Turkey’s Stripe-like Iyzico Closes $6.2 Million Series B; supported by World Bank in plans to expand in the Middle East

Iyzico, a Turkey based payment system that works like Stripe gathered $6.2 million in capital from its series B funding round. Iyzico's investors bank on the company's plans to tap the Middle East market.

The company is planning to use its recent round's funding to expand its payment technology globally therefore making the "Stripe of Turkey" a potential competitor of the San Francisco based Stripe. Its CEO Barbaroz Ozbugutu expressed the company's plan to go beyond Turkey and target the Middle East as explained in a statement saying that they aspire to be "the Stripe of the region." Investors see this as a viable opportunity.

The company's top supporters include the World Bank's investing arm - IFC, Endeavor Catalyst, VC 212, Speedinvest from Austria. Iyzico has reached $9.4 million to date since it started in 2012. Iyzico is excited to work with IFC, considering its financial expertise on a worldwide scale. The World Bank affiliate explains that its investment with Iyzico will promote the growth of a payment system in Turkey and the region that's practical and pervasive.

The company explains how one of the Iyzico features work:

Thanks to ease of One Click Payment, your customers do not have to re-enter their card information at every shopping and complete their payment by one-click. This reduces the rate of return from the shopping cart and increases your turnover. Working integrated with the subscription system, your customers can define multiple credit cards to the system at iyzico and thus they complete their shopping fast by making their preference as they like without the need to fill in different credit card information when they go to the payment page.

Proximity, culture and Iyzico's presence in Turkey could be its major advantage in expanding in the Middle East. Financial experts support its feasibility and its realization is all just a matter of time.