Turkish fintech company Sipay, often described as the "Stripe for emerging markets," has completed a $78 million Series B funding round, reaching a valuation of $875 million.
The all-equity round was led by U.S.-based Elephant VC, with participation from QuantumLight, the investment firm founded by Revolut co-founder Nik Storonsky.
Founded in 2019, Sipay offers a comprehensive app that combines digital wallets, investment tools, and loyalty programs. The company also provides embedded financial services, foreign exchange transactions, and a variety of other fintech solutions. Currently, Sipay partners with global giants such as Visa and Mastercard, and works with major Turkish e-commerce platforms like Trendyol. Its user base includes 6.3 million wallet users and 25,000 registered merchants.
Sipay reports it has been profitable since 2023 and has grown its revenue fivefold year-over-year, ending the previous year with a $600 million run-rate revenue.
“Sipay addresses the lack of all-in-one fintech solutions in our markets, while Stripe focuses on a single problem,” said Nezih Sipahioğlu, founder and global CEO of Sipay. “That’s why we offer diverse products.”
He added that Sipay operates as a white-label service provider, enabling other fintech companies to issue their own cards or digital wallets using Sipay’s infrastructure.
The company bootstrapped its growth until June 2024, when it raised a $15 million Series A round led by Anfa.
“As markets become more globalized, Sipay’s focus on cross-border payment solutions will help drive international growth and trade,” said Peter Fallon, general partner at Elephant VC.
