Naspers-owned ePayments provider PayU has announced the acquisition of Turkish digital payment startup Izyico for USD165 million. PayU, which has already invested more than USD500 million in fintech investments and acquisitions, will use the latest acquisition to strengthen its stronghold in the Turkish payment space with eCommerce currently holding a 5% share in Turkish retail market. This acquisition will also enhance PayU’s SMB business with Iyzico’s automated solutions while also facilitating online trade between Turkey, African and CEE countries.

Source: Naspers