PayU, the fintech subsidiary of internet and media group Naspers, has agreed to acquire Iyzico, a Turkey-based online payment platform backed by e-commerce platform Beenos, for $165m.
Founded in 2013, Iyzico operates a digital payment processing platform for use by online merchants. The service facilitates payments by card and in instalments, and is available as a dedicated offering for both online stores and marketplace platforms.
The platform, which employs artificial intelligence technology to prevent fraud, is used by more than 30,000 small and medium-sized enterprises headquartered in Turkey in addition to international brands, such as clothing retailers H&M and Zara, which operate in the country.
Iyzico has raised a total of $24m in funding, having closed a $15m series C round in 2017 backed by Vostok Emerging Finance, 212, Amadeus Capital Partners and International Finance Corporation (IFC), the private sector investment arm of the World Bank.
Beenos contributed to a $1.4m series A round for the company in 2013, before IFC, 212, Endeavor Catalyst and Speedinvest injected $6.2m in series B capital in 2015.
Mario Shiliashki, head of payments for PayU, said: “We are constantly looking for ways to augment the naturally high organic growth in our markets by investing in new technology, as well as market consolidation. Being a leader in high growth markets will help us to grow faster than others.”
