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The Istanbul-based Iyzico, founded by Endeavor Entrepreneurs Barbaros Özbugutu and Tahsin Isın, raised a $6.2 million Series B round of funding led by IFC, 212 and Speedinvest, with participation from Endeavor Catalyst. The payments company provides a platform to let e-commerce sites and other apps easily and efficiently accept online payments.
Iyzico offers its clients over 22 different payment options and features like recurring payments, bin control, one click payments, installment payments, bank transfers and marketplace solutions. Since it was founded in 2012, the company has raised $9.4 million in funding. Iyzico will use the new capital to expand its research and development team and scale its payment technology around the world. Specifically, the company is planning to expand beyond Turkey and target the Middle East, aiming to become the leading payments platform of its kind in the region. Without major competitors in Turkey, Iyzico is poised to dominate the local sector.
“Our goal is to become the Stripe of the region,” said CEO Barbaros Ozbugutu in a statement. “It is particularly exciting to work with the IFC – a body with tremendous knowledge and experience in 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.”
Since their selection in 2014, Iyzico’s team has already proven their high-impact potential, acquiring analytics firm MyPat.co and receiving tailored mentorship from local and global business leaders as well as other Endeavor Entrepreneurs.
Read more about the news in TechCrunch and Turkey’s Hurriyet Daily News.
About Endeavor Catalyst
Endeavor Catalyst is a passive co-investment vehicle that allows Endeavor Global to invest in Endeavor Entrepreneurs in a neutral, unbiased way. The main goal of this program is to use the returns of the investment to support Endeavor’s operations. The fund also contributes to Endeavor’s mission as it promotes professional third-party angel and venture capital investors to take a stronger interest in emerging market investment opportunities.
Learn more about Endeavor Catalyst by clicking here.
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