Japanese e-commerce and incubation company Netprice.com announced on Monday that it has invested in Turkish payment processor Iyzi Payments. According to a statement from Iyzi’s founders, this is a part of a series A funding round worth $1.4 million. Several investors participated including Pachicle Invest, Speedinvest (an angel investment fund based in Austria), and Beenos Asia (a subsidiary of Netprice.com in Tokyo). Following the investment, Speedinvest CEOs Stefan Klestil and Oliver Holle will join Iyzi’s board.
Iyzi was founded in Istanbul back in 2012, and introduced its first product, Iyzico, back in April, providing local e-commerce companies with easy-to-implement card payment solutions.
Iyzi Payments’ co-founder and CEO Barbaros Özbugutu commented:
Being able to use this entire $1.4 million investment for the Turkish market shows that our investors have confidence in the potential and importance of the e-commerce market here. Our primary goal now is to develop our Iyzico product further and to invest in sales and marketing activities to grow even faster.
For Netprice.com, this is its second investment in a Turkish business following its previous investment in Turkish e-commerce site Akakce.com. Through these investments, the Japanese company expects to gain insights into Turkish e-commerce trends and contribute to the future developments in the Turkish startup community.