publication, platforms such as United Payment, Colendi Ventures, APY Ventures, KT Portföy, Tera Portföy, Neo Portföy Turkaz Investment Fund, Re-Pie and Caucasus Ventures, the first venture fund in Azerbaijan, took part in the first round of financing.

Turan has developed a digital money transfer application that will allow you to transfer money to all Turkic states, including Turkey, Azerbaijan, Uzbekistan, Kyrgyzstan, Kazakhstan and Turkmenistan.

The goal is to reach around 170 million people with customized products and financial services designed specifically for the Turkic states.

In 2023, Turan plans to introduce a digital money transfer model in Uzbekistan, which was already introduced in Azerbaijan earlier this year. This aims to solve the problem of sending money home for Uzbek citizens living in Turkey.

Now the company plans to strengthen its presence in the region - Turan's offices are scheduled to open in Azerbaijan and Uzbekistan this year.

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