Turkish fintech venture Kobaküs has been selected amongst thousands of startups during Money 20/20, one of the world's prominent fintech events, making it to the final 15.
Kobaküs will represent Turkey in Amsterdam on June 3-5 and will compete with its opponents to get to the final three. The Kobaküs team will make a presentation during the semifinals on June 4 and will later be entitled to represent Turkey in the final presentation on June 5.
Integrating with all banks in Turkey through a single platform and providing instant financial follow-up, instant reporting, instant bank account movements and current account tracking, Kobaküs has more than 300 active large corporate customers.
The startup promises to provide its users with time savings and financial savings with full integration to ERP systems such as SAP, LOGO, Oracle and E-Mor. For example, a company that works with more than one bank sees all of its accounts on a single screen through Kobaküs and performs automatic accounting by transferring this data to the ERP system. Having started with an investment of $400,000, Kobaküs achieved a great success story by winning the grand prize at Webrazzi Arena in 2018. Having graduated from Zemin Istanbul and Istanbul Technical University's (İTÜ) Çekirdek incubation centers, Kobaküs also won a TL 220,000 grant from Turkcell, KoçFinans, and Agito in the İTÜ BigBang final. Kobaküs later signed a business partnership agreement with Asseco and started to develop open banking applications with the company.
Kobaküs, which has been deemed worthy of many awards in Turkey so far, will be sharing its new project in Amsterdam for the first time with the public. Kobaküs will open up to the global market with this project, cooperating with global players such as Plaid, Figo, Token.io, and Salt Edge. As part of these developments, Kobaküs will offer infrastructure to global FinTechs for the Turkish market.
Money 20/20 is known as an organization in which payment, fintech, financial services ecosystem, consumers and businesses come together to create and explore destructive shapes in the areas of money management, spending, and lending. A small number of startups from thousands of applicants are invited to the Startup Academy stage of Money 20/20, which also sees the attendance of C-Level executives, prominent speakers and innovation leaders from all over the world come together to change the future of money.
These invited startups have the opportunity to present themselves to financial institutions, investors and other companies from all over the world.
To this end, Kobaküs has become the only company to receive an invitation from Turkey for the Money 20/20, 2019 event. Kobaküs has already fully integrated 25 banks in Turkey. At the moment, it can receive account movements, account balances, virtual POS transactions, and EFT / Money Transfer APIs from the banks. And by developing its own algorithm on this structure, the startup has developed an Infrastructure as a Service which can offer this data to many FinTech, ERP, CRM and accounting applications in the world. Currently, such applications cannot enter the Turkish market due to current regulations. However, Kobaküs argues that such applications will bring foreign exchange into Turkey. As they will use Kobaküs' data as infrastructure, the money will also remain in Turkey. Since the money will be paid in dollars or euros for this data, a significant exchange inflow will be brought into the country.