Second interpreting firm founded by award-winning entrepreneurs files for bankruptcy

A translation services company in Joensuu, eastern Finland, has filed for bankruptcy after losing a costly legal dispute, according to a report by Finnish public broadcaster Yle. The firm, Siun tulkkipalvelut, was co-founded by the same entrepreneurs behind Youpret, a multimillion-euro interpreting platform that won a major national contract last year.

The bankruptcy filing was submitted to North Karelia District Court this week, following a ruling by the Eastern Finland Court of Appeal that drained the company’s finances, confirmed Ali Giray, CEO of Siun tulkkipalvelut. The case was first reported by local newspaper Karjalainen.

Giray, a prominent Joensuu-based entrepreneur, co-founded Siun tulkkipalvelut in 2022 alongside Teemu Purmonen, Heikki Vepsäläinen, and Pekka Nurmela—the same team behind Youpret, an interpreting platform that secured a €45 million contract with Finland’s Social Insurance Institution (Kela) in 2024. Youpret, which operates internationally and employs hundreds, was also awarded the Finnish Refugee Council’s prize for promoting integration through language services.

Despite the setback, Giray remains optimistic about the industry but acknowledges intense competition. “If price is the only way to compete, it erodes profitability,” he said. Siun tulkkipalvelut reported a turnover of over €700,000 in 2024 but ended the year with a €37,000 loss.

Giray, a Kurdish immigrant, has received multiple awards for his work in employing multilingual and immigrant communities. He also chairs the Joensuu Entrepreneurs Association. While Youpret continues to expand, Siun tulkkipalvelut’s operations proved unprofitable, leading to its early closure after just two years.