Iyzico added Paynet, the Financial Technology Initiative, with an investment of $ 87 million.
According to a statement from the company, the purchasing process, the Competition Authority and the Central Bank of the Republic of Turkey, the completion of the approval processes. The agreement was one of the biggest acquisitions among two Turkish companies in the technology sector.
The purchase process was completed under the guidance of Odin Financial Advisors, the exclusive financial advisor of Paynet and Arena Bilgisayar.
Iyzico, which serves millions of users by offering payment infrastructure to more than 130 thousand e-commerce sites in Turkey, aims to strengthen its activities in line with the goal of democratization with the purchase.
With the acquisition, the expertise in Paynet’s trade (B2B) and businesses to reach consumers through other enterprises (B2B2C) will be integrated into the current product portfolio of İyzico.
İyzico Top Manager (CEO) Orkun Saitoğlu, who included his views in the statement, said that the purchase will further strengthen the company’s position in the Turkish market.
Saitoğlu emphasized that the official completion of the purchasing process is an important step in terms of Iyzico and Turkey’s financial technology sector. Paynet’s experience in B2B and B2B2C payment solutions will provide us with a higher vision of democratization and making it accessible for everyone. . ” evaluated.
