Iyzico Aims to Reach 10 Million Users in Three Years

Iyzico CEO Orkun Saitoglu recently spoke with Turkey's economic newspaper, Dunya.com, sharing ambitious goals for the company's future. As one of the major players in the market, Iyzico is focusing on digitalization. Saitoglu revealed, "Our main objectives include reaching a whole new digital world for our stakeholders and ecosystem," and set a target to reach 10 million users within the next three years.

In the fast-growing financial technology sector in Turkey, driven by advancements in technology and digitalization, Iyzico continues to expand. Last year, the company handled 215 million transactions, achieving a volume of 130 billion lira. Saitoglu noted, "Our number of member businesses reached 120,000 in 2023. The number of individual users of our digital wallet has increased to 6 million. We aim to increase this figure to 10 million within the next three years."

Regarding the acquisition of Paynet, Saitoglu explained, "Our motivation behind acquiring Paynet is to strengthen our sector leadership. By expanding Iyzico's product range, we want to become an even stronger player in the competitive financial technology sector. Considering Prosus's global position and goals, acquiring Paynet and incorporating their expertise in B2B payments and collections into Iyzico aligns with our current strategy."

When asked about new focus areas and goals for digitalization and product development, Saitoglu emphasized, "We are among the largest players in the market. Our primary goals include reaching a whole new digital world for our stakeholders and ecosystem. We have an ecosystem that follows current trends. This payment ecosystem will be a cycle where our users can find what they are looking for, benefit from, and gain from."

He further highlighted the importance of digitalization for SMEs, noting, "We are aware of the significant impact that increasing performance and efficiency through digitalization will have on our country's economic growth. By focusing on digitalization and technological trends, we will be a companion to SMEs in their growth. Last year, we started producing solutions that enable our member businesses to easily and securely access many solutions, from financing to reporting, cash management to marketing and CRM tools. This year will be a period when we will see the outcomes of our efforts. For end-users, we are enhancing our payment options to provide a seamless shopping experience."

Iyzico's investments will also continue in physical environments through their Cep POS product, which connects buyers and sellers in physical settings. Saitoglu stated, "We are working on solutions to improve the payment experience at the retail channel, whether at the shelf, counter, or door. We are working to enable our member businesses to control all payment transactions in both physical and online stores from a single panel. We will provide end-to-end services that allow them to easily manage all their financial needs and cash flows across multiple channels."

The acquisition of Paynet is expected to bring significant gains in achieving Iyzico's goals. Saitoglu expressed confidence in the efficiency of this process.

Looking ahead, Saitoglu shared his strategic vision for the company, stating, "Iyzico acts as a secure bridge that enables payments between member businesses and individual users. In our first 10 years, we have digitized payments securely for both stakeholders and completed our goal with our flagship products and services."

However, he acknowledged the growing competition and the necessity for SMEs to adapt to digitalization and transformation. "As Iyzico, we have set ourselves the goal and purpose of supporting our member businesses in this area as well. We will soon introduce new products and service packages designed to help SMEs grow, digitalize, and remain competitive," he added.

Saitoglu believes there are still many problems to be solved in the digitalization of SMEs and emphasized the company's ongoing commitment to democratizing financial services. "We aim to expand our product range to assist them in growing their businesses, selling abroad, and competing healthily," he said.

For individual users, Iyzico has developed solutions that ensure safe online shopping. "We are working on solutions to enhance financial inclusion for both our member businesses and consumer networks, enabling them to trade seamlessly. We will continue to develop products that benefit from the flexibility of financial solutions."

With the Iyzico-Paynet merger, Saitoglu expects the network of serviced brands and holdings to grow significantly. This expansion will allow the company to address new challenges and develop innovative solutions.

As digitalization progresses, Saitoglu anticipates the financial technologies market will continue to grow, highlighting the need for new projects and ongoing adaptation. "We know that constant change and development are inevitable on our digitalization journey. We have plans and goals to integrate technologies that enable us to provide better solutions for both our external and internal customers into our working methods and business models," he concluded.

In summary, Iyzico's ambitious plans for digitalization and growth reflect a strategic vision aimed at maintaining its leadership position in the financial technology sector while supporting SMEs and enhancing the overall user experience for its individual customers.