HomeBussinessProsus inks R1.6bn deal for fintech firm Paynet in Turkey |...

Prosus inks R1.6bn deal for fintech firm Paynet in Turkey | Business

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(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

A Turkish subsidiary of consumer internet giant Prosus, iyzico, has inked an $87 million (R1.6 billion) deal to acquire fintech group Paynet in the country in a move that will bring a more comprehensive set of business-to-business (B2B) services.

“This strategic move marks a pivotal moment in iyzico’s journey towards enhancing its portfolio and expanding its market reach and stands to be one of the largest acquisitions by a Turkish technology company in recent years,” Naspers said in a statement on Tuesday.

Iyzico is the Turkish pronunciation and abbreviation of “easy check-out” and Prosus held a just over 91% interest in the firm as of 2023 via wholly owned PayU.

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