Mediterra Capital Partners, a fledgling Turkish private equity house, has struck its first deal by taking a majority stake in mobile payment company Mikro Odeme.
Mikro Odeme is a new player in Turkey’s booming economy, having set up in 2009 and become a 65 per cent market share holder in the short time since then.
The company enables users to make payments via mobile phones, credit cards or pre-paid game cards through its 3pay brand.
Last year, 3pay started to distribute and market game cards in Turkey for Zynga, the venture-backed gaming company that went public in December.
Orhan Ayanlar, a director at Mediterra, pointed out that there are 52 million unique mobile users and 21 million unique credit card users in Turkey, leaving ample room for growth.
Mediterra is currently raising its debut fund. It held a first close in May last year on €100m and has a €250m target in its sights.
The firm has entered the market at just the right time. Although some are predicting a cool-down, the economy witnessed 8.2 per cent growth last year, well above analysts’ expectations of 5.9 per cent, and is abuzz with interest from private equity.