Dutch payment service PayU has bought Turkish payment company Iyzico for 165 million dollars

PayU, a Dutch-based online payment service provider, recently acquired Iyzico, a Turkish online payment company, for $165 million.

PayU’s acquisition of Iyzico will allow the Dutch company to consolidate its position as a payments leader and accelerate the size and efficiency of its Turkish market presence, according to a statement from Naspers. The acquisition still has to be approved by regulators and is expected to be completed in the coming months, the statement said.

The acquisition of Iyzico is the company’s largest acquisition to date, and it will continue to look for future acquisitions. In April, PayU bought U.S. payments solutions startup Wibmo for $70 million, according to people familiar with the matter.

PayU is a Dutch-based online payment service provider owned by Naspers, the South African internet and entertainment group. PayU has invested more than $500 million in the industry since 2016, Bloomberg reported.

Founded in 2013, Iyzico now offers payment solutions for more than 300 online markets (with more than 400,000 individual sellers of different sizes) and 30,000 online merchants, including Amazon, Nike, H.M. and Zara.

Currently, the Iyzico team will continue to operate in Turkey on PayU’s behalf, while the founding partners will retain their management positions after the acquisition.