Turkish fintech Iyzico acquires Paynet in $87m deal

Iyzico, a Turkish fintech company, is poised to acquire Paynet, a provider of B2B and B2B2C payment solutions headquartered in Istanbul, from its parent company, the Arena Group.

The acquisition, valued at $87 million, marks one of the largest transactions in recent years within the Turkish fintech industry and signals Iyzico’s strategic expansion plans.

Founded in 2013, Iyzico specializes in offering online payment services and AI-driven payment technologies to e-commerce businesses. With a clientele spanning over 40,000 e-commerce websites, Iyzico has established itself as a key player in the digital payments sector. Notably, in 2019, the company was acquired for $165 million by global payment systems leader PayU.

Paynet, established in 2000, plays a pivotal role in facilitating the digitization of payments for 30,000 businesses across various sectors. Its solutions enable member companies to efficiently manage their payment flows.

Upon completion of the acquisition, subject to regulatory approvals, Iyzico plans to integrate Paynet’s B2B payments and collections solutions. This integration is expected to enhance Iyzico’s service portfolio, enabling the company to offer a broader array of services to its clients and strengthen its presence in the Turkish market.

Orkun Saitoglu, CEO of Iyzico, expressed confidence in the strategic move, emphasizing its potential to deliver significant value to consumers, small businesses, merchants, and shareholders. He also highlighted how this acquisition aligns with Iyzico’s vision of democratizing financial services.

Overall, the acquisition of Paynet represents a significant milestone for Iyzico, positioning the company for further growth and innovation in the fintech landscape.

Source: fintechfutures.com

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