iyzico is to acquire Paynet from Arena Group in a deal worth around $87m. According to iyzico, the strategic move marks a pivotal moment in its journey towards enhancing its portfolio and expanding its market reach. The deal represents one of the largest acquisitions by a Turkish technology company in recent years.
iyzico currently serves more than 120,000 merchants and 6 million consumers. The combination with Paynet will solidify its commitment to innovation and customer-centric solutions within the fintech sector. By integrating Paynet’s expertise, technology, and customer base into its own system when the transaction is complete, iyzico says it will deliver a more comprehensive service set with the inclusion of B2B payments and collections solutions offered by Paynet.
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“iyzico is thrilled to announce the agreement for the acquisition of Paynet. It is a move that underscores our dedication to driving innovation and value for our customers,” said Orkun Saitoglu, iyzico CEO.
“By joining forces with Paynet, we will be strengthening our capabilities and positioning ourselves for enhanced growth and a successful position in the competitive Turkish fintech landscape.
“Last year we celebrated iyzico’s 10th anniversary and shared our plans for the next decade. That is, to become a strong payment and shopping companion platform that supports merchants in growing their business. The Paynet acquisition showcases one of the many steps towards the implementation of this strategy. Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments marketplace and continuing to support iyzico’s vision of democratising financial services.”
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