“Can Turkey's leading PSP become the full-stack financial OS for Turkish merchants and consumers under PayU's ownership?”
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).
Iyzico discloses iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Iyzico does not disclose a bank charter of its own; its banking services are provided through iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş. (in-house).
Iyzico processes payments through iyzico Sanal POS (self-operated), iyzico API (self-operated), Cep POS (self-operated), PayPos NFC (self-operated), iyzico Link (self-operated) and Paynet (self-operated, B2B).
Iyzico's cards are issued through iyzico Business (in-house).
Iyzico's lending and capital products are provided by iyzico (in-house).
Iyzico runs its ledger on unknown.
Iyzico uses iyzico Multiple Money Transfer (in-house) for FX and cross-border payouts.
Iyzico integrates with SFTP reports (transaction, cut-off, settlement).
The Embedded Finance Index 2026 maps 8 layers in Iyzico's stack: Payments / PSP (iyzico Sanal POS (self-operated), iyzico API (self-operated), Cep POS (self-operated), PayPos NFC (self-operated) and 2 others); Banking / BaaS (iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş. (in-house)); Card issuing (iyzico Business (in-house)); Ledger (unknown); Lending (iyzico (in-house), BIN-based installment plans (2, 3, 6, 9, 12 installments via BONUS/WORLD/MAXIMUM/AXESS/CARDFINANS/PARAF/ADVANTAGE), PayKredi and Supplier payments / dealer network financing (Paynet)); FX & payouts (iyzico Multiple Money Transfer (in-house)); Accounting (SFTP reports (transaction, cut-off, settlement)); Spend / AP (iyzico Business (in-house)).
Iyzico was founded by Barbaros Özbugutu and Tahsin Isin and is founded in 2013, headquartered in Istanbul, Turkey.
Iyzico has raised ~$24M (pre-acquisition) in total (latest round: Acquired by PayU (2019); valuation: $165M acquisition price).
Get a read on where your own stack stands against Iyzico and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.