Iyzico, a Turkish payment receipt system management platform, gained $6.2m during a Series B funding round as it attempts to emulate American payment companies during its expansion.
The Istanbul-based firm specialise in providing e-commerce companies with payment management solutions. The International Finance Corporation (IFC) led the funding round, with additional investments coming from Istanbul-based VC 212, Endeavor Catalyst and Austria’s Speedinvest. Since its creation in 2012, Iyzico have raised a total of $9.4m.
According to the IFC, its investment will ‘‘promote iyzico’s development of a comprehensive, low cost, payment infrastructure in Turkey and the region to help online merchants accept payments quickly and securely.’’
With this new investment, Iyzico are certainly looking towards the future, with one eye staring at the American payment market. Stripe, a mobile payment firm based in San Francisco, is certainly an inspiration for the CEO of Iyzico.
‘‘Our goal is to become the Stripe of the region. It is particularly exciting to work with the IFC – a body with tremendous knowledge and experience in the financial tech sector worldwide,’’ commented Barbaros Özbugutu, CEO of Iyzico.
‘‘Our innovative payment platform helps online retailers of all sizes accept payments easily and securely, and has made us the leading payment solution for e-commerce in Turkey. We are looking forward to expanding our services in Turkey and the many online companies that are now sprouting up in the region,’’ continued Özbugutu.
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