A new era for the Turkish fintech market
Istanbul, Turkey, Jun 11: iyzico, the Turkish fintech company providing payment solutions to over 30,000 merchants including Amazon, H&M, Zara and sahibinden.com, has been acquired by global fintech company PayU in a $165 million deal. PayU, a subsidiary of Naspers, will be buying a majority stake in iyzico, founded in 2013 and the brainchild of Barbaros Özbuğutu and Tahsin Isın.
Through this strategic partnership, Turkey will become PayU’s second largest market in EMEA, after Poland. The deal opens up a new era for Turkish fintech, consolidating iyzico’s position in the market. The two companies will now join forces to strengthen e-commerce in Turkey, accelerate the digital SMB market and set out to offer innovative solutions for consumer financial services businesses. The acquisition will also facilitate an “online bridge” between Turkey, CEE countries and Africa, to encourage more cross-border trade in local currencies in the region.
Laurent le Moal, CEO of PayU, commented about the company’s investment into the Turkish fintech sector: “PayU has acquired iyzico in a landmark move to deliver on our mission of local consolidation and becoming the number one payments provider in every high growth market in which we operate. We are delighted to welcome founders Barbaros, Tahsin and the wider iyzico team to PayU as we integrate this rapidly growing business and take a key step in our journey to becoming the world’s number one fintech investor.”
Barbaros Özbuğutu and Tahsin Isin will continue leading the business in Turkey
The co-founders, Barbaros Özbuğutu and Tahsin Isın will continue heading the company as well as PayU Turkey’s current operations after the closure of the deal.
“Today marks an important day for us. In 2013, Tahsin and I founded iyzico with the goal to enable SMBs all over Turkey to accept online payments. Looking back, the only thing that has not changed is our ambition to create payment solutions for everyone irrespective of size,” said Barbaros Özbuğutu, the founder and CEO of iyzico.
“The endeavor of three people turned into a team of 150, with billions of liras of transaction volume – now one of Turkey’s most successful technology companies that has increased the country’s e-export range by 1.5 times.”
“We aspire to democratize financial services for all so that everyone is able to benefit. With this in mind, we aim to become one of Turkey’s five largest financial institutions. By joining forces with PayU, a leading global fintech operator and investor, we are taking an important step towards this goal.”
Listed among Deloitte’s “Technology Fast 50 Companies” iyzico has raised $28 million in funding from big-name backers, including IFC, Vostok Emerging Finance, Amadeus Capital Partners, 212, Pachicle Invest, Speedinvest and Beenos Partners to become one of the most ‘invested in’ tech companies in Turkey. The acquisition of iyzico will allow PayU to integrate a high growth business in a high growth sector, leveraging iyzico’s operating excellence.
Subject to regulatory approval, the deal is expected to close in the coming months.
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About PayU
PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market. PayU is the leading online payment service provider in 18 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.
The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 300,000+ merchants and the millions of consumers making online payments. www.payu.com
About iyzico
The fintech company iyzico offers innovative payment and secure shopping solutions for the e-commerce market. Providing fast and easy integration for SMEs in less than 24 hours and providing maximum security with its BRSA license and PCI-DSS approved infrastructure, it enables corporate and individual sellers to sell online globally via website or social media. iyzico’s technology enables online businesses to maximize their payment acceptance rates, and get paid in advance or in installments with local or foreign currencies, and allows consumers to shop securely from the internet with 24/7 live chat support. Founded in 2013 iyzico with its 30,000 merchants, over 400.000 consumers and 5 billion TRY worth of annual transaction is among Turkey’s fastest growing financial technology companies. http://www.iyzico.com
