For USD87 million, iyzico, a financial technology firm located in Istanbul, Turkey, purchased Paynet, a Turkish fintech business that offers B2B payments and collections services, from Arena Group.
The transaction’s conclusion will depend on receiving regulatory clearances from the Competition Board and the Central Bank of the Republic of Turkiye. With the addition of Paynet’s B2B payments and collections services to iyzico’s current portfolio, the merged company will be able to provide a wider choice of products to satisfy the changing demands of both customers and enterprises.
Currently, iyzico provides services to 6 million customers and over 120,000 businesses.
About Paynet
With solutions created solely by its own teams, Paynet is a participant in the B2B and B2B2C payment services market, allowing member organizations to simply manage their payment flows without being constrained by time or geography. It automates the financial operations of over 30,000 companies across several industries. The Turkish Republic’s Central Bank has granted the firm a license.
About Iyzico
Under the direction of CEO Orkun Saitoglu, iyzico is a supplier of cutting-edge financial technology solutions committed to giving people and companies the resources and services they need.
