Just a couple months after acquiring digital payments company, Wibmo, global online payment service provider PayU has now acquired Turkish digital payments provider, iyzico, for $165 million. PayU reported that the acquisition adds to the more than $500 million that the company has deployed across fintech investments and M&A.
Founded in 2013, iyzico reportedly provides secure payments to over 300 marketplaces, with over 400,000 personal sellers of different sizes, as well as 30,000 online merchants which are using its checkout solution. Amazon, Nike, H&M, and Zara are among the brands that have chosen iyzico as a trusted partner in Turkey. Speaking about the acquisition, Laurent le Moal, CEO of PayU, stated:
“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 we operate in. We are delighted to welcome founders Barbaros, Tahsin and the wider iyzico team to PayU as we integrate this high growth business in a key step on our journey to becoming the world’s number one fintech investor.”
Barbaros Özbuğutu, Co-Founder and CEO of iyzico, added:
“In 2013 we founded iyzico with the goal to enable SMBs all over Turkey to accept online payments, an endeavor that turned into a team of 150 and billion Turkish liras of transaction volume. And today we join forces with PayU, a leading global fintech operator and investor with a strong heritage and track record in payments in high growth markets. We look forward to joining the PayU team and working alongside highly skilled experts in payments, strengthening the company’s leading position in Turkey and beyond.”