Turan, a Turkish financial-technology company, has raised $1 million in an equity financing round.

The round had backing from United Payment, Colendi Ventures, APY Ventures, KT Portföy, Tera Portföy, Neo Portföy Turkaz Investment Fund, Re-Pie and Caucasus Ventures.

Turan will use the new capital from the seed funding round to strengthen its presence in the region, especially in Azerbaijan and Uzbekistan.

In addition, this year, the company plans to implement the digital money transfer model in Uzbekistan, which it already implemented in Azerbaijan in earlier this year.