PayU taps Turkey’s digital economy with Iyzico acquisition
PayU has acquired Turkish fintech Iyzico for $165 million, reports Jane Connolly.
By adding to its $500 million-plus investment to date across fintechs and M&A, PayU also hopes to become the world’s leading fintech investor.
Iyzico provides secure payments to over 300 marketplaces, 400,000 personal sellers and 30,000 online merchants, including big name brands such as Amazon, Nike and H&M.
With more than 10% growth each year and government support for digitalisation, the Turkish e-commerce market presents a significant opportunity, particularly in the SME space.
Iyzico’s automated solutions will strengthen PayU’s presence in Turkey and also help to encourage cross-border local currency trade between Turkey and CEE countries and Africa.
Laurent le Moal, CEO of PayU, says: “PayU has acquired Iyzico in a landmark move to deliver on our mission of local consolidation and becoming the number one payments provider in every high growth market we operate in.”
Subject to regulatory approval, the deal is expected to be finalised in the next few months.
