Iyzico, a Turkey-based online payment services provider backed by e-commerce firm Beenos, has closed a $13m series C round led by investment firm Vostok Emerging Finance.
The round also featured venture capital fund 212 and International Finance Corporation (IFC), the private investment branch of the World Bank.
Founded in 2013 as Iyzi Payments, Iyzico provides payment services to online businesses such as e-commerce platforms. It has more than 8,500 active merchants and 160,000 seller accounts across its markets.
The round brought Iyzico’s total funding to $22m to date, including a $6.2m series B round in 2015, in which IFC participated alongside 212, Endeavor Catalyst and Speedinvest. Beenos invested as part of a $1.4m round in 2013 that included Pachicle Invest.
Barbaros Ozbugutu, Iyzico’s chief executive, said: “Since our launch in 2013, Iyzico has become the leading online payment provider in Turkey. Earlier last year we expanded into Iran.
“With this investment round, we will be eager to roll out our services in other markets in the Middle East and Europe and thus push fintech further forward. We will realise our plan to become the “payment champion” of the region.”