Istanbul-based Iyzico was launched in 2012 to help merchants take advantage of Turkey’s large online customer base.
It has since expanded across the Middle East, where it was the first international payments platform to integrate businesses from Iran.
It plans to use the funds to expand further into new Middle Eastern markets and to Europe.
With more than 10,000 registered merchants, Iyzico is a bright spot in Turkey’s small but growing fintech market. The sector was valued at $19.6 billion in 2016 — one sixth the size of Germany’s. The series C round was led by fintech investor Vostok Emerging Finance.
Amadeus Capital Partners, the International Finance Corporation and Turkish investor 212 also participated in the round.
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