Mediterra acquires majority stake in Turkish fintech PayCore

The GP's latest fund is the Mediterra Capital Management II, which held a first close on €166m in 2018. According to its website, the amount the GP has raised stands at €166m.

Paycore will be Mediterra's fifth investment in the tech space. It has 11 current investments, and has invested in more than 30 companies across 12 countries. It typically makes equity investments of around €20m.

According to Mergermarket – which last week reported the deal was in advanced stages – MTS Teknoloji Yatirim Holding is exiting Paycore as part of the deal. MTS acquired a 54% stake in Paycore in early 2019. The remaining investors are MV Holding and Revo Capital.

A company presentation by Paycore stated that the company increased its turnover by 90% in 2019, without specifying the figures. 

The transaction completion is subject to regulatory approvals. 

Company
Founded in 2001 and formerly known as Cardtek, PayCore provides payment systems infrastructure to financial institutions and payment service providers. It is headquartered in Istanbul.

The company has 185 clients in 35 countries, with R&D and sales offices in Chicago, London, Dubai and Warsaw. It employs more than 350 staff. 

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