What UNLU & Co does

UNLU & Co (ÜNLÜ Yatırım Holding Anonim Şirketi) is a publicly listed Turkish investment services and asset management holding company founded in 1996 and headquartered in Istanbul, operating across corporate finance advisory, capital markets execution, asset management, securities brokerage, and non-performing loan management. The group serves three primary customer segments: corporate issuers (IPOs, M&A, debt financing), institutional investors (pension funds, sovereign wealth funds, family offices seeking Turkish market exposure), and qualified individual investors via the DAHA advisory unit and Piapiri fintech platform. Core capabilities include 139+ M&A transactions exceeding $18 billion in cumulative value, $3.3 billion in IPO and capital markets transactions with 24% market share since 2010, $10+ billion in debt financing, and 10.8 billion TL in assets under management across ÜNLÜ Portföy's fund range (mutual, hedge, real estate, venture capital, and alternative funds).

The firm operates a multi-subsidiary architecture: ÜNLÜ Menkul Değerler (Turkish brokerage and market-making, including warrant issuance support for Goldman Sachs), ÜNLÜ Portföy (portfolio management), İstanbul Varlık (NPL management across 500,000+ customers with 5.3 billion TL in managed principal), UNLU Securities Inc. (US operations, the only Turkish securities firm in the US), UNLU Securities UK (FCA-regulated London office), and Piapiri Teknoloji (fintech platform consolidated Borsa Istanbul and US stock trading with the PİRİ AI assistant). Research coverage spans 16 sectors and 50 companies representing 79% of BIST 100, supporting both institutional sales and retail content distribution through the ÜNLÜ The Club YouTube channel.

Revenue is generated through transaction-based commissions (capital markets, securities trading), professional services fees (M&A advisory, NPL management), and managed services fees (asset management AUM). The group employs approximately 500 people across 9 offices in 3 countries (Turkey, USA, UK) and reported Q1 2026 operating income of 637.9 million TL on a 6,292 million TL balance sheet with 22% EBITDA margin and 2,886 million TL in equity. Full-year 2024 operating profit was 676.2 million TL. Ownership is concentrated through a dual-class share structure, with founder and Chairman/CEO Mahmut Levent Ünlü holding 44.52% of equity but commanding 75.38% of voting rights.

Name

UNLU & Co

Legal name

ÜNLÜ Yatırım Holding Anonim Şirketi

Website

https://unluco.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Investment Banking & Capital Markets

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Investment banking services
• Capital markets advisory
• Asset management services
• Securities brokerage
• Corporate finance advisory

Headquarters

HQ city

Istanbul

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Capital Markets Commissions: Commission-based revenue from facilitating equity and debt capital markets transactions including IPOs, block sales, secondary offerings, and bond issuances. The company claims 24% market share in capital markets with $3.3 billion in transactions since 2010.
2. Corporate Finance Advisory: Advisory fees from providing M&A advisory services and corporate credit advisory. Over $18 billion in cumulative M&A transaction value and over $10 billion in debt financing facilitated.
3. Asset Management Fees: Portfolio management fees from managing investment funds including mutual funds, hedge funds, real estate funds, venture capital funds, and alternative investment products through subsidiary ÜNLÜ Portföy. Total assets under management grew 104% to reach 10.8 billion TL.
4. Securities Trading: Market making and proprietary trading activities through subsidiary ÜNLÜ Menkul Değerler. Activities include warrant and certificate issuance support for Goldman Sachs.
5. NPL Management Services: Non-performing loan portfolio management through subsidiary İstanbul Varlık Yönetim A.Ş., managing principal of 5.3 billion TL across 500,000+ customers.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

UNLU & Co is a publicly listed Turkish investment services and asset management group offering corporate finance advisory (M&A and debt advisory), capital markets execution (IPOs, block sales, secondary offerings, bond issuances), securities brokerage and market making, portfolio and fund management, non-performing loan portfolio management, and personalized investment advisory. It serves corporate issuers, institutional investors and high-net-worth individuals across Turkey, the USA and the UK via nine offices and the Piapiri digital platform.

Product overview

ÜNLÜ & Co operates as Turkey's leading investment services and asset management group with a multi-platform, multi-module architecture spanning four main business lines. The Corporate Finance division provides M&A advisory and corporate debt advisory through Birleşme ve Satın Alma Danışmanlığı. Capital Markets services include IPO and block sales (Halka Arz ve Blok Satış), corporate sales, research services covering 50 companies, and debt capital markets. Investment Services feature DAHA Yatırım Danışmanlığı for personalized advisory, ÜNLÜ Portföy for fund management across multiple asset classes, treasury and cash management, and venture capital investments. Asset Management is delivered through İstanbul Varlık for NPL management. The group also operates Piapiri, a fintech platform consolidating Borsa İstanbul and US stock trading with AI capabilities. The ÜNLÜ & Co Kadın Teknoloji Girişimcileri Akademisi is a social impact program supporting women-led technology entrepreneurship. Regional operations are conducted through ÜNLÜ Menkul Değerler (Turkey), UNLU Securities Inc. (US), and UNLU Securities UK (UK).

Differentiator

Problem solved

Functional benefit

Brands

• DAHA: Personalized investment advisory services for qualified individual and institutional investors in domestic and international capital markets.
• Piapiri
• ÜNLÜ & Co Kadın Teknoloji Girişimcileri Akademisi (KTGA)
• ÜNLÜ The Club

Products and services

• Birleşme ve Satın Alma Danışmanlığı (M&A Advisory) Advisory services for mergers and acquisitions, providing strategic guidance on transformational transactions; over $18 billion in cumulative value across 139+ transactions. Serves corporate clients in Turkey and internationally seeking buy-side or sell-side advisory.
• Halka Arz ve Blok Satış (IPO and Block Sale Advisory) Advisory and execution services for initial public offerings, block sales, secondary offerings and private placements. $3.3 billion in transactions since 2010 with 24% market share. Targets corporate issuers and shareholders seeking primary or secondary equity capital markets access in Turkey.
• Borçlanma Araçları Sermaye Piyasaları (Debt Capital Markets) Project financing, acquisition financing, structured capital-like loans and financial restructuring solutions through debt capital markets. Over $10 billion in cumulative debt financing facilitated. Serves corporate issuers and financial sponsors.
• DAHA Yatırım Danışmanlığı Personalized investment advisory services for qualified individual and corporate investors, offering customized investment planning, risk management and hedging models across domestic and international capital markets.
• UNLU Portföy Yönetimi (Portfolio and Fund Management) Portfolio management services through subsidiary UNLU Portföy Yönetimi A.Ş., offering deposit alternative funds, equity funds, debt securities funds, free investment funds, arbitrage funds, gold funds, venture capital investment funds, real estate investment funds and private funds. Total AUM reached 10.8 billion TL (104% growth).
• İstanbul Varlık Yönetimi (NPL Management) Non-performing loan portfolio management through subsidiary İstanbul Varlık Yönetim A.Ş., providing portfolio management, field operations and technology-supported tracking for delinquent receivables. Manages 5.3 billion TL in principal across 500,000+ customers with 1.3 billion TL in total assets.
• Piapiri Fintech Platform Digital investment platform consolidating Borsa İstanbul and US stock market transactions into a single interface, featuring the PİRİ AI-powered investment assistant. Targets retail and qualified self-directed investors seeking access to both Turkish and US equities.
• Araştırma Hizmetleri (Research Services) Independent equity research covering 16 sectors and 50 companies representing 79% of BIST 100, including daily UNLU Co'mment reports, International Markets reports, monthly Investment Baskets and sector reports. Supports institutional clients and internal sales teams with model portfolios and macroeconomic reviews.

Quantifiable outcome

• 139+ M&A transactions exceeding $18 billion in cumulative value
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Türkiye Girişimcilik Vakfı (GİRVAK)coreStrategic or Co-development Partner · 1 January 2022Partnership for ÜNLÜ & Co Women Technology Entrepreneurs Academy, focusing on supporting women-led technology startups. The academy provides financial literacy training, mentorship, and investor networking. The 2024-2025 cohort achieved 89% motivation and 82% confidence increase, with first-place team receiving $50,000 investment support. The 2025-2026 term received over 100 applications from 23 cities and 8 countries.
• 212 Limited (212 Capital Partners)coreStrategic or Co-development Partner · 1 January 2022Venture capital fund established in 2011 focusing on Turkish technology, internet, and communication companies at early stage. Partnership enhanced through new venture capital fund targeting 15 million euros for B2B technology startups with ÜNLÜ Portföy.
• Yüzde 30 KulübüminorStrategic or Co-development Partner · 1 January 2021Founding member and signatory of declaration for increasing women's representation on Boards of Directors and senior positions. ÜNLÜ & Co was among the first 7 companies to sign the declaration under Sabancı University Corporate Governance Forum.
• Esas Sosyal - Şevket Sabancı Vizyonuyla İlk Fırsat ProgramıminorStrategic or Co-development Partner · 1 January 2020Corporate supporter of First Opportunity Program providing solutions to educated youth unemployment in Turkey. Supports young people in gaining their first work experience after graduation.
• ÜNLÜ Securities UK (UNLU Securities UK)coreChannel Partner/ Reseller/ Distributor · 1 January 2019London-based subsidiary that received FCA approval in 2019 to provide debt financing advisory and connect global funds with Turkish companies. Expanded in 2024 to include individual investment advisory services.
• Goldman SachscoreStrategic or Co-development Partner · 1 January 2017ÜNLÜ Menkul serves as market maker for warrants issued by Goldman Sachs International on Borsa İstanbul. In 2022, facilitated 168 new warrant issuances across 21 underlying assets. Also supported Goldman Sachs' warrant issuance on Borsa İstanbul.
• Endeavor DerneğiminorStrategic or Co-development Partner · 1 January 2016Initial women entrepreneurship support program launched in collaboration with Endeavor. The program was later transitioned to GİRVAK partnership in 2022-2023.
• Türkiye Kadın Girişimciler Derneği (KAGİDER)minorStrategic or Co-development Partner · 1 January 2016Partnership supporting women's entrepreneurship through KAGİDER events and initiatives. ÜNLÜ & Co maintains representation in KAGİDER at senior management level.
• HeForShe (UN Global Compact)minorStrategic or Co-development Partner · 1 January 2016Signatory of UN Women Empowerment Principles (WEPs) since 2016 and supporter of HeForShe initiative. Commitment to increasing women's participation in economic life for sustainable growth and social welfare.
• The Duke of Edinburgh's International Award FellowshipminorStrategic or Co-development Partner · 1 January 2015Support for Award Fellowship program with a lifetime scholarship since 2015. The program has 400 active donors and members from 42 countries.
• Robert KolejiminorStrategic or Co-development Partner · 1 January 2014Support for Robert Koleji Burs Programı providing education scholarships. ÜNLÜ & Co has provided a lifetime scholarship under the Robert Kolej name, and actively participates in career days and special events.
• Koç ÜniversitesiminorStrategic or Co-development Partner · 1 January 2011Support for Anadolu Bursiyerleri Programı providing scholarships to successful students with limited financial resources. ÜNLÜ & Co contributes to help young people receive quality education.
• Standard BankminorStrategic or Co-development Partner · 1 January 2007South African Standard Bank acquired majority stake in 2007, forming Standard Ünlü. Partnership restructured in 2012 when ÜNLÜ Finansal Yatırımlar A.Ş. repurchased 67% stake, regaining independence.

Scale indicators18 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• İş Yatırım Menkul Değerler: İş Yatırım is one of Turkey's largest full-service investment banks and brokerage firms, offering capital markets, M&A advisory, and asset management services. It is the most direct competitor to UNLU in Turkish IPOs, block sales, and equity research coverage.
• Garanti BBVA Yatırım: Garanti BBVA Yatırım is the securities and investment banking arm of Garanti BBVA, one of Turkey's largest banks. It competes directly with UNLU in capital markets transactions, equity research, and institutional brokerage, leveraging its parent's deposit and corporate banking relationships.
• Yapı Kredi Yatırım: Yapı Kredi Yatırım is a leading Turkish investment bank backed by Yapı Kredi and Koç Group. It provides equity capital markets, M&A advisory, and asset management services comparable to UNLU's offering, with strong positioning in IPO underwriting.
• Ak Yatırım: Ak Yatırım is the investment banking subsidiary of Akbank, one of Turkey's largest private banks. It offers full-service capital markets, M&A advisory, and research, directly competing with UNLU for institutional mandates and corporate finance engagements in Turkey.
• Deniz Yatırım: Deniz Yatırım is the investment banking arm of DenizBank, providing securities brokerage, ECM, DCM, and advisory services in Turkey. It competes with UNLU across capital markets execution, institutional sales, and corporate advisory mandates.
• QNB Finansinvest: QNB Finansinvest is the investment banking subsidiary of QNB Finansbank, a major Turkish bank owned by Qatar National Bank. It is a full-service Turkish broker competing with UNLU in capital markets, advisory, and asset management, with strong international backing similar to UNLU's Wellcome Trust anchor.
• Meksa Yatırım: Meksa Yatırım is a Turkish brokerage and investment services firm offering capital markets execution and corporate finance services. It is a direct competitor in mid-market Turkish IPOs, block trades, and equity brokerage for institutional and retail clients.
• Istanbul Portföy: İstanbul Portföy is a Turkish asset management company offering mutual funds, pension funds, and portfolio management services. It competes directly with UNLU's ÜNLÜ Portföy subsidiary for institutional and retail AUM in Turkish capital markets.

Broad incumbents

• Goldman Sachs International: Goldman Sachs is a global bulge bracket investment bank that operates in Turkish capital markets through warrant issuance and equity derivatives partnerships with UNLU Menkul. While not a direct Turkish competitor, it represents the global incumbent benchmark and an important partner for cross-border mandates originating from Turkey.

Emerging players

• Renaissance Capital: Renaissance Capital is an emerging markets-focused investment bank with strong Russia/CIS and Turkey/CEEMEA franchise. It competes with UNLU for ECM and M&A mandates on Turkish and emerging Europe deals, particularly cross-border transactions involving international investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@%C3%BCnl%C3%BCtheclub
• Xx.com/unluco

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UNLU & Co