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United Payment opens up to Georgia as part of its ongoing efforts to boost fintech exports

United Payment, the leading fintech company in Turkey, continues to expand in the region by entering the Georgian market. Committed to expand the technological power of Turkey to the international arena, United Payment opened its third office in Georgia, following Romania and Azerbaijan, aligned with its vision of becoming the leading fintech company in the region. 

United Payment, one of the first e-money companies in Turkey offering innovative fintech solutions, continues its global operations with the addition of Georgia. With presence in Romania and Azerbaijan in line with its vision of becoming the leading fintech in the region, United Payment will provide international money transfer, kiosk, and smart safe services at its new office in Georgia.

“We will become the company offering the widest range of fintech services in Georgia”

Ilker Sözdinler, CEO of United Payment, highlighted the strong bond between Turkey and Georgia and said, “United Payment is willing to crown this strong bond with financial technologies developed by our in-house team. United Payment operates in every segment of the fintech industry. We offer services in five categories: pre-paid card and digital wallet, online/offline collection, domestic and cross border money transfer, kiosk, smart safe, and loyalty programs. There is only a small number of fintech companies providing such a wide range of services both at a local and global scale, and in Georgia there is none. Thus, this new step made us the first foreign FaaS (Fintech as a Service) company to enter the Georgian market. Georgia holds a key position in the region, and our activities here will give us the opportunity to become a player in different markets and helps us transfer the technological power of Turkey to overseas. We believe in the power of local executives in the markets we have presence as United Payment. Building on the experience gained from our achievements in Azerbaijan and Romania, our new operation will be led by a colleague who is an expert in banking and finance technologies with experience in the dynamics of the local market. Together with Nino Chedia, our Country Manager in Georgia, we aim to become one of the top three players in the market within two years.”

‘The country has a great potential, and we will contribute to the cash-free economy’

Nino Chedia, United Payment Country Manager Georgia, who has a Master’s degree from Oxford University and an MBA in the field of finance and held the role of Deputy CEO  in insurance at one of the largest insurance companies in Georgia, stated that Georgia has started to position itself as the fintech hub of the region. Nino Chedia added, “Georgia is open to adapting to innovative products and solutions that make payments easier for consumers and businesses. The internet penetration in the country is 69 percent and the number of fintech companies providing financial solutions is gradually increasing. Gearing up for becoming a key fintech player in the region, United Payment is the first foreign FaaS (Fintech as a Service) company in Georgia. The presence of United Payment will increase the popularity of FaaS, allow global business partners of United Payment to provide services in Georgia, and contribute to a cash-free economy in the country.”

50 percent of revenues will come from overseas markets within two years

Recognized for the investments received from Finberg and OYAK Portfolio Venture Capital Funds, United Payment has grown by 300 percent in the last three years and plans to expand its presence in Georgia by obtaining its e-money license in the next period. United Payment currently operates in Romania, Azerbaijan, and Georgia with a transaction volume of 50 billion serving 15 million end users, and aims to generate 50 percent of its revenues in overseas markets within two years. 

September, 2022
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