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.
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.”