Turkish online payment company Iyzico raises $6.2 million

ISTANBUL

Turkey’s Iyzico, which has aimed to provide a platform to allow e-commerce sites and other apps to easily process online payments, has raised $6.2 million in a Series B round of financing. Leading the round was the International Finance Corporation (IFC), the World Bank’s investing arm, as reported by TechCrunch. 

The startup has now raised $9.4 million in total since it was founded in 2012.

In addition to the IFC, Istanbul-based VC 212, Endeavor Catalyst and Austria’s Speedinvest also participated in the round, as reported by TechCrunch. 

“Our goal is to become the Stripe of the region,” said Iyzico CEO Barbaros Özbugutu in a statement, referring to a U.S.-based company which provides a similar service.   

“It is particularly exciting to work with the IFC – a body with tremendous knowledge and experience in the financial tech sector worldwide. Having become the leading payment solution for online businesses and enterprises in Turkey, Iyzico is enthusiastic to take its technology global,” he said.

Iyzico Co-founder and CEO Özbugutu, who previously worked as the vice president of sales for Klarna in Germany, said he wants to use the new capital to grow the business and the member base, as well as expand their research and development team, so they can “develop solutions that make life easier.”

The IFC had shared a summary of the main elements of the (then) potential investment. It said the investment in Iyzico “will promote the development of a low cost and pervasive payment infrastructure in Turkey and the region.”