Turkish fintech Iyzico acquires Paynet in $87m deal
Turkish fintech Iyzico is set to acquire Paynet, a B2B and B2B2C payment solutions provider headquartered in Istanbul, from parent company the Arena Group in a deal worth $87 million.
Iyzico acquires Paynet in $87m deal
The move, one of the largest acquisitions by a Turkish fintech firm in recent years, will help Iyzico grow its payments offering and expand its footprint in the country.
Founded in 2013, Iyzico provides online payment services and AI-driven payment technologies to e-commerce businesses, and currently claims to serve more than 40,000 e-commerce websites.
The paytech was acquired for $165 million by global payment systems heavyweight PayU in 2019.
Established in 2000, Paynet facilitates the digitisation of payments for 30,000 businesses operating in a range different sectors, enabling member companies to manage their payment flows easily.
Upon completion of the transaction, which is still subject to regulatory approvals, Iyzico says that the integration of Paynet’s B2B payments and collections solutions will enable the company to grow its offering and provide a broader array of services.
Orkun Saitoglu, Iyzico’s CEO, states that the strategic move will help the firm establish a company which is well-positioned to deliver “significant value for consumers, small businesses, merchants, and shareholders,” and will also contribute to advancing Iyzico’s vision of “democratising financial services”.
