Iyzico, a Turkish payment service provider for apps and e-commerce, has just raised a $6.2 million Series B, bringing up its total to $9.4 million since launched in May 2012, Techcrunch reports. The round was lead by International Finance Corporation (IFC- of the World Bank Group), assisted by Endeavor Catalyst, Istanbul-based VC 212, and Austria’s Speedinvest.
The new capital will be used to expand Iyzico’s development of a comprehensive, low cost payment infrastructure as well as take the payment platform global, targeting the Middle East first. The Turkish payment platform is taking advantage of quasi-to-no competition so far from US giants that are operating close by in Europe. “Our goal is to become the Stripe of the region,” says Barbaros Ozbugutu, CEO of Iyzico. “Having become the leading payment solution for online businesses and enterprises in Turkey, Iyzico is enthusiastic to take its technology global."
The IFC is particularly interested in the Turkish payment service provider for its potential to boost commerce of small and medium sized companies in Turkey, the third-largest country in IFC’s global portfolio.
"Iyzico provides comprehensive online payment solutions for ecommerce merchants and marketplaces. Iyzico-enabled merchants can offer consumers a broader choice of local payment options at lower cost and with improved security. We believe the company will be an important part of the infrastructure for Turkey’s fast growing ecommerce sector” said Andi Dervishi, Head of IFC’s FinTech Investment Group in a statement.
The payment platform provides e-commerce merchants an easy way to accept payments online plus various value-added services such as analytics, fraud protection, and settlement. According to Crunchbase, it offers over 22 different payment options and additonal features like recurring payment, bin control, one click payment, installment payment, bank transfer and marketplace solution.
According to a PYMNTS.com interview last February with Kivanc Onan, PayPal’s Regional Director for Turkey, the Middle East and North Africa, Turkey sits in a unique position – geographically and socially – and is already surpassing its neighbors when it comes to getting into the e-commerce swing, and that is a trend he says there is every reason to continue to expect.