The funding was led by Turkish investment company VC 212 Invest, along with previous backers Pahicle and Speedinvest.
Iyzico has revealed plans to use the new capital to strengthen its position in Turkey.
Iyzico cites regulations that require payment providers in Turkey to apply for a license via the Turkish Banking Regulation and Supervision Agency. Specifically, each provider needs to establish a local, compliant IT infrastructure. That would potentially place Turkey fairly low in the priority list for any startup operating in the space, compared to European Union countries, where one license usually covers the whole of the EU.
Turkey has around 40 million internet users and the ecommerce growth rate has been approximately 30% yearly since 2008, according to a report conducted by Iyzico.
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