pep

What pep does

PeP (legal entity: Paladyum Elektronik Para ve Ödeme Hizmetleri A.Ş.) is a Turkish Electronic Money and Payment Services Institution licensed by the Central Bank of the Republic of Turkey (TCMB) on July 13, 2017, and headquartered in the Maslak district of Istanbul. The company operates a proprietary electronic money and payment platform — the PeP System — that delivers multi-currency prepaid accounts in TL, EUR, GBP, and USD with automatic currency conversion, a card lineup spanning physical and dynamic-number virtual Visa prepaid cards, a domestic Troy prepaid card, and the co-branded PeP Pegasus BolBol card linked to Pegasus Airlines loyalty. Customers access the platform through iOS/Android mobile apps and a web-based online branch; transactions are supported by 128-bit SSL encryption, one-time SMS passwords, device-binding, and NFC-based identity verification for Premium-tier upgrades.

The business model is product-led and freemium: account opening and core services are free, with revenue generated from domestic and international transfer fees (1.5% + 5 TL domestic; free up to €200/£200/month internationally, then 2%), FX conversion spreads, physical card issuance (150 TL), additional virtual cards (9.99 TL), interchange and cashback campaign economics with merchant partners, and digital code sales. PeP serves a horizontal customer base that is anchored on freelancers and independent professionals handling cross-border payments, SMEs, general digital-first consumers in Turkey, non-Turkish residents, and Pegasus BolBol loyalty members. Distribution is exclusively self-serve digitally with supplemental physical card availability at Opet fuel stations and the Hepsiburada/n11 marketplaces.

As of the most recent source information, PeP has been placed under the conservatorship of the TMSF (Tasarruf Mevduatı Sigorta Fonu / Savings Deposit Insurance Fund) under Article 2 of Law No. 7145, with a new Board of Directors appointed by TMSF; operations continue under court oversight, which is the single most material fact affecting the company's current strategic and financial trajectory.

Name

pep

Legal name

Paladyum Elektronik Para ve Ödeme Hizmetleri A.Ş.

Website

https://peple.com.tr

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

PeP is a TCMB-licensed Turkish electronic money institution offering multi-currency prepaid accounts, Visa/Troy prepaid cards, international EU/UK transfers, and a Pegasus BolBol co-branded card to freelancers, SMEs, and consumers in Turkey.

Ownership category

akta.pro rank

Product category

Digital Banking & Electronic Money Services

NAICS

Credit Card Issuing (52221)

SIC

Finance Services (6199), Personal Credit Institutions (6141)

akta.pro primary industry

International / Multi-Currency Wallets (FSAMAEAL)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK), Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)

Keywords

• Electronic money services
• Digital banking
• Multi-currency accounts
• Prepaid payment cards
• International money transfer

Headquarters

HQ city

Istanbul

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Yurt İçi ve Yurt Dışı İşlem Ücretleri: Transaction fees on domestic and international money transfers. Domestic transfers to third-party bank accounts: %1.5 + 5 TL. International transfers: free for first 200 €/£ per month; %2 on amounts above that threshold. ATM fees also apply for cash withdrawals and deposits at third-party ATMs.
2. Döviz Alım-Satım Marjı: Revenue earned from the spread between the exchange rate PeP applies to customers and the reference rates (TCMB + market rates). Users pay for currency conversion at PeP's published exchange rates when sending money or withdrawing foreign currency.
3. Kart Ücretleri: Physical PeP Visa Card: 150 TL courier fee. Additional virtual cards (beyond the first free one per month): 9.99 TL each. No monthly card maintenance fees.
4. Kampanya ve Ödül Programı Gelirleri: Cashback reward program funded by merchant commissions and campaign partnerships with brands (Netflix, Spotify, Exxen, etc.). PeP earns interchange fees on card transactions processed through its network.
5. Dijital Kod ve Oyun Satışları: Revenue from selling digital codes (e-pins) for games, subscriptions, and gift cards through the PeP mobile app, earning a margin on each transaction.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

PeP operates a proprietary electronic money and payment platform that provides multi-currency accounts (TL, EUR, GBP, USD), prepaid physical and virtual Visa/Troy cards, domestic and international money transfers, QR-code payments, ATM cash-in/cash-out, and precious metals investment accounts. The platform is accessed via a mobile app (iOS/Android) and a web-based online branch, with a freemium account model serving individual consumers, freelancers, SMEs, and Turkish-based foreign nationals.

Product overview

PeP (Paladyum Elektronik Para ve Ödeme Hizmetleri A.Ş.) is a licensed Electronic Money and Payment Services Institution regulated by the Central Bank of the Republic of Turkey (TCMB), offering a comprehensive digital banking platform. The product portfolio centers on multi-currency prepaid accounts (TL, EUR, GBP, USD) with integrated money transfer capabilities, supported by the PeP Mobile Application and Online Branch. The card lineup includes the physical PeP Visa Kart (international Visa network), PeP Visa Sanal Kart with changing card numbers for secure online transactions, PeP Pegasus BolBol Kart (co-branded with Pegasus airline for loyalty rewards), and PeP Troy Kart (domestic Troy network with fuel discounts). Additional offerings encompass QR code payments, ATM services, corporate accounts, precious metals investment (gold, silver, platinum), insurance products, and digital code purchases for gaming and entertainment platforms. The platform's revenue model includes transaction fees, card issuance fees, and cashback campaigns with partner brands.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-Currency Accounts (Çok Para Birimli Hesaplar) Free multi-currency accounts supporting Turkish Lira (TL), Euro (EUR), British Pound (GBP), and US Dollar (USD) with automatic currency conversion when transferring with insufficient funds in the selected currency. Foreign currency receipts trigger automatic account creation.
• Money Transfer (Para Transferi) Domestic transfers via FAST system to Turkish bank accounts 24/7 and international transfers to European Union countries and the United Kingdom with advantageous exchange rates. Includes P2P transfers to other PeP users and credit card payments.
• PeP Visa Kart Physical prepaid Visa card accepted worldwide with no usage fees or annual dues; enables ATM withdrawals, contactless payments, and international money transfers with advantageous exchange rates. Courier delivery fee of 150 TL.
• PeP Visa Sanal Kart (Virtual Card) Prepaid virtual Visa card with changing card numbers per transaction for enhanced online shopping security; first virtual card free, subsequent cards 9.99 TL each; enables domestic and international online purchases.
• PeP Pegasus BolBol Kart Co-branded prepaid card with Pegasus airline offering BolBol loyalty points on domestic flight purchases and all other transactions; earned BolPuan can be redeemed for free domestic and international flights via Pegasus platform.
• PeP Troy Kart Physical prepaid card utilizing Troy payment network for domestic transactions with discounted fuel purchases at Opet gas stations; no annual fees and enables ATM withdrawals and online shopping in Turkey.
• Corporate Accounts (Kurumsal Hesap) Business accounts for sole proprietorships and legal entities offering higher transaction limits, lower fees, account activity monitoring, and business-specific campaigns; requires corporate documentation for activation.
• Precious Metals Investment (Değerli Maden Hesabı) Investment account for trading gold (995/1000 purity), silver, and platinum (999.5/1000 purity) with no storage fees; requires Premium account upgrade; subject to 0.2% exchange transaction tax.
• Insurance Products Insurance products offered as part of the financial services portfolio.

Quantifiable outcome

• Free international transfers up to €200/£200 per month — eliminates fees for small-value cross-border transactions
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Türkiye Cumhuriyet Merkez Bankası (TCMB)coreOthers · 13 July 2017PeP is licensed and regulated by the Central Bank of the Republic of Turkey (TCMB) as an Electronic Money and Payment Services Institution under Law No. 6493. TCMB is the primary regulatory authority overseeing PeP's operations, compliance, and consumer protection obligations.
• VisacoreTechnology or IntegrationPeP issues Visa-branded prepaid cards (physical and virtual) under license from Visa. PeP Visa Cards are accepted at all Visa-enabled ATMs and merchants globally. The partnership enables PeP's international card payments and cash withdrawal infrastructure.
• TROYcoreTechnology or IntegrationPeP issues Troy-branded prepaid cards (PeP Troy Kart) under license from Troy, Turkey's domestic card scheme operated by Bankalararası Kart Merkezi (BKM). The Troy card enables domestic card transactions within Turkey and is accepted at all Troy-enabled terminals.
• Pegasus Airlines (BolBol)coreStrategic or Co-development PartnerPeP and Pegasus Airlines jointly issue the PeP Pegasus BolBol Card, a co-branded prepaid card that earns BolBol loyalty points on domestic flight purchases and retail spending. Points are redeemable for Pegasus flight tickets. This is the flagship co-branded card partnership for PeP, combining everyday banking with travel rewards.
• Türkiye Ödeme ve Elektronik Para Kuruluşları Birliği (TÖDEB)minorOthersTÖDEB is the industry association for payment and electronic money institutions in Turkey. PeP is a member and participates in the TÖDEB Individual Customer Arbitration Board process for dispute resolution, as required by Turkish regulation.
• OpetminorChannel Partner/ Reseller/ DistributorPeP Troy Kart is available at Opet fuel station points of sale across Turkey. Opet serves as a physical retail distribution channel for PeP's Troy card product, extending reach beyond digital-only channels.
• HepsiburadaminorChannel Partner/ Reseller/ DistributorPeP Visa Cards are sold through the Hepsiburada online marketplace, expanding physical card distribution beyond PeP's own digital channels.
• T.C. Hazine ve Maliye Bakanlığı — MASAKcoreOthersPeP is subject to anti-money laundering (AML) oversight by MASAK (Financial Crimes Investigation Board) under the Law No. 5549 on the Prevention of Laundering of Crime Proceeds. MASAK supervision is a mandatory regulatory requirement for all licensed payment institutions in Turkey.
• Tasarruf Mevduatı Sigorta Fonu (TMSF)coreOthersAs of the most recent available information, TMSF (Savings Deposit Insurance Fund) was appointed by court order as a receiver (kayyum) for Paladyum Elektronik Para ve Ödeme Hizmetleri A.Ş. under Article 2 of Law No. 7145. TMSF has appointed a new Board of Directors while PeP continues its operations under TMSF administration.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Papara: Turkey's leading e-money institution offering multi-currency prepaid cards, P2P transfers, and international remittances; directly competes with PeP for Turkish freelancers and consumers with a larger user base and broader marketing footprint.
• Param (Turkcell): Turkcell-backed e-money and prepaid card platform serving Turkish consumers with mobile wallet, bill pay, and card services; comparable product mix to PeP with stronger telecom-distribution channel.
• Hayhay (QNB Finansbank): Mobile-first prepaid card and wallet from QNB Finansbank offering P2P transfers, cashback, and FX accounts; comparable target segment (young, digital-first Turks) and similar free-tier + premium model.
• MOKA (DenizBank): Mobile wallet and prepaid card platform by DenizBank offering free accounts, P2P transfers, and cashback campaigns; functionally comparable to PeP's basic tier with bank-grade sponsorship.

Broad incumbents

• Enpara (QNB Finansbank): Bank-affiliated digital-only bank from QNB Finansbank offering accounts, cards, and transfers via mobile/web; broader incumbent competing with PeP across retail and freelancer segments with deposit-taking license.
• N Kolay (QNB Finansbank): Digital banking brand within QNB Finansbank group targeting SMEs and freelancers with multi-currency accounts and fast transfers; bank-backed incumbent in same target market as PeP Kurumsal.
• ING Bank Turkey (ING Turkuaz / Orange): International neobank operating in Turkey with digital accounts, multi-currency cards, and international transfers; competes for cross-border-savvy Turkish users with a globally licensed banking franchise.
• Paycell (Turkcell): Turkcell's mobile payment and wallet platform offering QR payments, prepaid accounts, and card issuance through telecom distribution; adjacent mobile wallet competing for the same Turkish consumer wallet share.
• Wise (formerly TransferWise): Global multi-currency account and remittance provider serving Turkish freelancers receiving EU/UK payments; competes with PeP on cross-border FX rates and IBAN services with a much larger international footprint.

Emerging players

• Hepsipay (Hepsiburada): E-commerce-embedded payment and prepaid wallet from Turkey's largest marketplace; relevant as both a PeP distribution channel (cards sold on Hepsiburada) and a potential competitor for cashback-driven card spend.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/PePleCepte
• Facebookfacebook.com/peplecepte
• LinkedInlinkedin.com/company/peplecepte
• Instagraminstagram.com/peplecepte

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments

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

Frequently asked questions about pep