Istanbul-based fintech company Iyzico has announced its acquisition of Paynet, a leading provider of B2B and B2B2C payment solutions headquartered in the same city. The acquisition, valued at $87 million, marks a significant milestone for Iyzico and represents one of the largest acquisitions by a Turkish fintech firm in recent years.
Founded in 2013, Iyzico specializes in online payment services and AI-driven payment technologies tailored for e-commerce businesses. With a client base boasting over 40,000 e-commerce websites, Iyzico has established itself as a key player in the Turkish fintech landscape. Notably, the company was acquired for $165 million by global payment systems leader PayU in 2019.
On the other hand, Paynet, established in 2000, has been instrumental in driving the digitization of payments for a diverse array of businesses spanning various sectors. With a portfolio of 30,000 member companies, Paynet enables businesses to streamline their payment processes effectively.
The acquisition of Paynet by Iyzico represents a strategic move to bolster its payment solutions portfolio and further solidify its presence in the Turkish market. By integrating Paynet’s B2B payments and collections solutions, Iyzico aims to enhance its offerings and provide a more comprehensive suite of services to its clients.
Orkun Saitoglu, CEO of Iyzico, expressed enthusiasm about the acquisition, emphasizing its potential to deliver significant value to consumers, small businesses, merchants, and shareholders alike. Saitoglu reiterated Iyzico’s commitment to democratizing financial services and highlighted how the integration of Paynet’s solutions aligns with the company’s vision.
As the transaction awaits regulatory approvals, Iyzico remains poised to leverage Paynet’s expertise and capabilities to drive innovation in the fintech sector. With a focus on expanding its payment solutions and advancing its mission of democratizing financial services, Iyzico is poised to continue its growth trajectory and reinforce its position as a leading fintech player in Turkey and beyond.
