European bank finances Turkish bus-ticketing app

The European Bank for Reconstruction and Development (EBRD) has provided $4 million in equity financing to Turkish online bus-ticketing service oBilet.

The EBRD equity financing will support oBilet’s growth, while also encouraging the development of highly innovative technology-based companies in Turkey, the bank said in a statement on Monday.

The oBilet app, available on mobile and desktop devices, offers bus travel options, convenient digital booking of bus rides and seat reservation, and allows users to manage their journeys online.

The company is currently expanding into air travel ticketing.

As a leading institutional investor in Turkey, the EBRD has invested €11.5 billion (some $13 billion) in the country since 2009, including investments last year alone totaling some $1.2 billion and $621.5 million in 2019.