Introducing Cem and TeklifimGelsin

Q: Could you tell us about yourself and the inception of your startup?

A: I’m Cem, the co-founder of TeklifimGelsin, which translates to “met my offer come” in Turkish—a phrase that’s quite common in Turkey. Our journey began in 2021 as a personalized financial marketplace platform. My background is in consultancy, having worked with PricewaterhouseCoopers, providing services to banks and fintech companies, especially in regulatory matters.

This experience and an MBA from Chicago equipped me with the knowledge to venture into fintech. I started this startup with Hakan, a friend since primary school. Initially, we were rooted in Turkey, setting up in ITU Cekirdek, the nation’s largest incubation center. However, as time passed, we aimed to scale globally. We connected with Startup Wise Guys during our seed fundraising round through their Turkish partner, Günce. We shared our vision and aspirations not just to dominate the Turkish market—which is ripe for fintech innovation—but also to expand across Europe, Africa, and Asia. To achieve this, we needed robust global connections and networks, which Startup Wise Guys provided. They invested in us, and we subsequently relocated our headquarters to Estonia, positioning ourselves as a European startup. That’s how it all started.

Why Startup Wise Guys?

Q: What inspired you to partner with Startup Wise Guys for your global expansion?

A: Venturing into the global market is quite challenging—you need solid relationships and an extensive network, especially in fintech. Although we had already established agreements with global banks like ING, BNP Paribas, and BBVA, our connections were limited. This is where Startup Wise Guys came in as a game-changer for us. They offered the kind of global network and support we needed to transition from a local to a global fintech company. Their influence and resources are invaluable for startups like ours that aim to operate on a global scale.

How Founder Gets In

Q: Could you walk us through the accelerator application process?

A: Certainly. Although we weren’t new to the startup scene, having been in business for one and a half years with revenue and over 100,000 registered users, we still faced challenges. We were more established than many startups, beyond the pre-seed round, and we had a grasp of the process—for instance, preparing our pitch deck and knowing what to highlight in our presentations. The difficult part was presenting in a non-native language, especially since this was our first pitch outside of Turkey. It was challenging to convey the vast potential of the Turkish market and fintech ecosystem to those unfamiliar with it.

However, we engaged in three meetings with the management of the fintech program and Startup Wise Guys partners. Impressively, we received an offer within a week, even though we joined the fintech accelerator program a bit late—others had already started. We had to expedite the agreement process, which, under normal circumstances, wouldn’t have been easy considering the volume of applications from around the world. But we managed to stand out by showcasing our traction and our vision for global expansion. Startup Wise Guys has seen many startups; they possess the know-how to recognize potential, and they quickly understood what we were bringing to the table.

Funding Acquired from Startup Wise Guys

Q: How much funding did you secure through the program?

A: Startup Wise Guys typically invests €90,000 in participating startups. While there might be variations, with some receiving more or less, this is the standard investment. In our case, we also received €90,000. However, the valuation at which this investment is made can differ based on the maturity and progress of each startup. Beyond the initial investment, there’s also the prospect of follow-up investments. Startup Wise Guys includes a clause in the agreement for additional funding in future rounds if they have strong confidence in the startup’s potential.

Q: Can you share details on the equity exchange with Startup Wise Guys?

A: When Startup Wise Guys commits to a follow-on investment, it can total up to an additional €100,000, bringing their potential total investment to around €190,000 or €200,000. This funding is structured as a convertible note rather than immediate equity. This means Startup Wise Guys’ equity is based on the startup’s performance related to specific KPIs or the passing of a certain time frame.

Key Achievements

Q: What would you say has been a significant milestone for your company during the program?

A: A pivotal moment for us was gaining insight into the global investment scene and ecosystems, which was quite different from what we were accustomed to in Turkey. Through Startup Wise Guys, we had access to mentors from a variety of countries, including Spain, England, Italy, and the United States. This exposure broadened our understanding and showed us new perspectives, which is crucial when transitioning from a local to a global market.
Particularly, the mentorship sessions were transformative. They made us realize that going global means putting a lot more thought into marketing, sales, and business development strategies. These sessions were our most significant milestones, as they equipped us with a fresh perspective and a more holistic approach to scaling our business internationally.

Q: Besides language barriers, what other challenges did you face during the program?

A: The primary challenge wasn’t the language itself, but rather the shift in perspective from local to global. In the beginning, our mindset was inherently local, and the transition to thinking globally was somewhat difficult. However, as the program progressed, we embraced this global vision, which has been incredibly beneficial for us. This shift in perspective was crucial and, while challenging, it has significantly contributed to our growth and development.

Post-Accelerator Progress

Q: Since completing the accelerator, how has your company progressed towards global expansion?

A: Since joining the startup accelerator, we’ve grown from 100,000 to over 370,000 registered users seeking loans, credit cards, and investment accounts through our platform. We’re now a cash-positive startup, just two and a half years since our inception. Our focus has been on market research for expansion into new markets.
In Turkey, our market penetration has been successful, with a strong retention rate among our registered users. We’ve established agreements with over 15 banks, profiting from a B2B business model where we charge banks instead of customers. Our current stage involves intensive market research to prepare for our global launch. By 2024, we plan to introduce our first products in international markets, potentially starting with Europe.

Q: Would you attribute your growth to the accelerator program?

A: Absolutely. The connections and network that Startup Wise Guys has across Europe have been instrumental in our growth. Whenever we’ve needed introductions, not just to investors but also to banks and other financial institutions, they’ve been there to assist us. Their support is just a message away, thanks to a dedicated group for communication. This immediate access to help and resources has been a significant factor in our expansion and development.

Advice for Aspiring Startups

Q: Do you have any advice for startups considering applying to Startup Wise Guys?

A: My advice is straightforward: don’t hesitate or waste time trying to perfect everything on your own. Startup Wise Guys offers valuable mentorship and resources that can propel your business forward. They have a range of programs tailored to different sectors, such as SaaS, FinTech, and cybersecurity. If you find a program that fits your startup, apply. The application process itself can be a revealing experience, helping you identify your strengths and areas for improvement. So, take the leap, apply, and let the program’s structure guide you in refining your business model.