iyzico Raises $15mn in Series C Round

Turkish online payment and fintech leader iyzico has raised USD 15 million in a Series C round, led by Vostok Emerging Finance, to boost expansion in Europe and Middle East. International Finance Corporation (IFC), a member of the World Bank Group, and 212, one of the foremost VC funds in Turkey, also participated in the investment round as existing investors. “We are very excited to announce our investment into iyzico, and indeed our first move into the Turkish market. iyzico is comfortably one of the best online payments plays we have come across in the emerging arena. Turkey offers a very rich opportunity set in the payments space, while there is a wealth of experience in the iyzico team which is what really drew us to this opportunity.” said Dave Nangle, Managing Director of Vostok Emerging Finance (VEF).

“Since our launch in 2013, iyzico has become the leading online payment provider in Turkey. Earlier last year we expanded into Iran. With this investment round, we will be eager to roll out our services in other markets in the Middle East and Europe and thus push fintech further forward. We will realise our plan to become the “payment champion” of the region.” said Barbaros Ozbugutu, iyzico CEO.

Aventio (formerly the technology investment banking team at Odin Financial Advisors) acted as exclusive financial advisor to iyzico and its shareholders managing the fundraising process, identifying and contacting selected investors, assisting and advising in transaction structuring, preparation of iyzico’s detailed financial model as well as marketing documents, orchestration of due diligence process, and leading the definitive transaction documentation negotiations. The sale was signed in six months since the retention of the advisors by iyzico.

ClientiyzicoDateJanuary 2017