Iyzi to Bring Its Payments Technology Toolkit to Turkey

Iyzi Payments has raised $1.4 million from a group of undisclosed angel investors, and it will use the funds to build a new payments platform in Turkey.

Called Iyzico, the platform allows merchants to host a payments system that complies with the Payment Card Industry data security standard. Merchants build their own payments technology by drawing from a library of Iyzi-built widgets. These widgets can be adapted to the merchant’s specifications. 

"Integrating and handling payments is a challenge for online merchants all over the world, and there is no difference in Turkey. Our goal is to simplify handling payments for merchants, and to offer a fast and easy way to integrate payment methods with the checkout process," said Barbarous Ozbugutu, Iyzi Payments' CEO, in a release.

Iyzi, which is based in Istanbul, offers other products such as Iyziconnect, a routing module for international payments, and a payment bridge to Turkey for payment service providers and international merchants.

The company’s model is similar to companies such as Stripe and Dwolla, which extend their technology to merchants and other clients to develop payments acceptance systems.