Istanbul-based financial technology company iyzico has acquired Paynet, a leading provider of B2B payments and collections services in the Turkish fintech industry, for USD 87 million from Arena Group. The deal is contingent upon regulatory approvals from the Central Bank of the Republic of Turkey and the Competition Board.
This strategic acquisition will allow iyzico to enhance its current offerings by integrating Paynet’s B2B payments and collections services. The combined entity will be able to cater to a wider range of business and consumer needs in the evolving financial landscape.
iyzico currently serves over 120,000 merchants and 6 million consumers, while Paynet specializes in B2B and B2B2C payment services, providing solutions for more than 30,000 businesses across various sectors. The company holds a license from the Central Bank of Turkey.
Under the leadership of CEO Orkun Saitoglu, iyzico is committed to delivering innovative financial technology solutions to empower businesses and individuals with cutting-edge tools and services.
This strategic move signifies a significant development in the Turkish fintech industry and sets the stage for enhanced capabilities and offerings from the combined entity.
Published on 07/05/2024.
