Istanbul-based voucher and shopping debit card network Multinet UP, which is owned by French UP Group since 2010, has acquired majority stake in one of Turkey's leading fintech companies ininal. There is no official announcement about the acquisition yet, but we have learnt that it's a stock-swap deal where Multinet UP will give 49.9% share in its fintech affiliate iPara to ininal shareholders in exchange for 50.1% stake in the latter.
Founded in 2012 to provide basic financial services to both retail and corporate customers, ininal is now one of the biggest players in Turkey's growing pre-paid debit card market. It serves several million local customers today in partnership and cooperation with industry leaders such as MasterCard, Paypal, Migros (supermarket chain), PTT (Turkish Post Office), D&R (books and stationary chain) and Teknosa (electronics retail chain).
The company has two major products: The ininal card, a pre-paid MasterCard, valid in 5K retail sales points across the country and ininal mobile wallet application. Like in all other pre-paid debit cards, users can deposit money into their cards or accounts via more than 10K retail and ATM points and spend their deposits in all physical and virtual POS all over the world. The company also develops and operates customized platforms and co-branded cards with business partners.
Multinet Up is the largest meals and shopping voucher and prepaid card network in Turkey today. It was acquired by Paris-based UP Group (previously known as Groupe Chèque Déjeuner) in 201o. UP Group designs voucher and debit card products, business expenses management and payment services for daily usage around the world. It has now over 21 million customers in 17 countries.