iyzi Payments, an Istanbul-based provider of a new payment platform solution for the Turkish market, raised $1.4m in Series A funding.
Backers included Pachicle Invest, a group of international payment experts led by Stefan Klestil, Speedinvest, and Netprice.com’s subsidiary Beenos Asia led by Teruhide Sato. Following the investment, Stefan Klestil and Oliver Holle, Speedinvest CEO, will join the Board of iyzi Payments.
The company intends to use the capital to accelerate its growth in Turkey.
Founded in 2012 by Barbaros Özbugutu, a former manager at Klarna, and Tahsin Isin, a former executive at ClickandBuy, iyzi Payments recently launched its first product, iyzico, which provides secure payment system management platforms for eCommerce companies of all sizes and industries. It allows merchants to host their payment solution themselves and still be PCI-compliant. To customize the payment process, a library of ready-made widgets is available, which can be adapted to the merchant’s own specifications.