Turkish fintech startup Sipay has raised $78 million in a Series B funding round, reaching a valuation of $875 million. The round, which was fully equity-based, was led by U.S.-based Elephant VC and saw participation from QuantumLight, the venture firm founded by Revolut co-founder Nik Storonsky.
Sipay, which launched in 2019, positions itself as the “Stripe for emerging markets” and is aiming to expand its services beyond Turkey. In addition to offering digital wallets, investments, loyalty programs, and embedded finance, the company plans to introduce new services such as remittances—an area where Stripe currently lacks offerings in these regions.
Sipay’s all-in-one platform supports a variety of financial services, including foreign exchange transactions and integrations with major players like Visa, Mastercard, and large Turkish e-commerce companies such as Trendyol. The company currently boasts 6.3 million wallet users and 25,000 registered merchants.
Sipay claims to have achieved profitability in 2023, with a 5x year-on-year revenue growth. It ended the year with a run-rate revenue of $600 million.
Founder and global CEO Nezih Sipahioğlu explained that while Stripe focuses on a single financial problem, there is no comprehensive fintech solution serving emerging markets. “That’s why we have different products,” he said. Sipay’s platform operates as a white-label service, allowing fintech companies to offer their own cards or wallets using Sipay’s infrastructure, similar to how Solaris Bank operates in the U.K.
Sipay had bootstrapped its growth until June 2024, when it raised a $15 million Series A round led by Anfa. With the new Series B funding, Sipay is poised to continue its expansion and further solidify its position in emerging markets.
