Setcard

What Setcard does

Setcard, operating as SET KURUMSAL HİZMETLER A.Ş. and headquartered in Üsküdar, İstanbul, is a Turkish corporate payments and employee benefits platform built around a B2B2C distribution model. Founded in 2001 and currently employing 251-500 staff, the company sells meal-card and multi-benefit card programs to corporate employers, who then issue cards to their employees for use at a network of 60,000+ contracted restaurants, cafes, and markets across Turkey. Its revenue mechanics combine transaction-based fees on employer loads, merchant commissions on cardholder spend, and recurring corporate service fees.

The platform's product surface has expanded well beyond the core SETCARD Yemek Kartı (meal card) into 16+ card categories — including FLEXLIFE flexible benefits, fuel, fleet, clothing, market/grocery, social assistance, corporate gift, business entertainment, corporate travel, and dealer loyalty — supported by the Setpara 10% cashback rewards system. The technical stack comprises physical and virtual card issuance, a proprietary POS terminal network deployed at merchants, a mobile application available on iOS, Android, and Huawei AppGallery, QR/Karekod-based mobile payments, and instant virtual card generation (Mobil Sanal Kart) within one hour of request. Two wholly-owned subsidiaries, Pİ Kart Teknoloji and Parleo Teknoloji, hold technology assets supporting the issuance and processing infrastructure.

Setcard's value proposition is anchored in Turkish tax law: meal card benefits within the 2024 daily exempt limit of 187 TL (including VAT) receive 100% exemption from income tax, employer and employee SGK contributions, and stamp tax, with the employer additionally able to claim KDV (VAT) deduction. The company's own calculator presents an annual cost of ₺9.36M for Setcard versus ₺13.10M for equivalent cash payments across 100 employees, a roughly 28.6% saving. Distribution runs through direct corporate sales, self-serve corporate portals, mobile apps for end-user employees, and merchant onboarding portals, with a 444 0 351 customer service line. Strategic partners include Shop&Miles (Turkish Airlines Miles&Smiles loyalty), Logo Gastropos (merchant POS software), Peoplise (HR software), Tazemasa.com, and Panço.

Name

Setcard

Legal name

SET KURUMSAL HİZMETLER A.Ş.

Website

https://setcard.com.tr

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

251–500 employees

Short description

Setcard is a Turkish corporate payments and employee benefits company that issues meal, gift, fuel, and flexible-benefit cards to corporate employers, used by employees at 60,000+ contracted merchants across Turkey with 100% tax exemption within legal limits.

Ownership category

akta.pro rank

Product category

Employee Benefits & Corporate Meal Card Services

akta.pro primary industry

Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA)

akta.pro secondary industry

Rewards, Rebates & Program Optimization (Interchange, Supplier-funded) (THACAJAK)

Keywords

• Employee benefit cards
• Meal voucher services
• Corporate payment solutions
• Mobile QR payments
• Merchant loyalty rewards

Headquarters

HQ city

Üsküdar

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Card Load/Top-up Fees: Setcard charges employers to load meal benefits onto employee cards. Revenue is generated through transaction processing and merchant fees.
2. Merchant Commission: Restaurants, cafes, and markets (member businesses) pay commission/transaction fees when employees use Setcard for payments.
3. Corporate Service Fees: B2B subscription or service fees for corporate account management, reporting, and administrative services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Setcard provides tax-advantaged meal card and employee benefit programs to corporate employers in Turkey, enabling them to load funds onto employee cards accepted at 60,000+ restaurants, cafes, and markets. The platform supports physical cards, mobile QR/Karekod payments, instant virtual cards via the Setcard mobile app, and the Setpara 10% cashback loyalty system, with merchant acceptance via nationwide POS terminals.

Product overview

Setcard is a Turkish employee benefits and meal card platform offering a comprehensive ecosystem of 16+ card products covering meal vouchers, flexible benefits, fuel, clothing, market/grocery, corporate gifts, fleet management, and more. The core offering is the SETCARD Yemek Kartı (Meal Card), complemented by the SETCARD FLEXLIFE flexible benefits system. The platform includes mobile infrastructure (SETCARD Mobil Uygulama, Mobil Ödeme with QR/Karekod technology, Mobil Sanal Kart virtual cards) and a loyalty rewards program (SETPARA). Merchants access the system via POS terminals. The company serves both individual consumers and corporate clients through web portals and mobile apps on iOS, Android, and Huawei platforms, with over 60,000 merchant locations across Turkey.

Differentiator

Problem solved

Functional benefit

Brands

• SETCARD Yemek Kartı: Primary meal card product for employee food benefits
• SETCARD FLEXLIFE
• SETCARD GIFT
• SETCARD TEDARİK
• SETCARD FİLO
• Setpara
• Mobil Ödeme
• Mobil Sanal Kart

Products and services

• SETCARD Yemek Kartı (Meal Card) Primary meal/benefit card product allowing employees to use employer-loaded funds at contracted restaurants, cafes, and markets across Turkey, providing tax advantages for both employers and employees under Turkish law.
• SETCARD FLEXLIFE Flexible benefits card system allowing employers to offer customizable employee benefits beyond meals, enabling workers to use allocated funds across multiple benefit categories (gifts, clothing, market, social assistance, etc.).
• SETCARD GIFT Gift card product for corporate gifting purposes, allowing businesses to provide gift vouchers to employees or clients.
• SETCARD TEDARİK (Supply) Supply card solution for business procurement and supply chain payments.
• Akaryakıt (Fuel Card) Fuel card product allowing employees to pay for fuel at gas stations, often used as part of company vehicle or employee benefit packages.
• Giyim Kartı (Clothing Card) Clothing allowance card for employee purchases at designated clothing retailers.
• Sosyal Yardım Kartı (Social Assistance Card) Social assistance card for providing support benefits to eligible individuals or employee groups.
• Market Kartı (Grocery Card) Grocery/market card for employee food shopping benefits at supermarkets and grocery stores.
• Temsil Ağırlama Kartı (Business Entertainment Card) Business entertainment and client hospitality card for corporate representational expenses.
• Kurumsal Hediye Kartı (Corporate Gift Card) Corporate gift card for business-to-business or business-to-employee gifting programs.
• Kurumsal Seyahat Hizmetleri (Corporate Travel Services) Corporate travel services integrated with Setcard payment systems for business travel management.
• Bayi Sadakat Kartı (Dealer Loyalty Card) Loyalty card program designed for dealer/distributor networks to manage incentive and loyalty programs.
• SETCARD FİLO (Fleet) Fleet management card solution for corporate vehicle fleets, combining fuel, maintenance, and other automotive expenses.
• Aynı Yardım Kartı (Same Assistance Card) Assistance card for uniform or same-item employee benefits.
• Turnike-Geçiş Sistemleri (Turnstile/Access Systems) Access control and turnstile systems integrated with Setcard payment infrastructure for employee verification and payment at controlled facilities.
• SETCARD Mobil Uygulama (Mobile App) Mobile application for iOS, Android, and Huawei AppGallery enabling balance checking, QR code payments, virtual card management, and access to 60,000+ merchant locations.
• Mobil Ödeme (Mobile Payment / QR) QR code/Karekod-based mobile payment feature allowing users to pay at all Setcard POS terminals without physical card, with Setpara cashback rewards.
• Mobil Sanal Kart (Mobile Virtual Card) Virtual card generated instantly via the Setcard online portal, usable via QR code/phone at all merchant locations without physical card, free of charge with no shipping required.
• Setpara (Loyalty / Cashback) Cashback/rewards system offering 10% Setpara on purchases at participating merchants, credited instantly as TL to the card balance, usable at all Setcard merchant locations.

Quantifiable outcome

• 28.6% annual employer cost savings (₺9.36M vs ₺13.1M for 100 employees)
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• PançominorGTM or Marketing Partner · 15 August 2024Flexlife bakiye (flexible benefit balance) cashback campaign: 10% card refund on Panço purchases using Setcard Flexlife. Campaign ran 15 Aug - 15 Sep 2024, with refunds credited on 20 September.
• Shop&MilescoreGTM or Marketing Partner · 1 November 2023Miles&Smiles loyalty program partnership allowing members to convert airline miles to Setcard balance at 1000 Mil = 250 TL rate. Miles can be used at all Setcard restaurant and market locations across Turkey. Partnership enables cross-promotion between airline loyalty and meal card ecosystems.
• Tazemasa.comminorGTM or Marketing Partner · 1 June 2022Discount partnership providing 50 TL instant discount on purchases of 250 TL and above at tazemasa.com using Setcard payment. Limited to Istanbul area. Campaign ended 2022-07-31.
• Logo Gastropos (Logo Yazılım)minorGTM or Marketing Partner · 20 April 2022Special 20% discount campaign for Setcard member businesses on Logo Gastropos cafe and restaurant management software. Campaign ended 2022-06-20. Features include table tracking, QR digital menus, courier management, and Yemeksepeti/Getir integrations.
• PeopliseminorGTM or Marketing Partner · 20 April 2022Special 20% discount on Peoplise HR solutions (employee onboarding and talent management) for Setcard corporate customers. Campaign ended 2022-06-20. Includes digital remote onboarding, document management, and analytics.

Scale indicators3 records

Recent moves2 records

Expansion highlights5 records

Direct peers

• Edenred: Global leader in prepaid employee benefits and meal vouchers (Ticket Restaurant, Ticket Mobil). Operates in Turkey through Edenred Türkiye and directly competes with Setcard's meal card, gift card and fuel card products on corporate accounts and merchant acceptance.
• WinWin (Yemek Kartı): Turkish employee meal card provider targeting SME and corporate accounts with prepaid cards accepted at restaurants and markets. Overlaps Setcard on core product, target customer and regulatory value proposition.
• PayCore (Token Ödeme): Turkish payments and prepaid card processor providing issuing, processing and program management for meal card and gift card programmes. Comparable technology stack and corporate customer base.
• Multinet Up: One of the largest Turkish meal card and employee benefit platforms, offering prepaid cards, mobile payments and corporate benefits. Direct domestic competitor with comparable employer value proposition built around the same Turkish tax exemptions.
• MetropolCard: Turkish prepaid meal card and corporate benefits issuer serving employer accounts and merchants across Turkey. Comparable in product scope (meal, gift, fuel) and reliance on the same tax-advantaged regulatory framework.
• Up (Up Menkul Değerler, formerly Wirecard Turkey): Turkish prepaid card issuer and meal benefits platform acquired from Wirecard assets. Competes in the same regulated meal-card market with employer-funded prepaid cards and merchant acceptance.
• Sodexo Turkey: Turkish arm of global benefits and food services group offering meal vouchers, gift cards and employee benefit solutions. Competes head-to-head with Setcard on corporate employer accounts and merchant network in Turkey.
• Pluxee (Sodexo Benefits & Rewards): Sodexo's spun-off benefits division offering Ticket Restaurant-style prepaid meal and benefit cards globally, with active operations in Turkey. Directly comparable in product mix (meal, gift, fuel) and B2B2C employer-led model.

Broad incumbents

• Mastercard Prepaid (TR programmes): Global open-loop prepaid platform supporting employer benefit and gift card programmes. Comparable as enabling infrastructure rather than a direct issuer competing on the same B2B2C meal-card proposition.
• Visa Prepaid Solutions (TR programmes): Global card network that powers many open-loop prepaid and benefit programmes. Not a direct meal-card competitor but supplies the rails some Turkish benefit programmes run on, including potentially Setcard's virtual card infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/yemekkarti
• Facebookfacebook.com/setcard
• LinkedInlinkedin.com/company/setcard

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 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 Setcard