Paycell Begins Its European Journey

October 18, 2022 at 04:22 AM EDT

Paycell, Turkcell's (NYSE: TKC, BIST: TCELL) digital payment and financial services platform, opened its office in Stuttgart as part of its expansion plans in European countries. Paycell, which will provide simple, smart, and cost-effective financial solutions to its European users, is also collaborating with Solaris, Europe's leading embedded finance platform.

Paycell, Türkiye's next-generation digital payment platform, is making significant international investments and collaborations to achieve its goal of becoming an inclusive financial service provider. Opening of its office in Germany, Paycell will serve its European customers under the Paycell Europe company. Paycell Europe plans to expand its investments and collaborations in order to provide end-to-end financial services to European users in an easy, smart, and timely manner. Paycell Europe signed an agreement with Solaris, Europe's leading embedded finance platform, at the opening of its office in Stuttgart. As part of their collaboration, the two institutions will work to broaden the scope and portfolio of digital finance solutions that they provide.

Paycell Europe will provide financial services to its users in an easy, smart and fast way

Paycell Europe will offer easy, smart, and advantageous digital finance solutions thanks to its experience in Türkiye and powerful technology. Paycell will give the service to its European customers in one of Germany's innovation hubs.

Regarding Paycell's European journey, Osman Yılmaz, Turkcell CFO elaborated as follows:

"Paycell which is one of the subsidiaries of Turkcell is extending its operations in Europe to strengthen its position in the fintech sector. We have entered to the European market by opening our office in Stuttgart ‘de:hub’ which is one of the important digital innovation hubs of Germany. Our innovative and inclusive products and services will be accessible to all European users thanks to our unique digital infrastructure. It’s apparent that the improvement of Paycell will contribute to the European market.”

Mentioning Paycell Europe's cooperation with Solaris, Serhat Dolaz, Paycell CEO stated, “As Paycell, we are happy to collaborate with Europe’s one of the leader in the field of neo-banking and decided to move forward with Solaris. Along with being one of the best providers of financial solutions in the industry, Solaris will also share the knowledge it has acquired through the various services it offers to renowned organizations with Paycell."

Dr. Roland Folz, CEO of Solaris, added: “We are thrilled that Paycell has chosen to partner with Solaris for its European expansion. The powerful combination of fintech and telco offers tremendous potential for embedded finance. Paycell's offering in Turkey is a prime example of building an impressive ecosystem and becoming a market leader. As a pan-European provider, Solaris offers the ideal platform to quickly and securely implement Paycell's ambitious plans and innovative concepts. We are delighted to announce our partnership and look forward to an exciting journey.”

International money transfer and financial services via Paycell Super App

Paycell Europe will initially provide money remittance and collection services with its international money transfer service. Offering a superior digital finance experience with its unique advanced technological infrastructure, Paycell will provide many innovative solutions such as card, loan, and digital wallet for European customers.

About ‘de:hub’

The Digital Hub (de:hub) Stuttgart can draw on an ecosystem of innovative and established partners - often international market leaders among medium-sized companies. The hub focuses primarily on the promotion of projects in the fields of smart products, mobility, AI and Industry 4.0. The cross-industry platform and hub for digital pioneers questions the conditions for creativity and innovation, promotes forward-looking ideas and provides a stage for trends and new business models in a wide variety of industries. In addition, the Innovation Spaces offer co-working offices, in which above all the exchange between the residents and the partners of the hub is promoted and a lively environment for start-ups and companies is created in order to give creative ideas a space to develop.

About Paycell

Türkiye’s most inclusive payment platform Paycell which can be used by anyone, regardless of operator continues to create value for all of its customers and stakeholders with the mission of creating cashless society. Widespreading seamlessly and securely with payment solutions Paycell reached 7 million active users in the 2nd Quarter of 2022. Trading volume of Paycell in the first half took place 3 times more compared to last year.

About Solaris

Solaris is Europe’s leading embedded finance platform empowering the future of financial services. The tech company enables businesses to easily provide trusted and innovative financial experiences to their customers. Through smart APIs, partners can embed financial services quickly and compliantly into their own product offerings. Solaris is headquartered in Berlin and employs over 750 people at eight locations in Europe and in India. Combined net revenue in 2021 exceeded 100 million euros, representing growth of over 90 percent year-on-year.