Iyzico, a Turkish on-line funds firm and potential Stripe competitor, closes $15M Collection C

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Iyzico, the Turkish fintech startup to let e-commerce websites and different apps simply settle for on-line funds, has closed $15 million in a Collection C spherical, $12 million of which was introduced earlier this yr.

Becoming a member of the spherical is London-based VC Amadeus Capital Companions, investing $2 million, whereas the primary closing of Iyzico’s Collection C was led by Vostok Rising Finance, with participation from earlier buyers, Worldwide Finance Company (the World Financial institution’s investing arm), and Istanbul-based VC 212.

Generally dubbed the ‘Stripe of Turkey’, in reference to the broadly in style San Francisco-based funds firm that it counts as a possible competitor however which nonetheless hasn’t launched in Turkey, Iyzico targets on-line companies and enterprises, notably e-commerce websites, providing a developer-friendly platform for taking funds on-line.

It claims to be simple to combine, and offers on-boarding in lower than 24 hours, and is PCI-DSS and BRSA (Banking Regulation and Supervision Company) licensed to make sure safety. Since launching in 2013, Iyzico says it’s powering over 10,000 retailers, and counts 200,000 vendor accounts through varied on-line marketplaces.

Says Jason Pinto, Associate, Amadeus Capital Companions, in a press release: “The fast-growing Turkish economy is underpinned by strong consumer spending with a high proportion of this spend transacted with payment cards. Merchants must cater to this market need with sophisticated card acceptance systems. We are excited about Iyzico’s opportunity to address this demand with its modern, easy-to-integrate and fast-evolving payment system.”

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Désiré LeSage

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