Aşağıda yayınladığımız yazılar, Prof. Dr. Selim Yazıcı’nın Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programında vermiş olduğu Financial Technologies dersinde öğrencilerin bitirme ödevi olarak hazırladıkları çalışmalardan oluşmaktadır. Yazılar kendilerinden izin alınarak yayınlanmaktadır.

FinTech, Startups, and Effect on the World

As a product of the continuous development of technology, many changes occur in our lives. In this text, I will try to examine the relationship between technology and finance, the ideas resulting from this relationship and the global examples of emerging products.

I hope it’s a useful article, good readings for everyone. Let’s start!

There have been changes in many sectors as a result of the rapid development of technology in recent years. The financial sector was also affected by this change. In particular, financial institutions and banks have to keep up with this change in intense competition. Because being dynamic and active will make them stronger than their competitors. Therefore it is useful to follow the innovations and produce the fastest solution.

As a result of technological developments, we have introduced a new concept to our lives: FinTech. This structure, which consists of the abbreviation of financial technology, provides quality services to its customers in many fields such as mobile payment, money transfer and credit.

This concept has started to offer alternative opportunities to financial institutions and banks in many areas.With the dynamic and fast solutions it offers, companies have started to invest in these areas.

Moreover, banks continue to expand rapidly in this field. Fintech, with its unique working cultures and ecosystem, produces cheaper and more convenient services to its customers, responds quickly and continuously improves itself.

With the transition of many important companies to Fintech, a rapid increase was observed in startups. And there are big investors in this field.

Well, what are the Startups? Why are they so popular?

We call Startup ideas that are developed for rapid growth and use the appropriate technology and which are suitable for improvement and development. One of the important objectives of the startups is to cater to the masses and to provide them with continuous service. In addition, startups companies aim to achieve a lot of work in a short time. Startups give importance to be global rather than local.

Today, the importance of determining the right startup strategy is quite significant. Startups, which are not built with the right strategies, disappear quickly. Only 10% of established Startups survive, including the US, who introduced concepts such as angel investment and Startup. According to the researches, the most common reason for the start of the failing is that the market does not need that product.

Approximately 42% of the cuts are therefore closed. In addition, failure to find the right business model, inadequate selection of the team, insufficient partnership, market and customer mis-analysis are among the reasons for startups.

Also , from a financial perspective , there is an important point to mention ; 90% of startups fail at the initial financing stage. In the world of Fintech, financing is a key activity to facilitate the startup’s existence and continued development.

You can see the reasons for failures of startups in percentages:

FinTech, Girişimler ve Dünya Üzerindeki Etkisi

Well, let’s talk about successful startups. Which features make them different? Which aspects make them attractive? What are the successful examples in this field?

First of all, the growth process of a successful startup takes time. Of course, it loses its importance in the concept of time alone. It is necessary to support this process with talent, business intelligence and developable ideas. There are many elements in the background of successful startups, but we can list the most important of them as follows. Timing is really important in this work. Doing the right job at the right time is of great importance in order to stay in the market. Yes, you have a business model, it is very important for you in your team. Because the individual players in your team, the individual talents will unite and create a team spirit that will help you to determine your vision. An important point here is the fact that the culture you create within the team is kept. It should be noted that this culture will only belong to you and your team. Another point is that a flexible and improved business model is preferred. These features are important for Fintech Startups. To meet the changing needs of the sectors they serve in the most effective way makes them different. Today, there are many successful Startups for all kinds of financial services. Fintech Startups quickly develop and offer new products and services, enabling them to receive investments.

Recently, one of the countries where the investment in this area is Turkey. Significant changes in this transition process in Turkey have occurred. Financial institutions and banks showed great interest to startups as in other countries. Interbank Card Center (BKM) and Fintech Istanbul made in cooperation with the “Turkey Fintech Ecosystem” report. According to the report investments made in this field in Turkey, in 2016, showing 175% growth compared to the previous year, reaching $ 29 million. And its still increasing exponentially nowadays.

Paraşüt, Iyzico, Payguru, Neomobile can be exemplified as several successful startups. Paraşüt conducts financial transactions online with the cooperation of Akbank. Payguru and Neomobile are mobile services startups. Iyzico is the payment system platform and have received significant investments in a short time.

Here’s a map of the Turkish Ecosystem:

FinTech, Girişimler ve Dünya Üzerindeki Etkisi

According to a study by YoStartups, in 2018, startups received an investment of $ 407 billion globally. This shows a 23.3 increase compared to 2017. In addition, 21 thousand firms from 134 countries have taken investment by taking venture capital. The United States, China, India and the United Kingdom are high in this area.

The US has 44% of total investments at global level. The notable sectors of Startup were Software & Saas, Fintech, Medtech, Media, Entertainment and Health.

Fintech initiatives continue to attract great interest worldwide. Advanon is an online platform which provides online consultancy for financial transactions. As an online consultant on financial transactions, it also provides the opportunity to run transactions through the platform. For those interested in Bitcoin, Plutus allows non-contact Bitcoin payments. Capital.com, which is offered to customers with the mobile application, shows the options they can invest in their customers. It also offers educational content to its users.

It is a good choice for those who want to benefit. Another important FinTech project is Monzo. Reaching serious audiences in a short time, the London-based Monzo is an initiative for users who want to keep their wallets in a virtual environment. It creates highly successful works in the field. Curve has been based in London as Monzo and has turned all of your credit cards into a single Curve card issued by Wirecard Card Solutions Ltd with the support of MasterCard International license. This card is located on your phone and is close to you for all kinds of transactions and informs you immediately.


Fintech startups, which is spreading rapidly in the world, has the potential to take its place among the actors that will shape the future of finance. Turkey’s Fintech market is new compared to US and European countries in this regard. However, in recent years serious investments have been made in this area, and the country’s vibrant ecosystem will be a great opportunity to develop this area rapidly.



(i) John Hill (2018) — ©2018 — FinTech and the Remaking of Financial Institutions

(ii) David Fainlaib (2015) — Why Startups Fail: And How Yours Can Succeed

(iii) Susan Chisti & Janos Barberis (2016)- The FINTECH Book: The Financial Technology Handbook for Investors

(iv) https://fintechistanbul.org/

(v) https://www.entrepreneur.com/

This paper was prepared as a class work for Financial Technology course given by Prof. Selim YAZICI at Ozyegin University, Graduate School of Business, Financial Engineering and Risk Management Program.

FinTech, Girişimler ve Dünya Üzerindeki Etkisi
İstanbul Üniversitesi, Siyasal Bilgiler Fakültesi, İşletme Bölümü öğretim üyesidir. Ayrıca, Marmara Üniversitesi, Bankacılık ve Sigortacılık Enstitüsü'nde, Sigortacılık Bölümü'nde 2009-2016 yılları arasında misafir öğretim üyesi olarak "E-Sigortacılık" dersini vermiştir. 2019 yılından beri misafir öğretim üyesi olarak Özyeğin Üniversitesi, Financial Engineering and Risk Management (FERM) Yüksek Lisans Programı'nda Financial Technologies dersini vermektedir. Teknolojiye ve teknolojinin yaratacağı fırsatlara inanmış bir akademisyen olarak, 2000'li yılların başında, teknolojideki değişimin finansal kuruluşların üretim, pazarlama, satış, dağıtım ve satış sonrası süreçlerinde yaratacağı etkileri ve e-ticaret olanaklarını değerlendiren araştırmalar yapmış ve sigortacılık sektörüne özel bir envanter oluşturmuştur. Bu çalışmaların sonuçlarını, ortak yazar olarak yer aldığı "Elektronik Sigortacılık" (2002) adlı kitabında yayınlamıştır. Daha sonra, finansal hizmetler dünyasındaki teknolojik değişimi ve müşterilerin dijitalleşmesini gözlemleyerek, özellikle bankacılık ve sigortacılık sektöründe dijital dönüşüme yönelik projeler geliştirmiştir. Teknolojinin finansal hizmetler sektöründe kullanımı ve çevik yapılar olan start-upların bu alandaki girişimcilik faaliyetlerini içeren FinTech ve InsurTech konuları ilgi alanını oluşturmaktadır. Girişimcilik, Finansal Teknolojiler, Dijital Sigortacılık, Proje Yönetimi, İş Sürekliliği Yönetimi, İşletme Yönetimi, Uluslararası İşletmecilik ve Örgütsel Davranış konularında dersler vermektedir. Finansal teknolojiler konusunda girişimcilerin ihtiyaç duyabileceği tüm alanları kapsayan ve ülkemizde ilk olarak FinTech İstanbul tarafından gerçekleştirilen "FinTech 101 Eğitim Programı"nın şekillenmesini sağlamıştır. Öğrenen Organizasyonlar (2001), Elektronik Sigortacılık (2002), E-Öğrenme (2004) ve İş Sürekliliği Yönetimi (2013) başlıklı yayınlanmış dört kitabı bulunmaktadır. TSEV ve TSPB'nin eğitmenlerinden olup bankalar ve sigorta şirketleri için çeşitli konularda eğitim programları düzenlemiştir.