Turkish Stripe-like start-up Izyi Payments raises $1.4 million
10 July 2013 | 2522 views | 0
Source: Izyi Payments
After launching iyzico, a new payment platform solution for the Turkish market, iyzi Payments announce that they received Series A investment of 1.4 million US dollars. iyzi Payments will use the investment to accelerate the company's growth in Turkey.
iyzi Payments was founded in 2012 with the vision of becoming the leading payment service provider in Turkey. The company founders, Barbaros Özbugutu, a former manager at Klarna, and Tahsin Isin, a former executive at ClickandBuy, inform that they received investment worth 1.4 million US dollars from a group of leading international business angels.
iyzico received 5 times more demand than expected.
iyzi Payments launched its first product iyzico in April 2013, bringing a completely new and easy approach to implementing card payments for eCommerce companies. With iyzico merchants can host their payment solution themselves and still be PCI-compliant. To customize the payment process, a library of ready-made widgets is available, which can be adapted to the merchant's own specifications in a fully flexible manner. With iyzico, iyzipayments is taking cutting edge solutions similar to Stripe to the booming Turkish eCommerce market.
"Integrating and handling payments is a challenge for online merchants all over the world, and there is no difference in Turkey. Our goal is to simplify handling payments for merchants, and to offer a "fast and easy" way to integrate payment methods with the check-out process while always remaining PCI-DSS compliant. " says iyzi Payments CEO Barbaros Özbugutu
Stefan Klestil and Oliver Holle joining the iyzi Payments Board
iyzi Payments' investors include Pachicle Invest, a group of international payment experts led by Stefan Klestil former President for Central and Southern Europe at Firstdata, Speedinvest, a 10 million euros superangel fund based in Austria, and Netprice.com's subsidiary Beenos Asia led by Teruhide Sato. Following the investment, Stefan Klestil and Oliver Holle, Speedinvest CEO, will join the Board of iyzi Payments.
'We are very happy about the investment and even more about the validation these reknown investors bring to the iyzico model. Being able to use the entire 1.4 million US dollars investment for the Turkish market shows that our investors have confidence in the potential and importance of the eCommerce market here. Our primary goal now is to develop our iyzico product further and to invest in sales and marketing activities to grow even faster. " comments Özbugutu .