PayU, the fintech and e-payments division of Naspers, acquired iyzico, a Turkey-based digital payments provider, in a deal worth $165m.
The acquisition, subject to regulatory approval and expected to close in the next few months, will allow PayU to complement its own digital offering and consolidate its position in the payments space and accelerate scale and efficiency in Turkey.
Founded in 2013 by Barbaros Özbuğutu, CEO, iyzico provides secure payments to over 300 marketplaces (with over 400,000 personal sellers of different sizes) as well as 30,000 online merchants, which are using its checkout solution.
Amazon, Nike, H&M and Zara, among others use iyzico as a partner in Turkey.
Led by Laurent le Moal, CEO, PayU is an online payment service provider in 18 high growth markets, with local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.
The company has more than 1,800 payment specialists based in these local markets supporting 300,000+ merchants and millions of consumers making online payments.