Regardless of political turmoil, Fintech startups in Turkey are nonetheless capable of develop. iyzico, a Turkey primarily based fee options firm, this week closed a $15 million Collection C funding spherical with the Worldwide Finance Company (IFC), the World Financial institution’s investing arm, Istanbul primarily based enterprise capital agency 212 and UK-based VC Amadeus Capital Companions which invested $2 million.
The funding, which brings iyzico’s financing thus far to almost $25 million, will enable iyzico to develop its analysis and growth group, and scale its fee know-how globally.
Iyzico launched in Iran final 12 months however because it seems to be past Turkey, the corporate additionally plans to focus on the markets of the Center East to carry its fee resolution to the numerous on-line firms scaling up from Lebanon to Jordan and different nations.
Brbaros Ozbugutu, CEO of iyzico commented: “Since our launch in 2013, iyzico has grow to be the main on-line fee supplier in Turkey. Earlier final 12 months we expanded into Iran. With this funding spherical, we can be desirous to roll out our providers in different markets within the Center East and Europe and thus push fintech additional ahead. We are going to realise our plan to grow to be the “fee champion” of the area.”
Dave Nangle, Managing Director of Vostok Rising Finance (VEF) added: “We’re very excited to announce our funding into Iyzico, and certainly our first transfer into the Turkish market. iyzico is comfortably top-of-the-line on-line funds performs we’ve got come throughout within the rising enviornment. Turkey provides a really wealthy alternative set within the funds house, whereas there’s a wealth of expertise within the iyzico group which is what actually drew us to this chance.”