Iyzico offers a developer-friendly payments platform that enables e-commerce sites and apps to accept online payments with fast integration and on-boarding in under 24 hours. The service is PCI-DSS and BRSA certified to meet security and regulatory requirements. Iyzico targets online businesses and enterprises, particularly e-commerce merchants, and positions itself as a local alternative to larger global payments providers. Since launching in 2013, the company says it powers over 10,000 merchants and supports 200,000 seller accounts via various online marketplaces. The platform emphasizes ease of integration and rapid merchant on-boarding to capture Turkey’s growing card-based consumer spend. Iyzico provides a payments platform that lets e-commerce sites and other apps easily accept online payments. The company raised 16.5 million Turkish liras (€5.74M) in a Series B and has raised more than €8.5M in total since it was founded three years ago. The round was led by the International Finance Corporation with participation from 212, Endeavor Catalyst and Speedinvest. Co‑founder and CEO Barbaros Özbugutu, formerly Vice President of Sales for Klarna in Germany, said the capital will be used to grow the business and member base and to expand the research and development team. Iyzico plans to expand outside Turkey with the Middle East as its initial target and aims to become the “Stripe of the region.” The IFC said the investment will help promote a low-cost, pervasive payment infrastructure in Turkey and the region and support the shift from cash to electronic payments. Iyzico operates a payments platform that enables e-commerce sites and other apps to accept online payments, often described as the 'Stripe of Turkey'. The company plans to use its recently raised capital to bolster its leadership position in Turkey. It raised a $1.4M Series B led by 212 Invest, adding to a prior ~$1.4M round from just over a year earlier. That funding aims to help Iyzico fend off local competitors such as Rocket Internet's Paymill and prepare for potential competition should Stripe enter the market. The startup highlights regulatory requirements in Turkey — notably a licensing process via the Turkish Banking Regulation and Supervision Agency and the need for local, compliant IT infrastructure — as a barrier to entry for foreign providers. Iyzico also points to favorable market dynamics, citing roughly 40 million internet users in Turkey and about 30% annual e-commerce growth since 2008, which it views as a sizable opportunity. Iyzi Payments, founded in 2012 by Barbaros Özbugutu and Tahsin Isin, builds a Stripe-like online payments platform focused on the Turkish e-commerce market. The company offers a developer-friendly payments API and aims to become Turkey’s leading online payment provider. Following its $1.4M Series A, Iyzi plans to use the funding to further develop its product and invest in sales and marketing to accelerate growth. The founders have explicitly positioned the business to focus solely on the Turkish market. Stefan Klestil and Oliver Holle joined the company’s board after the round.

Total raised

$24M

Funding rounds

4

Latest round

Series C

Latest activity

Apr 2017