Turquoise Partners

What Turquoise Partners does

Turquoise Partners (operating commercially as Firouzeh Financial Group / گروه مالی فیروزه) is a privately held, Tehran-based financial services group established in 2003 that delivers asset management, brokerage, investment advisory, and payment services to Iranian retail and high-net-worth investors, with a regulated channel for foreign investors. It operates through 16 financial institutions under the supervision of Iran's Securities and Exchange Organization (SEO) and holds controlling stakes in 5 listed companies and financial institutions.

Its product surface is centered on a diversified investment-fund shelf of roughly 13 vehicles spanning equity, fixed-income, leveraged fixed-income, gold, silver, mixed-asset, and venture capital strategies (including Atash gold, Noghrrabi silver, Mog fixed-income, and the Jasurane Firouzeh VC fund), alongside discretionary dedicated portfolio management with four pre-configured baskets (Gold, Bank Deposit, Premium, Secure), brokerage execution through Firouzeh Asia, fee-based investment advisory, and the Firouzeh Card payment product. The technical core is the Firouzeh Super App — a mobile/Web super-application delivering fund purchase, portfolio viewing, and self-serve investment flows, distributed across iOS, Android, Iran's domestic Myket and Cafe Bazaar stores, and a progressive web app. Firouzeh International holds the only officially licensed EU-regulated fund structured for investment into the Tehran Stock Exchange, providing a foreign-access channel otherwise scarce in the market.

The business model combines subscription/recurring asset-management fees on stated AUM of more than 100,000 billion Tomans across listed equities, unlisted assets, venture capital, bonds, and commodities, transaction fees from brokerage activity, and professional-services fees from investment advisory and discretionary portfolio mandates. Distribution is hybrid: a self-serve product-led motion through the Super App for retail investors, and a sales-led motion via dedicated advisors and the Firouzeh Asia brokerage office for clients requiring guided execution. The stated customer base exceeds 50,000, served primarily through single-country/domestic channels within Iran, with foreign-investor reach intermediated via the EU-licensed fund vehicle.

Name

Turquoise Partners

Legal name

گروه مالی فیروزه (Firouzeh Financial Group)

Website

https://turquoisepartners.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Turquoise Partners (Firouzeh Financial Group) is a Tehran-based, privately held financial services group providing asset management, brokerage, investment advisory, and payment products to Iranian retail and high-net-worth investors, operating 16 SEO-regulated financial institutions across a 13-fund shelf and the Firouzeh Super App.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599), Miscellaneous Intermediation (523910)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Offshore & International Private Banking (FSAAABAB), Private Banking Cross-Border & International Wealth Services (FSABADAL)

Keywords

• Asset management services
• Investment fund management
• Securities brokerage
• Discretionary portfolio management
• Investment advisory services

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Revenue from managing diverse investment funds including equity funds (Noghreabi, Atash), fixed-income funds (Moj), gold funds, mixed funds, and venture capital funds. Management fees charged on assets under management.
2. Discretionary Portfolio Management: Customized portfolio management services where investments are made according to each individual's financial profile and risk tolerance.
3. Brokerage Services: Trading opportunities in capital markets provided through Firouzeh Asia brokerage, generating commissions on securities transactions.
4. Investment Advisory: Expert investment consulting services to guide clients in making investment decisions.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Turquoise Partners (Firouzeh Financial Group) operates as a vertically integrated financial services group delivering asset management, brokerage, and investment banking-style services to domestic Iranian and foreign clients. The core offerings include 13+ diversified investment funds (equity, fixed-income, gold, mixed-asset, venture capital), discretionary portfolio management, Tehran Stock Exchange brokerage via Firouzeh Asia, and professional investment advisory, all unified through the Firouzeh super-app and operated under 16 entities regulated by Iran's Securities and Exchange Organization.

Product overview

Turquoise Partners (گروه مالی فیروزه) is a financial services group operating as a unified platform offering investment funds, asset management, brokerage, and advisory services. The product portfolio centers on the Firouzeh App—a super-app mobile application serving as the unified access point for all services. Core offerings include 13 diversified investment funds (نقره/Silver, آتش/Gold, موج/Wave, فیروزا, موفقیت, ساحل, نمک, رسانا, دریا, چتر, جسورانه/VC, ثروت/Wealth, and فیروزه), dedicated portfolio management (سبدگردانی) with pre-configured baskets (Gold, Bank Deposit, Premium, Secure), brokerage services via Firouzeh Asia, investment advisory, and the Firouzeh Card. The company also manages Firouzeh International, the only EU-licensed fund for Tehran Stock Exchange investment. All services operate under 16 financial institutions regulated by the Securities and Exchange Organization (SEO) of Iran.

Differentiator

Problem solved

Functional benefit

Brands

• فیروزه کارت (Firouzeh Card): Financial card service offered by the group
• سوپراپ مالی فیروزه (Firouzeh Super Finance App)
• فیروزه بین‌الملل (Firouzeh International)

Products and services

• Firouzeh Super App (اپلیکیشن فیروزه) Cross-platform mobile super-app (iOS, Android, Myket, Cafe Bazaar) delivering the full chain of financial and investment services for individual users in Iran, including fund purchases, portfolio viewing, and integrated banking services. For individual retail investors who want self-serve access to Firouzeh's fund and portfolio products.
• Investment Funds (صندوق‌ها) Diversified mutual funds covering multiple risk profiles and asset classes, encompassing gold-backed, fixed-income, equity, mixed-asset, leveraged, and venture capital mandates. The product line includes individually named funds such as Atash (Gold), Noghrrabi (Silver), Moj (Wave, ordinary and leveraged), Firouza, Movafaghiat, Sahel, Namak, Resana, Darya, Chatr, VC, Servat (Wealth), and Firouzeh-30sahm. For Iranian retail and HNI investors seeking managed exposure to specific asset classes or themes.
• Dedicated Portfolio Management (سبدگردانی اختصاصی) Discretionary portfolio management service in which investments are constructed to match each client's individual financial personality and risk tolerance. For affluent Iranian individuals and HNW clients needing personalized asset allocation.
• Firouzeh Brokerage (کارگزاری فیروزه آسیا) Capital-markets brokerage providing trading opportunities in Iran, including Tehran Stock Exchange execution, with associated advisory and trading support. For individual and institutional investors seeking direct securities trading access on Iranian exchanges.
• Investment Advisory (مشاوره فیروزه) Professional investment advisory service providing expert consulting to help clients make informed financial decisions and construct appropriate investment strategies. For individual and HNI Iranian investors seeking guided financial planning.
• Firouzeh Card (فیروزه کارت) Financial card offering integrated within the Firouzeh ecosystem to support customers' investment and transactional activity. For Iranian customers using Firouzeh funds and services.
• Firouzeh International (فیروزه بین‌الملل) International investment platform that manages and holds the preferred shares of the only officially EU-licensed fund for investment in the Tehran Stock Exchange. For foreign investors needing a regulated, licensed route to Tehran Stock Exchange exposure.
• Portfolio Baskets (سبدها) Pre-configured portfolio basket products including Gold (طلایی فیروزه), Bank Deposit (سپرده بانکی), Premium (ممتاز), and Secure (مطمئن), offered as ready-made allocation strategies. For individual investors seeking curated, risk-graded allocation options without constructing portfolios from scratch.

Quantifiable outcome

• 100,000,000,000,000+ Tomans in assets under management
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Robinhood: Mobile-first brokerage and investment platform with self-serve fund and portfolio products. Comparable in super-app-led retail distribution and digital GTM, though operating in US markets with no comparable asset management depth or international fund license.
• Wealthsimple: Digital wealth platform offering self-serve investment in diversified funds, portfolio management, and advisory via a mobile app. Comparable in super-app-driven distribution and retail/HNW segmentation, though serving Canadian/US markets with very different regulatory and currency dynamics.

Direct peers

• Borkhar Financial & Investment Group: Iranian investment and asset management group operating mutual funds and discretionary portfolio management. Comparable in the narrower asset management and fund products niche within Iran's SEO-supervised market.
• Mellat Investment Bank: Tehran-based investment and brokerage arm of Bank Mellat offering asset management, fund products, and capital markets services. Comparable in fund offerings, brokerage services, and regulatory standing in Iran.
• Saman Financial Group: Iranian financial group with an investment and asset management arm offering mutual funds, brokerage, and advisory services to retail and HNW clients. Comparable product mix, customer segments, and SEO-supervised operating model.
• Pasargad Financial Group: One of Iran's largest privately held financial groups, operating multiple SEO-supervised entities across asset management, brokerage, investment funds, and insurance. Highly comparable multi-entity structure, AUM scale, and product breadth in the same regulatory and market context.

Regional players

• Al Rajhi Capital: Saudi investment firm offering mutual funds, brokerage, and discretionary portfolio management to retail and institutional clients. Comparable multi-product wealth platform, though serving a different (and larger) regional market.
• KFH Capital: Kuwait-based investment arm offering asset management, brokerage, and advisory across the Gulf. Comparable institutional brokerage and fund management footprint, with regional (non-Iranian) regulatory and market exposure.
• Emirates NBD Asset Management: Large UAE-based banking group with a substantial asset management, brokerage, and advisory franchise serving HNW and retail clients in the Gulf. Comparable business model across funds, advisory, and brokerage, though operating from a different regulatory and currency regime.

Broad incumbents

• Vanguard Personal Advisor: Global incumbent in mutual fund and portfolio management with hybrid self-serve/advisory digital distribution. Comparable fund product depth and digital advisory model, though operating at vastly larger scale in open, deep markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/firouzehgroup?s=11&t=F-osw_FEWBWA9MgZFzAtCA
• LinkedInlinkedin.com/company/firouzehgroup
• Instagraminstagram.com/firouzehservices?igsh=MW5iaWFhMGFwc29tYw==

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

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 Turquoise Partners