iyzico Acquires Paynet for $87 Million, Strengthening Turkish Fintech Market

iyzico, a local startup with millions of end users that provides the payment infrastructure of more than 120 thousand e-commerce sites in Turkiye, has signed to acquire the Turkish financial technology company Paynet from Arena Bilgisayar for $87 million. This agreement, which is one of the largest acquisitions between two Turkish companies in our country’s technology sector, will strengthen iyzico’s position in the Turkish market and play a major role in the growth and development of the Turkish financial technology market.

Turkiye’s successful and leading financial technology company, iyzico, is purchasing Paynet, whose seeds were laid with the idea of installment collection for all credit cards in the dealer network channel, from Arena Bilgisayar, one of Turkiye’s largest technology companies, for $87 million.

With more than 120 thousand member businesses and 6 million individual users, iyzico states that it will further strengthen the companionship of member businesses in their growth by adding Paynet’s experience in B2B and B2B2C payment and collection fields to its rich product portfolio with its innovative technologies.

Orkun Saitoglu, CEO of iyzico, which brought a new breath to the world of payments in 2013 and played an important role in the growth of the financial technology sector, said in his statement about the acquisition;

“With this acquisition, iyzico will expand its product range and become a strong player in the competitive financial technology industry. We announced a medium-term strategy on iyzico’s 10th anniversary, taking into account Prosus’ global position and goals. With this strategy, we aimed to guide the growth of our member businesses and provide complementary services in digital transformation processes, as well as to embrace the end-to-end shopping experience for end users and diversify payment options. This strong step we took with Paynet and adding their experience in B2B payment and collection to iyzico was an acquisition we made in the light of our current strategy. We continue on our path with the vision of democratizing financial services and making them accessible to everyone. iyzico will continue to maintain this vision and lead the financial technology industry with the synergy created with the Paynet acquisition.”

Arena Group CEO Serkan Celik, who developed the business model and established the necessary organization that enabled Paynet to become Turkiye’s leading financial technology company in the field of B2B and B2B2C, said;

“First of all, as Arena Group, I would like to express our happiness in having completed the largest acquisition between two Turkish companies founded by Turkish entrepreneurs in the technology sector, together with a reputable organization such as iyzico. The most important capability that makes Paynet special in the sector is its expertise and experience in B2B and B2B2C. Paynet digitalizes all kinds of payment and other financial transactions that take place both in the virtual and physical world between large companies, the giants of their sectors, their SME business partners, and these business partners and end-user consumers, on a single platform. Paynet’s greatest success is to be able to provide this digitalization service without time and physical space limitations for our customers operating in very different sectors and business models, and to provide this quickly and at low cost with the most advanced technological solutions possible. I would like to express my belief that the financial technology company that will emerge with the combination of iyzico’s B2C and Paynet’s B2B and B2B2C experiences and technological capabilities will create a worldwide success story for Turkiye.”

Share transfers will be completed following the completion of the necessary legal processes, including the approvals of the Central Bank of the Republic of Turkiye and the Competition Board, and the mutual fulfillment of the conditions in the purchase agreement. Odin Financial Advisors acted as the exclusive financial advisor to Paynet and Arena in this transaction.

Source: Egirisim / Prepared by Irem Yildiz

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