Evaluating only iyzico’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
MILESTONE
CRISIS
SHUTDOWN
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Documented cause
iyzico was Turkey's leading payment gateway for small businesses, processing over $2B annually by 2019. PayU acquired it for $165M in 2019, initially seeming like a success story. But the Lira crisis, post-acquisition integration challenges, and intensifying competition from local banks and Stripe's Turkey entry made iyzico's standalone product increasingly uncompetitive. By 2022, the product was effectively folded into PayU's infrastructure and the iyzico brand discontinued.
Lesson
“Payment founders accepting strategic acquisitions should negotiate earnouts based on product investment commitments — not just upfront price.”