Sipay, a payments and embedded finance platform based in Turkey, has raised US$78 million in a Series B funding round, bringing its valuation to over US$875 million.
The round was led by Elephant VC, with participation from QuantumLight, the venture capital firm founded by Nik Storonsky.
The company reported a fivefold increase in revenue year-on-year and closed the year with a US$600 million revenue run rate.
This follows its US$15 million Series A round in June 2024, which was led by Anfa.
Sipay plans to use the new funding to support its international expansion, particularly in emerging markets.
The company currently has 6.3 million wallet users and 25,000 registered merchants in Turkey.
Founded in 2019, Sipay develops financial tools for both consumers and businesses.
Its platform offers services such as payment processing, embedded finance, and foreign exchange transactions.
Its consumer-facing app, Sipay Personal, supports digital wallet management, investments, and loyalty programmes.
Since its inception, Sipay has processed 100 million transactions.
It collaborates with firms such as Visa and Mastercard, and its clients include QNBpay, Hepsipay, and Trendyol.
Nezih Sipahioğlu, Sipay’s Founder and Global CEO, said:
“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.”
Featured image credit: edited from freepik
