PayU completed the acquisition of Iyzico from Vostok for $165m.

PayU, the fintech arm of Naspers Group, completed the acquisition of Iyzico, a Turkish fintech company, from Vostok Emerging Finance, an investment company that invests in early and growth-stage fintech companies, for $165m. “iyzico represents a benchmark investment and exit for VEF. Since our initial investment, iyzico has been one of our cornerstone holdings, a strong driver of our NAV growth and a company that set the investment bar by which we measure all potential investments. The investment and the company’s delivery is a great example, and indeed vindication, of why we started Vostok Emerging Finance and what we are looking to achieve through our investment strategy - creating value for shareholders by backing winning fintech companies and strong entrepreneurs across emerging and frontier markets," Dave Nangle, Vostok Emerging Finance’s Managing Director.