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Prosus’s iyzico acquires Turkish payments company Paynet

By Delisha Fernandes

May 08, 2024

  • B2B Payments
  • FinTech Acquisition
  • fintech MENA
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iyzicoiyzico, a Turkish financial technology sector, that was acquired by Prosus’s payments and FinTech business PayU in 2019, has acquired Paynet, a Turkish payment company.

This strategic move marks a pivotal moment in iyzico’s journey towards enhancing its portfolio and expanding its market reach and stands to be one of the largest acquisitions by a Turkish technology company in recent years.

“iyzico is thrilled to announce the agreement for the acquisition of Paynet a move that underscores our dedication to driving innovation and value for our customers,” said Orkun Saitoglu, iyzico CEO. “By joining forces with Paynet, we will be strengthening our capabilities and positioning ourselves for enhanced growth and a successful position in the competitive Turkish FinTech landscape.

With this acquisition, iyzico, which currently serves more than 120 thousand merchants and 6 million consumers, will solidify its commitment to innovation and customer-centric solutions within the financial technology domain. By integrating Paynet’s expertise, technology, and customer base into its own system when the transaction is complete, iyzico is poised to deliver a more comprehensive service set with the inclusion B2B payments and collections solutions offered by Paynet.

The Paynet acquisition showcases one of the many steps towards the implementation of this strategy. Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments marketplace and continuing to support iyzico’s vision of democratising financial services.”

Paynet’s B2B payments and collections services will complement iyzico’s existing offerings, enabling the combined entity to provide a broader range of solutions to meet the evolving needs of businesses and consumers alike. This acquisition represents a strategic alignment of visions and values, with both companies sharing a commitment to excellence and forward-thinking approaches to financial technology.

“We are excited that Paynet will join forces with iyzico and embark on this new chapter of growth and innovation,” said Serkan Çelik, CEO of Arena Group. “What makes Paynet unique in this industry is its expertise and experience in the B2B and B2B2C sectors. Paynet enables the digitisation of payments for large companies, their SME partners and the end-users on a single platform. It’s success stems from its ability to provide this digitisation service to customers across different sectors and business models with advanced technological solutions and in a cost efficient manner.”

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