Iyzico
“Can Turkey's leading PSP become the full-stack financial OS for Turkish merchants and consumers under PayU's ownership?”
Founded2013
HQIstanbul, Turkey
FoundersBarbaros Özbugutu, Tahsin Isin
Total raised~$24M (pre-acquisition)
Latest roundAcquired by PayU (2019)
Valuation$165M acquisition price
IndustryInfrastructure / Payments
The story
Founded 2013 as the 'Stripe of Turkey' — a virtual POS and PSP for Turkish e-commerce. Acquired by PayU in 2019, iyzico has since expanded beyond merchant acquiring into a broader fintech platform spanning a consumer wallet ('Pay with iyzico'), buyer protection, marketplace orchestration, mass payouts, a merchant prepaid business card (iyzico Business), and B2B dealer/supplier financing via the Paynet acquisition. The company is regulated as a payment & e-money institution under Turkey's BDDK and operates a separate EU entity (iyzico Europe).
Last 12 months
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Product timeline
0
Launched 'Pay with iyzico' consumer wallet & Buyer Protection.· launch
0
Launched iyzico Business prepaid card linked to merchant IBAN.· card
0
Acquired Paynet to expand B2B payments and dealer/supplier finance.· acquisition
2013
Founded in Istanbul to provide virtual POS and AI-based payment technologies for e-commerce.· launch
2015
Series B led by IFC; expansion plans into the Middle East.· funding
2017
Series C ($15M) led by Vostok Emerging Finance.· funding
2019
Acquired by PayU (Naspers/Prosus) for $165M.· acquisition
Regulated entities
Payment & Electronic Money Institution
Turkey (BDDK)
iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş.
EMI
EU
iyzico Europe
The stack
Payments / PSP
iyzico Sanal POS (self-operated)iyzico API (self-operated)Cep POS (self-operated)PayPos NFC (self-operated)iyzico Link (self-operated)Paynet (self-operated, B2B)
Banking / BaaS
iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş. (in-house)
Card issuing
Ledger
unknown
Lending
iyzico (in-house)BIN-based installment plans (2, 3, 6, 9, 12 installments via BONUS/WORLD/MAXIMUM/AXESS/CARDFINANS/PARAF/ADVANTAGE)PayKrediSupplier payments / dealer network financing (Paynet)
FX & payouts
Accounting
Accounting gap: significant