Multinet UP

Name

Multinet UP

Legal name

Multinet Kurumsal Hizmetler A.Ş.

Website

https://multinet.com.tr

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Corporate Payment Solutions (Employee Benefits & Prepaid Cards)

NAICS

Credit Card Issuing (522210)

akta.pro primary industry

Prepaid, Gift Cards & Voucher-Based Payments (MPAEALAE)

Keywords

• Corporate meal cards
• Employee benefit cards
• Fleet fuel cards
• Corporate gift cards
• Digital payment platform

Headquarters

HQ city

Sisli

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Card Service Fees: Corporate clients pay service fees for MultiNet food cards and other employee benefit cards. Online purchases mention no service fees for initial setup, suggesting fees apply for ongoing card management and reloads.
2. Transaction Fees from Merchant Network: Merchants (restaurants, markets, fuel stations) pay commission/transaction fees when card payments are processed at their locations. 130,000+ member businesses form the acceptance network.
3. MultiAvantaj Corporate Purchasing: Bulk purchasing platform offering collective buying advantages for member businesses, generating revenue through negotiated margins on supplier pricing.
4. MultiTravel Corporate Travel: Corporate travel platform enabling hotel bookings and travel arrangements with reporting features for business clients.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Multinet UP sells prepaid corporate benefit cards and digital payment solutions to businesses across Turkey. Its core products are MultiNet (meal card), MultiPetrol (fuel card), MultiGift (corporate gift card), MultiFlex (flexible benefits), MultiTravel (corporate travel), MultiCar+ (fleet) and MultiHealth (preventive health), supported by a digital wallet (MultiPay), mobile POS (MultiPOS), a collective purchasing platform (MultiAvantaj) and a loyalty currency (TatlıPara). These are sold primarily to corporate HR, finance and procurement teams to provide tax-advantaged allowances to their employees at a 130,000+ member merchant network spanning all 81 Turkish provinces.

Product overview

Multinet UP is a multi-product fintech ecosystem offering a portfolio of employee benefit and corporate spending solutions built around card-based and digital payment technologies. The core product is MultiNet (meal cards), supplemented by MultiPetrol (fuel cards), MultiGift (corporate gift cards), MultiFlex (flexible benefits), MultiTravel (corporate travel), and MultiCar+ (fleet management). Supporting digital infrastructure includes MultiPay (mobile wallet with QR payments), MultiPOS (mobile POS app replacing physical terminals), MultiAvantaj (group purchasing), and TatlıPara (loyalty currency). The technology subsidiary inventiv develops the underlying payment and mobile technology, while MultiOnline provides a fully digital direct sales channel. The company also co-invested in OfisPaneli (expense management) and operates the Parantez loyalty program.

Differentiator

Problem solved

Functional benefit

Brands

• MultiNet: Corporate meal card solution allowing employees to pay at restaurants and supermarkets with tax advantages
• MultiPetrol
• MultiGift
• MultiFlex
• MultiTravel
• MultiCar+
• MultiHealth
• MultiPay
• MultiPOS
• MultiAvantaj
• TatlıPara
• Inventiv
• Parantez

Products and services

• MultiNet MultiNet is Multinet UP's flagship corporate meal card, accepted at 51,000+ restaurants and supermarkets across all 81 Turkish provinces. It allows employers to load tax-advantaged daily meal allowances onto employee cards, simplifying expense management and eliminating receipt collection. Employees can spend via physical card, virtual card in MultiPay wallet, or QR code.
• MultiPetrol MultiPetrol is Multinet UP's corporate fuel card solution integrated with Shell's nationwide station network. It features Taşıt Tanıma Sistemi (Vehicle Recognition System) for contactless in-vehicle fuel payment and supports fleet management for companies of any size with operational savings and tracking.
• MultiGift MultiGift is a corporate gift and social assistance card offering over 45% tax advantage for companies, accepted at 50,000+ points across food, clothing, electronics, home and lifestyle categories. Used for Ramadan aid, New Year gifts, religious holiday bonuses, special day rewards and incentives; supports digital code distribution via email and SMS.
• MultiFlex MultiFlex is a flexible employee benefits and digital gift platform that lets employees choose how to redeem their benefits across multiple categories and merchants, providing cost savings for employers and choice for employees.
• MultiTravel MultiTravel is a corporate travel platform enabling businesses to organize accommodation, set spending limits, and generate one-click expense reports for business travel. Includes flight and hotel booking integrated with corporate spending controls.
• MultiCar+ MultiCar+ is Multinet UP's fleet solutions product enabling companies to manage vehicle washing, vehicle tracking systems and HGS (highway toll) services efficiently for company vehicles.
• MultiHealth MultiHealth is Multinet UP's corporate preventive health solution providing employee health benefits as part of the corporate benefits portfolio.
• MultiPay MultiPay is Multinet UP's digital wallet mobile application available on iOS, Android and Huawei stores. It enables QR code contactless mobile payments, balance checking, and TatlıPara loyalty rewards accumulation across the merchant network.
• MultiPOS MultiPOS is a mobile POS application that transforms merchants' smartphones into payment terminals for accepting MultiNet cards and MultiPay QR code payments without physical POS hardware. Includes invoice generation, end-of-day reporting, slip sending and payment cancellation.
• MultiAvantaj MultiAvantaj is a collective purchasing platform offering member businesses up to 70% discounts on water delivery, courier services, security solutions and other business supplies. Aggregates procurement demand to negotiate supplier pricing for member merchants.
• OfisPaneli OfisPaneli is an expense management platform offering corporate procurement and expense management solutions at competitive prices; co-invested by Up Group and Multinet UP to extend the benefits ecosystem into broader expense automation.
• inventiv inventiv is Multinet UP's wholly-owned technology subsidiary operating from GOSB Teknokent, developing card and cardless payment solutions, mobile wallet and mobile payment, virtual POS and loyalty applications for the Multinet UP ecosystem and external clients.

Quantifiable outcome

• Tax savings exceeding 45% on corporate gift expenses
• +9 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability6 records

Feature6 records

Partnerships

21 partnerships are on record, tiered minor and core.

• HomendminorGTM or Marketing Partner · 29 February 2024Discount campaign partnership offering 30% discount on electrical home appliances at Homend stores for MultiNet users during pre-New Year period.
• Trendyol YemekcoreGTM or Marketing Partner · 2 February 2023Partnership to enable online payment option for Trendyol Yemek using MultiNet food cards, serving approximately 1.5 million card users.
• Trendyol YemekcoreGTM or Marketing PartnerOnline food ordering partnership enabling MultiNet card payment on Trendyol Yemek platform. Allows card users to pay for online food orders using their MultiNet cards.
• GetirYemekcoreGTM or Marketing PartnerPartnership enabling MultiNet users to pay for GetirYemek online food deliveries using their MultiNet cards.
• YemeksepeticoreGTM or Marketing PartnerPartnership enabling MultiNet card payment for Yemeksepeti online food orders, making food ordering convenient for card users.
• ShellcoreStrategic or Co-development PartnerExclusive fuel partner for MultiPetrol fuel cards. Provides Shell quality fuel at widespread station network with TTS (Vehicle Recognition System) for contactless payment without leaving vehicle.
• IKEAminorGTM or Marketing PartnerPartnership allowing MultiNet users to pay for meals at IKEA restaurants, enabling Swedish meatballs and Turkish cuisine purchases with MultiNet cards.
• KotonminorGTM or Marketing PartnerPartnership allowing MultiGift users to use their balances at Koton fashion and clothing stores.
• Yolcu360minorGTM or Marketing PartnerDiscount partnership for all international car rentals through Yolcu360 for MultiNet users.
• SixtminorGTM or Marketing PartnerDiscount partnership valid on all vehicles at Sixt for MultiNet users.
• EnterpriseminorGTM or Marketing PartnerDiscount partnership for online car rentals at Enterprise for MultiNet users.
• PegasuscoreStrategic or Co-development PartnerPartnership enabling Pegasus passengers to pay for Pegasus Cafe purchases during domestic flights using MultiNet cards.
• inventivcoreTechnology or IntegrationTechnology company (subsidiary) developing payment solutions, mobile wallet, virtual POS, and loyalty applications for Multinet UP. Operates in GOSB Technokent.
• FibabankaminorStrategic or Co-development PartnerPartnership offering 'Multinet Kredi' low-interest credit facility for member restaurants and markets. Enables financial services for the merchant ecosystem.
• OfisPaneliminorStrategic or Co-development PartnerJoint investment with Up Group in expense management platform OfisPaneli, making services and solutions accessible at affordable prices for businesses.
• Vakıf EmeklilikminorGTM or Marketing PartnerPartnership offering free Personal Accident Insurance (Ferdi Kaza Sigortası) for card users making single reload of 150 TL or more.
• ScottyminorGTM or Marketing PartnerSpecial discount partnership for Multinet users through Scotty.
• SinemiaminorGTM or Marketing PartnerSpecial campaign partnership with Sinemia cinema club offering exclusive benefits for Multinet users.
• MNG KargoGTM or Marketing PartnerCorporate campaign partnership with MNG Kargo for discounted shipping services.
• TatlıPara (Parantez)coreTechnology or IntegrationLoyalty program partnership with Parantez, a Multinet-backed startup. Users earn Parantez points at partner restaurants that can be spent at any Parantez location.
• Up Group VakfıminorStrategic or Co-development PartnerCorporate social responsibility partnership supporting Anne Çocuk Eğitim Vakfı (AÇEV) early childhood education programs since 2016.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Edenred: French global leader in corporate meal vouchers and prepaid corporate benefits. Direct competitor in the Turkish meal card market with similar product offerings (Ticket Restaurant, Ticket Alimentação) targeting the same corporate-employee-merchant ecosystem.
• Pluxee (formerly Sodexo Benefits & Rewards Services): Spun off from Sodexo in 2024, Pluxee is a direct global competitor in meal vouchers, gift cards, and employee benefits. Operates in similar corporate benefits categories and competes for the same enterprise customers and merchant acceptance network.
• Up Group (parent): French parent company operating meal voucher and prepaid solutions across 16 countries, with €6B revenue and 26 million daily users. Comparable via sister-brand operations (Ticket Restaurant, UpDéjeuner) that compete in adjacent European meal-voucher markets.

Emerging players

• Papara: Turkish fintech digital wallet and prepaid card issuer serving millions of Turkish consumers. Comparable as a Turkish-market digital payment and stored-value competitor, though more consumer-focused than Multinet's corporate-meal-card core.
• Token Financial Technologies: UK/EU-based open banking and prepaid card platform serving corporate and consumer payment needs. Comparable as a technology-driven prepaid/stored-value infrastructure provider competing for corporate payment acceptance.

Broad incumbents

• Turkcell (Turkcell Cep Cüzdan): Turkish mobile operator with NFC wallet (Cep Cüzdan) that already integrates with Multinet's POS network. Comparable as a large incumbent mobile-wallet and payment-services player with overlapping corporate-benefits and consumer-payment ambitions in Turkey.
• Visa (Visa Europe): Global card network whose NFC contactless technology Multinet integrates with for mobile payments. Comparable as a broad payment-network incumbent enabling part of Multinet's infrastructure, though Visa does not directly compete in the meal-voucher category.

Others

• BKM (Bankalararası Kart Merkezi): Turkish interbank card center that operates national card-switching infrastructure. Comparable as a Turkish payments ecosystem enabler where Multinet's former Marketing Deputy CEO (Bora Işık) previously worked; relevant as adjacent infrastructure rather than direct competitor.
• ininal: Turkish prepaid card and digital wallet platform acquired by Multinet UP in 2016. Now operates as a wholly-owned subsidiary, comparable as an earlier-stage prepaid-card business within the same corporate family rather than as an independent competitor.

Regional players

• Wise (formerly TransferWise): Global multi-currency account and cross-border payment platform. Comparable as a corporate multi-currency payment solution, though primarily focused on international remittance rather than domestic meal benefits; relevant as a multi-currency wallet alternative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/multinetcomtr
• YouTubeyoutube.com/multinet
• Facebookfacebook.com/multinetcomtr
• LinkedInlinkedin.com/company/up-multinet
• Instagraminstagram.com/multinet
• TikToktiktok.com/@multinetup

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Multinet UP