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Turkish payments provider Iyzico to expand in Eastern Europe

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Turkish payments provider Iyzico to expand in Eastern Europe

Turkish payments provider Iyzico Teknoloji Ödeme ve Elektronik Para Hizmetleri AS plans to expand in Eastern Europe, saying it will start operating in 12 countries in the region.

The firm said it aims to start business in Bulgaria, the Czech Republic, Estonia, Croatia, Lithuania, Latvia, Romania, Poland, Slovenia, Slovakia, Greece and Hungary, with a goal of enabling more cross-border trade in local currencies.

Founded in 2013, Iyzico provides payment solutions to 17,000 online sellers from its headquarters in Istanbul. It has to date raised $24 million in funding from investors including International Finance Corp., Vostok Emerging Finance, Amadeus Capital Partners, Speedinvest and Beenos Partners.