Turkish Payment Provider iyzico Secures $15m to Expand in Middle East
- Iyzico launched in Iran last year but since it looks beyond Turkey, it plans to target the markets of the Middle East.
Despite political turmoil, Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups in Turkey are still able to grow. iyzico, a Turkey based payment solutions company, this week closed a $15 million Series C investment round with the International Finance Corporation (IFC), the World Bank’s investing arm, Istanbul based venture capital firm 212 and UK-based VC Amadeus Capital Partners which invested $2 million.
The investment, which brings iyzico’s financing to date to nearly $25 million, will allow iyzico to expand its research and development team, and scale its payment technology globally.
Iyzico launched in Iran last year but since it looks beyond Turkey, the company also plans to target the markets of the Middle East to bring its payment solution to the many online companies scaling up from Lebanon to Jordan and other countries.
Brbaros Ozbugutu, CEO of iyzico commented: “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.”
Dave Nangle, Managing Director of Vostok Emerging Finance (VEF) added: “We are very excited to announce our investment into Iyzico, and indeed our first move into the Turkish market. iyzico is comfortably one of the best online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term plays we have come across in the emerging arena. Turkey offers a very rich opportunity set in the payments space, while there is a wealth of experience in the iyzico team which is what really drew us to this opportunity.”
Despite political turmoil, Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups in Turkey are still able to grow. iyzico, a Turkey based payment solutions company, this week closed a $15 million Series C investment round with the International Finance Corporation (IFC), the World Bank’s investing arm, Istanbul based venture capital firm 212 and UK-based VC Amadeus Capital Partners which invested $2 million.
The investment, which brings iyzico’s financing to date to nearly $25 million, will allow iyzico to expand its research and development team, and scale its payment technology globally.
Iyzico launched in Iran last year but since it looks beyond Turkey, the company also plans to target the markets of the Middle East to bring its payment solution to the many online companies scaling up from Lebanon to Jordan and other countries.
Brbaros Ozbugutu, CEO of iyzico commented: “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.”
Dave Nangle, Managing Director of Vostok Emerging Finance (VEF) added: “We are very excited to announce our investment into Iyzico, and indeed our first move into the Turkish market. iyzico is comfortably one of the best online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term plays we have come across in the emerging arena. Turkey offers a very rich opportunity set in the payments space, while there is a wealth of experience in the iyzico team which is what really drew us to this opportunity.”