Turkey-based Iyzico acquired for $165 million

Image Courtesy of Iyzico

Source: MenaBytes

PayU, a Netherlands-headquartered online payment service provider, owned by South African internet and entertainment group Naspers, has acquired Iyzico, a Turkish online payments startup for $165 million. The acquisition that was announced yesterday is one of the largest exits for a Turkish startup. It adds to over $500 million PayU has deployed across fintech investments and M&A. Their most recent acquisition before Iyzico was Wibmo, an American payments solutions startup. PayU had acquired Wibmo for $70 million in April earlier this year.

According to a statement by Naspers, PayU’s acquisition of Iyzico will allow the Dutch company to consolidate its position as a leader in the payments space and accelerate scale and efficiency in Turkey, “where there is a huge growth opportunity for ecommerce and online payments.”

Founded in 2013 by Barbaros Özbugutu and Tahsin Isin, Iyzico, per statement, currently provides payments solutions to over 300 online marketplaces (with over 400,000 personal sellers of different sizes) and 30,000 online merchants, which are using its checkout solution. Some of the companies that are using its payments solutions in Turkey include Amazon, Nike, H&M, and Zara. The startup had raised a total of $27 million in five round from different investors including International Finance Corporation, Endeavor Catalyst, Turkish VC 212, and some others. It’s most recent funding round, the $15 million Series C, had come in April 2017.

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