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As the fastest-growing reloadable prepaid debit card provider in Turkey, İninal provides Turkey’s unbanked population with access to plastic. Ininal aims to become the bank for the unbanked, by offering İninal cards with online/offline transaction capabilities. The company plans to introduce new products with additional services like bill pay and money transfer. Founded in 2012, İninal has quickly created an extensive distribution network including top retailers and government offices, making its products accessible to 90% of Turkey’s population.
Powered by MasterCard, the cards can be loaded wit up to US$150 and used at all locations that accept payments from MasterCard. İninal has built a strong distribution network that facilitates sales in over 5,000 high-traffic retail locations. It has partnerships with over 4,000 merchants, who are charged lower commissions and receive deposits more quickly than through transaction processes involving leading card issuers. The company has shored up a strong loyalty program with a network of leading retailers, such as Samsung and Joygame, who provide İninal users discounts and special offers. In exchange, İninal offers critical data to its partners.
Having already attracted seed capital from leading VC firms, the company now seeks US$2.5M in Series A financing to fund the expansion of its AFS partnerships and processing capacities. As the first GPR card sold at retail locations in Turkey, İninal has first access to an untapped market within Turkey.
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