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4 5 S P O T L I G H T: I N N OVAT I O N I N T H E M I D D L E E A S T Iyzico is transforming the pay- ment processing experience for businesses through its bank-inte- grated, fraud-protected payment platform, tailored to the nuances of the Turkish market. Bringing together their passion and expertise in e-commerce and integrated payment solutions, Iyzico co-founders Tahsin Isın and Barbaros Özbugutu saw the potential in Turkish online payments. While there were many global competitors in the online payment market, none had entered the Turkish market because of high barriers to entry, providing a unique window of opportunity. Tahsin and Barbaros, who met at Klarna, began discussing the idea behind Iyzico and met with an angel investor in 2012, allowing the founders to officially launch the company in 2013. "Our goal is to become the Stripe of the region," said COM PA N Y Iyzico CO U NT RY Turkey FL AG SEL EC T ED 2014 J O BS 81 ENT R EP R ENEU R S Tahsin Isın & Barbaros Özbugutu While frequently the center of media attention around political conflict and unrest, the MENA region boasts a thriving entrepreneurial ecosystem that is often overlooked by much of the world. This spirit of innovation in the region is demonstrated by many Endeavor companies, including two that we highlight below. The inspired entrepreneurs behind Iyzico and Mumzworld have driven their vision to reality and made a tangible and far-reaching impact on their industries, their home countries, and beyond. Barbaros, referencing the suc- cessful U.S.-based payment application. "Having become the leading payment solution for online businesses and enterprises in Turkey, Iyzico is enthusiastic to take its technology global." Iyzico was selected as an Endeavor company in 2014, and has shown impressive growth since then. In 2015, International Finance Corporation—the World Bank's investing arm—led Iyzico's Series B financing round, with participation from Istanbul- based 212, Austria's Speedinvest, and Endeavor Catalyst. In 2017, Iyzico closed its Series C led by Vostok Emerging Finance, with participation from London-based Amadeus Capital Partners and previous investors, International Finance Corporation and 212.