Payten’s virtual POS company Paratika Payment System has developed a special solution for Turkey’s first ever equity-based crowdfunding project under the government control to support the Turkish entrepreneurs and the growth of innovative products and solutions.
Equity crowdfunding is a method of raising capital online from investors in order to fund a private business. In return for cash, investors receive equity ownership in the business. Equity crowdfunding happens on online platforms where businesses create profiles that include their pitches, financial statements and other information.
Paratika Crowd Funding Online Payment System Project, which is nominated and shortlisted as the Most Innovative Project of the Year by the Payment Systems Magazine, was developed specifically for Takasbank, the ‘Escrow Agent’ of the project, enabling easy and secure end-to-end management of all online investments including collecting, blocking and forwarding. Takasbank as the escrow agent of the project holds all payments invested on a project until the targeted investment amount is achieved and only then forwards the sum to the entrepreneurs. If the targeted amount is not achieved, then all investments are paid back to the investors.
The project is now live with 15 platforms that have already collected funding successfully for exciting projects such as Smart Bacteria Technology and the Odiometer Project with innovative hearing testing.