FNG Exclusive… FNG has learned that FCA regulated Tera Europe Limited, which runs the TeraFX.com retail FX and CFD brokerage brand, has added Turkish businesswoman Nurcan Tasdelenler to its board of directors, effective immediately.

This appears to be Ms. Tasdelenler’s first appointment to a UK company board.

Nurcan Tasdelenler is the General Manager of Turkish financial factoring company Arena Faktoring. Factoring is the provision of loans to companies, with the loans backed by the borrower’s receivables. Many small and mid size companies use factoring (i.e. borrowing against their receivables) to free up capital to use in their businesses, while still being able to afford their clients with generous payment terms (such as payment in 90 days).

The connection between Ms. Tasdelenler and TeraFX is not a random one, however. TeraFX is controlled by Turkish businessman and former politician Oğuz Tezmen, and his son Emre Tezmen. Oğuz Tezmen was Turkey’s Minister of Transport in the mid-1990s. The Tezmens control Turkish investment bank Tera Yatirim with a more than 80% holding, and through it the UK company Tera Europe Limited, which has been licensed by the FCA since 2012.

The Tezmens also control Arena Faktoring with a combined 84.3% interest, which Ms. Tasdelenler has been running for them as General Manager since 2016.

It appears as though Ms. Tasdelenler is replacing Emre Tezmen on the board – he stepped down from the TeraFX board in March 2020.

Beyond the UK, TeraFX recently received a license to operate in Dubai and will be opening a new Dubai International Financial Centre (DIFC) branch, as was also exclusively reported by FNG.