Sipay, a leading payment and embedded finance platform for businesses and consumers in Turkey, announced a $78 million Series B funding round, hitting a valuation of over $875 million. Elephant VC led the round, which was participated in by Nik Storonsky’s VC firm QuantumLight.
The company has been profitable since 2023 and has seen its revenue increase five times year-on-year, ending the year on a $600 million revenue run rate. This latest raise follows its $15 million Series A led by Anfa in June 2024.
The funding will enable Sipay to establish new partners and networks in emerging markets. It is looking to accelerate its expansion internationally following its success in Turkey, where it has 6.3 million wallet users and 25,000 registered merchants.
Launched in 2019, Sipay designs financial products and services that comprehensively address the needs of businesses and individuals. And the business platform enables companies to manage and monitor their entire financial landscape from a single point, with innovative payment solutions, embedded finance, FX transactions and more. Sipay Personal is an all-in-one money app for managing digital wallets, investments and loyalty schemes.
Since its launch, Sipay has facilitated 100 million transactions, working closely with trusted partners, including Visa and Mastercard, to transform financial processes. And its broad customer base spans traditional banking institutions and industrial businesses to technology champions. These include QNBpay (a subsidiary of QNB, one of the top ten banks in Turkey), Hepsipay (Nasdaq-listed Hepsiburada’s proprietary online payment service), and large international groups like Alibaba-owned Trendyol.
KEY QUOTES:
“This investment fuels our mission to redefine the global payments ecosystem. Our unified platform offering diverse financial products and services helps businesses and individuals achieve true financial freedom. This is clear from our remarkable growth. This new funding round will allow us to take the next step in our global journey, bringing Sipay’s comprehensive payment solutions into new emerging markets.”
- Nezih Sipahioğlu, Founder and Global CEO of Sipay
“In today’s fast-evolving digital economy, seamless and secure payment solutions are more critical than ever. Sipay is playing a vital role in reshaping the financial landscape to be more inclusive, secure, and efficient. As markets become more globalised, Sipay’s focus on cross-border payment solutions will help drive international growth and trade, and we are excited to support Nezih and his team in replicating their success in Turkey across new markets.”
- Peter Fallon, General Partner at Elephant VC
