Turkey: Stripe promotes Atlas after PayPals exit

Atlas, a service launched at the beginning of 2016 by Stripe, charges USD 500 to startups in countries including Cuba to create a US corporation, give them a US bank account, and create a US Stripe payments account.

The announcement has come after PayPal’s exit at the beginning of June 2016 from Turkey. PayPal decided to exit Turkey after it was denied a license. Turkey’s banking regulator and government didn’t respond to requests for comment about the decision, according to wsj.com.

Atlas doesn’t require a Turkish license, because it doesn’t link to local banks or networks. Instead, it uses the Internet or US-based payments networks to allow Turkish entrepreneurs to operate essentially as US entities.

Turkish entrepreneurs using Stripe would need to get money back to Turkey, a service for which they would need to go outside of Stripe.