Turkish fintech company iyzico has finalized its $87 million acquisition of Paynet, securing regulatory approvals in one of the largest technology deals between two local firms, the company said.
The acquisition, approved by the Turkish Competition Authority and the Central Bank of the Republic of Turkiye, bolsters iyzico’s position in digital payments and expands its business-to-business (B2B) and business-to-business-to-consumer (B2B2C) offerings.
The move aligns with iyzico’s goal of increasing financial inclusion and simplifying transactions in Turkiye’s growing digital economy.
“With the successful completion of Paynet’s acquisition, we are making a decisive impact in advancing Turkiye’s fintech ecosystem,” Orkun Saitoğlu, CEO of iyzico, said in a statement. “This strategic investment, in line with the vision of our shareholder, Prosus, underscores our commitment to fostering merchant growth, accelerating digital transformation, and delivering seamless shopping experiences.”
Founded in 2013, iyzico provides payment solutions to over 130,000 e-commerce merchants and millions of consumers in Turkiye.
The acquisition of Paynet, which was established by Arena Group and specializes in digitizing financial processes for over 30,000 businesses, enhances iyzico’s ability to provide comprehensive payment solutions across multiple sectors.
Odin Financial Advisors exclusively advised Paynet and Arena Group in the transaction.
iyzico, wholly owned by Prosus, a global technology investor, aims to scale its operations further with this deal. The company said it targets a transaction volume of 350 billion Turkish lira ($11.5 billion) in the coming year as it continues to expand its market presence.
Arena Group, a technology distributor in Turkiye, has played a key role in integrating digital solutions across various industries.
Paynet, with over two decades of experience, is licensed by the Turkish central bank and offers B2B and B2B2C payment solutions that enable businesses to manage transactions without geographic or time constraints.
The deal marks a significant consolidation in Turkiye’s fintech sector, underscoring the increasing demand for digital financial services and streamlined payment processes as businesses and consumers shift toward digital transactions.