Iyzico gets IFC backing to raise $13m

Existing investor International Finance Corporation returned to contribute to a series C round that will enable the online payment company to expand internationally.

Turkey-based online payment company Iyzico has closed a $13m series C round featuring International Finance Corporation (IFC), a member of the World Bank Group.

Investment firm Vostok Emerging Finance (VEF) led the round, in which venture capital fund 212 also took part.

Founded in 2013, Iyzico provides payment services to online businesses such as e-commerce platforms. It has more than 8,500 active merchants and 160,000 seller accounts across its markets.

The round brought Iyzico’s total funding to $22m to date, including a $6.2m series B round in 2015, in which IFC participated alongside 212, Endeavor Catalyst and Speedinvest.

Barbaros Ozbugutu, Iyzico’s chief executive, said: “Since our launch in 2013, Iyzico has become the leading online payment provider in Turkey. Earlier last year we expanded into Iran.

“With this investment round, we will be eager to roll out our services in other markets in the Middle East and Europe and thus push fintech further forward. We will realise our plan to become the “payment champion” of the region.”

See more from this Government Report: World Bank/IFC

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