Turkish fintech company iyzico, backed by Prosus, has completed its $87 million acquisition of local payments provider Paynet, securing regulatory approval in one of the largest technology deals between two Turkish firms, iyzico said in a statement.
The acquisition, approved by the Turkish Competition Authority and the Turkish Central Bank, strengthens iyzico’s market position in digital payments and expands its B2B and B2B2C payment solutions.
A major player in Türkiye’s fintech sector, iyzico processes transactions for more than 130,000 e-commerce merchants and millions of consumers. The acquisition of Paynet, previously owned by Arena Group, broadens its service offerings and market reach, aligning with its goal of increasing financial accessibility.
“With the successful completion of Paynet’s acquisition, we are making a decisive impact in advancing Türkiye’s fintech ecosystem,” iyzico CEO Orkun Saitoğlu said in the statement.
“This strategic investment, in line with the vision of our shareholder, Prosus, underscores our unwavering commitment to fostering merchant growth, accelerating digital transformation, and delivering seamless, comprehensive shopping experiences for users,” he added.
The deal was advised exclusively by Odin Financial Advisors on behalf of Paynet and Arena Group.
Founded in 2013, iyzico has been a key player in Türkiye’s digital payments landscape. Following the acquisition, the company aims to increase its transaction volume to 350 billion liras ($9.66 billion) next year, further solidifying its presence in the sector.
Source: hurriyetdailynews