Naspers-owned Dutch payments firm PayU has agreed to acquire iyzico, a digital payments firm headquartered in Turkey, in a transaction valued at $165m.

The deal is pending regulatory nod.

The acquisition is said to enable PayU accelerate scale in Turkey, where e-commerce is growing at more than 10% annually.

iyzico serves more than 300 marketplaces and 30,000 online merchants.

The firm was set up in 2013. Among its partners are Amazon, Nike, H&M, and Zara.

iyzico’s automated solutions are said to ramp up PayU’s SMB activities.

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According to PayU, the takeover will serve as an online bridge between Turkey and CEE countries and Africa.

The acquisition is anticipated to be wrapped up in the next few months.

PayU CEO Laurent le Moal said: “PayU has acquired iyzico in a landmark move to deliver on our mission of local consolidation and becoming the number one payments provider in every high growth market we operate in.

“We are delighted to welcome founders Barbaros, Tahsin and the wider iyzico team to PayU as we integrate this high growth business in a key step on our journey to becoming the world’s number one fintech investor.”

Earlier this year, PayU snapped up US-based digital payments technology provider Wibmo for $70m.