Sipay is a payment and embedded fintech startup that swept the turkey, and has announced a $78 million Series B round. The round was led by Elephant VC and was supported by Quantumlight, a venture company founded by Nik Storonsky of Revolut.
Momentum is nothing new. Deloitte has appointed Turkey’s fastest-growing fintech for Sipai in both 2023 and 2024. Last year, the company increased revenue five times the previous year, earning $600 million in 2024.
Founded in 2019 by Nezih Sipahioğlu, Sipay has built a platform that handles everything from online and in-person payments to digital wallets, FX and B2B finance tools. It serves both businesses and consumers under one roof, with 6.3 million wallet users and 25,000 registered merchants already using the Turkish platform.
The new funding will help push beyond Sipay’s home market, form new partnerships and help digital finance grow into an emerging market where it is gaining traction.
“Sipay’s unified platform offers a diverse range of financial products and services. It helps businesses and individuals achieve true financial freedom, which is evident from our incredible growth.” “This new round of funding allows us to take the next step in our global journey.”
Sipay has already processed over 100 million transactions and works with key partners such as Visa and MasterCard. Our customer base ranges from banks and manufacturers to high-tech companies. Notable partners include QNBPay (part of Turkey’s top 10 banks), Hepsipay (the payment division of NASDAQ-listed Hepsiburada), and Trendiol (owned by Alibaba).
Peter Fallon, general partner at Elephant VC, believes the company is suited to cross-border growth. “Sipay plays an important role in shaping the financial environment to be more inclusive, safe and efficient,” he said. “We look forward to helping Neji and his team replicate success in Turkey across the new market.”
Sipay previously raised $15 million in June 2024 in the Series A round led by ANFA. This latest round set the stage for the next chapter.
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