38569 - FIT Solutions

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Summary of Investment Information

Project Number

38569

Company Name

FIT SOLUTIONS

Date SPI Disclosed

Nov 18, 2016

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

Dec 20, 2016

Environmental Category

C - No Impact

Status

Active

Last Updated Date

May 5, 2024

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : Aug 2, 2017
Signed : Dec 21, 2017
Invested : Feb 7, 2018

Sector

Virtual lending, P2P, crowdfunding

Project Description

FIT Solutions (“FIT” or the “Company”), founded in 1999, is an e-invoicing solution company headquartered in Istanbul, Turkey. FIT provides a range of services to businesses to facilitate online factoring and invoice management in accordance with rapidly changing Turkish regulations.

IFC is considering an equity investment in FIT Solutions (the “Project”), which will be used to finance inorganic and organic domestic growth in addition to opportunistic international expansion.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	5.0

Development Impact

(i) Private Sector Development and E-Transformation: The investment will help support a leading provider of e-invoicing and other business e-transformation services in Turkey. FIT's services result in more efficient markets, faster transactions, cost reduction, working capital advantages for SMEs, and increased financial transparency.
(ii) Access to Financial Services for SMEs: FIT will support, through its factoring platform, access to financial services to SMEs that are often underserved by banks and other financial institutions. FIT's factoring platform will enable SME clients to improve their liquidity/working capital positions and lower their financing costs.

(i) Access to IFC Network: IFC has extensive relationships in the financial institutions sector in Turkey which would help the Company as it seeks additional financial institution partners for its factoring platform.
(ii) Sector Experience: IFC's broad experience in the FinTech sector includes one prior investment in electronic invoicing/factoring, which could be valuable for the Company.

E&S Category Rationale / Risks and Mitigation

This is a Category C project according to IFC's Environmental and Social Review Procedure, as a low level of environmental and social (E&S) risk can be expected in this project. The principal Performance Standards (PSs) applicable to the project are PS1 and PS2. For Fit Solutions’ provision of electronic factoring and invoicing, the Company leases spaces and purchases off-the-shelf equipment, which entails minimal E&S risk. E&S risk in this project exists in Fit Solutions’ management of human resources, for which the Company will be required to implement policies and procedures consistent with IFC Performance Standards.

Contacts

For Inquiries About the Project, Contact

Stephanie Leydier
Email: mailto:sleydier@ifc.org
Phone: 202-458-7707

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

N.A.

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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