iyzico

Founded in 2013 by Barbaros Özbuğutu and Tahsin Isin, iyzico emerged as a prominent Turkish fintech player, ultimately being acquired by the global payments giant PayU in 2019. This acquisition, valued at $165 million, marked a significant milestone for the Turkish startup ecosystem and represented PayU's largest acquisition at the time. Özbuğutu, with a background in the European fintech scene, including roles at Klarna, and Isin, with experience in major tech and finance companies, identified a gap in the Turkish market for a streamlined and secure online payment gateway.

iyzico provides a platform that simplifies the process of accepting online payments for e-commerce sites and online marketplaces of all sizes. The company's core offering is a payment gateway that allows businesses to easily integrate various payment methods, including credit cards and installment options from multiple Turkish banks, through a single integration. This addresses a key pain point for online merchants in Turkey, who would otherwise need to establish separate agreements and technical integrations with each bank. Its target market ranges from small and medium-sized enterprises (SMEs) to large-scale online retailers and marketplaces. The business model is transaction-based, generating revenue by charging a commission and a transaction fee for each successful payment processed through its system.

The platform's product suite is designed for security and ease of use, featuring machine-learning-based fraud detection systems to protect both merchants and consumers. For marketplaces, iyzico offers a solution that manages the complexities of escrow payments and fund splitting between multiple vendors, a critical feature for this business model. By providing a secure and comprehensive payment infrastructure, iyzico enables businesses to increase their conversion rates and expand their online sales channels. Following the acquisition, iyzico continues to operate under its own brand while leveraging PayU's global reach and resources. Keywords: payment gateway, fintech, e-commerce, online payments, Turkey, merchant services, payment processing, marketplaces, transaction fees, PayU