PayU acquires Turkish startup iyzico

PayU acquires Turkish startup iyzico

Naspers-owned online payments processor PayU is continuing its spending spree, laying out $165 million to acquire hotly-tipped Turkish startup iyzico.

Founded in 2013, 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 services.

PayU says the deal will strengthen its position in Turkey and help to build an online bridge between Turkey and CEE countries and Africa to encourage more cross-border trade in local currencies in the region.

PayU has been on a tear of late, spending over $500 million to build a scale presence in online payments processing. The iyzico deal comes just two months after firm dished out $70 million to acquire acquire Cupertino, California-based Wibmo, one of the largest providers of digital payment security technology and services in India.

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