Lyzico's goal is to become the Stripe of the Middle East. The company believes the region's unique market dynamics will help them fight off competition from Rocket Internet and Stripe.
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Turkish online payments company and Stripe competitor Iyzico closes $6.2m Series B
Turkey’s Iyzico, which provides a platform to let e-commerce sites and other apps easily accept online payments, has raised a $6.2 million Series B. Leading the round is International Finance Corporation (IFC), the World Bank’s investing arm, while Istanbul-based VC 212, Endeavor Catalyst, and Austria’s Speedinvest also participated. The startup has now raised $9.4 million in total since it was founded in 2012. Initially dubbed the ‘Stripe of Turkey’, in reference to the widely popular San Francisco-based payments company that it counts as a potential competitor, Iyzico says it will use the new capital to expand its research and development team, and “scale its payment technology globally.”
