Turkish Fintech Sipay Raises \(78M Series B at \)875M Valuation
Istanbul-based fintech startup Sipay has secured a \(78 million Series B funding round at a valuation of \)875 million, positioning itself as a comprehensive financial services platform for emerging markets. The company, often described as “Stripe for emerging economies,” plans to use this capital to expand beyond Turkey while offering services traditional payment processors don’t provide in these regions.
Key Investors and Growth Strategy
The all-equity round was led by Elephant VC, a U.S.-based venture capital firm, with participation from QuantumLight, the VC firm founded by Revolut co-founder Nik Storonsky. This funding follows Sipay’s $15 million Series A in June 2024 led by Anfa.
What Makes Sipay Unique?
Founded in 2019, Sipay differentiates itself by offering:
- All-in-one financial ecosystem: Digital wallets, investments, loyalty programs
- Embedded finance solutions: White-label services for fintechs
- Cross-border capabilities: FX transactions and remittance services
- Strategic partnerships: Collaborations with Visa, Mastercard, and major Turkish e-commerce platforms like Trendyol
Market Traction and Financial Performance
Sipay reports impressive metrics:
- 6.3 million wallet users
- 25,000 registered merchants
- 5x year-over-year revenue growth
- $600 million run-rate revenue at end of 2024
- Profitability achieved in 2023
Leadership Vision
“While Stripe solves one specific problem, there’s no comprehensive fintech solution in our target markets,” explained Nezih Sipahioğlu, Sipay’s Founder and Global CEO. “Our white-label infrastructure allows any fintech to issue cards or wallets through our platform, similar to Solaris Bank’s model in the UK.”
Investor Perspective
Peter Fallon, General Partner at Elephant VC, commented: “As markets globalize, Sipay’s cross-border payment solutions are perfectly positioned to facilitate international trade and economic growth in emerging economies.”
This funding round marks a significant milestone for Sipay as it prepares to bring its innovative financial solutions to underserved markets worldwide.
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