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iyzico, a pioneer in the Turkish financial technology sector, has announced an agreement for the acquisition of Paynet, a significant player in the Turkish FinTech landscape for USD $87 million from Arena Group. This strategic move marks a pivotal moment in iyzico’s journey towards enhancing its portfolio and expanding its market reach and stands to be one of the largest acquisitions by a Turkish technology company in recent years.

With this acquisition, iyzico, which currently serves more than 120,000 merchants and 6 million consumers, will solidify its commitment to innovation and customer-centric solutions within the financial technology domain. By integrating Paynet’s expertise, technology, and customer base into its own system when the transaction is complete, iyzico is poised to deliver a more comprehensive service set with the inclusion B2B payments and collections solutions offered by Paynet.

“iyzico is thrilled to announce the agreement for the acquisition of Paynet—a move that underscores our dedication to driving innovation and value for our customers,” said Orkun Saitoglu, CEO at iyzico. “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.”

Saitoglu added: “Last year we celebrated iyzico’s 10th anniversary and shared our plans for the next decade: 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 democratizing financial services.”

In Line with iyzico’s Long-Term Goals

Paynet’s B2B payments and collections services will complement iyzico’s existing offerings, enabling the combined entity to provide a broader range of solutions to meet the evolving needs of businesses and consumers alike. This acquisition represents a strategic alignment of visions and values, with both companies sharing a commitment to excellence and forward-thinking approaches to financial technology.

“We are excited that Paynet will join forces with iyzico and embark on this new chapter of growth and innovation,” said Serkan Çelik, CEO at Arena Group. “What makes Paynet unique in this industry is its expertise and experience in the B2B and B2B2C sectors. Paynet enables the digitization of payments for large companies, their SME partners, and the end-users on a single platform. It’s success stems from its ability to provide this digitizstion service to customers across different sectors and business models with advanced technological solutions and in a cost-efficient manner.”

Signing of iyzico-Paynet deal

Çelik added: “iyzico and Paynet’s respective experiences in B2C and B2B/B2B2C fields will create a company that will be well-positioned to redefine the future of fintech and empower businesses and individuals to thrive in an increasingly digital world.”

The closing of the transaction will be subject to regulatory approvals (i.e.Central Bank of Republic of Turkiye, Competition Board.) Odin Financial Advisors are serving as the sole financial advisors to Paynet and Arena Group in connection with the transaction.

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