Naspers Unit PayU To Drop $165M For Turkish Payment Biz

Law360 (June 11, 2019, 6:49 PM EDT) -- PayU, a unit of technology investor Naspers, said Tuesday it will pay $165 million to take over financial technology startup Iyzico, adding a Turkish digital payments platform to its existing financial services offerings.

According to PayU, the deal with privately held Iyzico expands the reach of its payments services, tacking on a unit providing secure payment solutions for businesses and individuals. More than 300 marketplaces and 30,000 online merchants use the company's services, and Iyzico counts Amazon, Nike, H&M and Zara among those that use its services in Turkey.

PayU said the tie-up allows it to reach an area that has...

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