Turkish payments tool iyzico adds $2m to Series C

Turkish online payments service iyzico is adding another $2m to its Series C funding round to bring it up to $15m.

The new capital comes from London-based VC Amadeus Capital Partners.

The round the firm is joining was announced in January and led by Vostok Emerging Finance with World Bank Group member IFC and Turkish VC 212 also participating.

The Istanbul-based company allows online businesses to quickly integrate a payments channel into their business.

Izyico is often compared to San Francisco-based unicorn Stripe, which is yet to launch in the Turkish market.

The company launched in 2013 and earlier this year expanded beyond Turkey into Iran.

It previously said the Series C round would fuel further expansion around the Middle East and Europe.

Amadeus Capital partner Jason Pinto commented: “The fast-growing Turkish economy is underpinned by strong consumer spending with a high proportion of this spend transacted with payment cards.

“Merchants must cater to this market need with sophisticated card acceptance systems. We are excited about iyzico’s opportunity to address this demand with its modern, easy-to-integrate and fast-evolving payment system.”

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