Amadeus joins Iyzico’s $15m series C cast

The firm has provided a $2m extension to the series C round, which previously closed with an initial $13m from investors including International Finance Corporation.

Investment firm Amadeus Capital Partners (ACP) has joined the series C round in Turkey-based online payment company Iyzico, already backed by International Finance Corporation (IFC), bringing it to $15m.

IFC, the private sector arm of the multilateral financial institution World Bank, contributed to a $13m first close in January 2017 alongside investment firm Vostok Emerging Finance, which led the round, and VC fund 212.

Founded in 2013, Iyzico provides payment services to online businesses such as e-commerce platforms. It has more than 10,000 active merchants and 200,000 seller accounts across its markets, and plans further expansion.

This latest investment brings Iyzico’s total funding to $24m, including a $6.2m series B round in 2015, in which IFC participated alongside 212, Endeavour Catalyst and Speedinvest.

Remaining shareholders include e-commerce company Beenos, which supplied $1.4m in 2013.

Barbaros Ozbugutu, chief executive of Iyzico, said: “Amadeus Capital Partners investment brings with it valuable experience in supporting high-growth companies in emerging markets.

“Their backing will accelerate our progress to becoming the ‘payment champion’ of the Middle East based on our ambition to democratise financial services in the region.”

See more from this Government Report: Turkey, World Bank/IFC

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