Iyzico draws another $4M investment for B2C business
Iyzico, the Turkey-based online and mobile payment systems provider, has secured a $4 million investment from its current investors IFC, Vostok Emerging Finance and Amadeus Capital, its co-founder Barbaros Ozbugutu, announced. The startup has reached breakeven in B2B business in 3Q, he added.
The startup had so far raised $24 million on the back of a $15 million Series C Round in 2017, according to Crunchbase records. The startup recently moved to a new office in Istanbul with staff of 130. Its annual run rate is around TRY 6 billion, according to Ozbugutu.
Iyzico is listed among the Fintech 250 of CB Insights, Wired’s Hottest Startups 2018 and the top 100 startups in the 100 Leading Fintech Companies Promoting Financial Inclusion in the Digital Age list of Credit Ease and Stanford Graduate School.
The startup provides payment services to 29,000 companies and 10,000 private individuals with 410,000 sub members and resellers in different marketplaces. Now it is targeting the end user with a B2C service.
The startup aims to become the payment champion of the region, with Turkey at its center. It also aims to become one of the top five financial institutions in Turkey, Ozbugutu says. Iyzico provides a secure payment management platform to online companies of different sizes operating in different industries. It offers iyziPos, a secure virtual POS solution with automated fraud prevention and high authorization-rate bank integrations, as well as iyziBazaar that manages marketplace payments, iyziLink, a payment service by link that doesn’t require a shopping site and Buyer Protection, a secure shopping experience.