Sipay, the rapidly scaling Turkish fintech specialising in embedded finance and payment solutions, has raised $78 million in a Series B funding round, pushing its valuation beyond $875 million.
The round was led by US-based venture capital firm Elephant VC, with support from QuantumLight, the investment firm founded by Revolut CEO Nik Storonsky.
Recognised as Turkey’s fastest-growing fintech by Deloitte in both 2023 and 2024, Sipay has seen its revenue multiply fivefold year-on-year, ending 2024 on a $600 million revenue run rate. Profitable since 2023, the company has continued to gain momentum since its $15 million Series A round led by Anfa in June last year.
The new capital injection will power Sipay’s international expansion, with a focus on forming strategic partnerships and networks in emerging markets. The move follows strong growth in its domestic market, where the company boasts 6.3 million digital wallet users and 25,000 registered merchants.
Founded in 2019, Sipay offers a comprehensive suite of financial products for both businesses and consumers. Its business platform enables firms to manage payments, FX transactions, and embedded finance through a unified dashboard, while Sipay Personal provides users with an all-in-one money app covering digital wallets, investments, and loyalty schemes.
To date, the company has processed over 100 million transactions and works with global payment giants including Visa and Mastercard. Its client roster spans from traditional banks and industrial groups to tech disruptors, including QNBpay (a QNB subsidiary), Nasdaq-listed Hepsiburada’s payment service Hepsipay, and Alibaba-owned Trendyol.
Nezih Sipahioğlu, Founder and Global CEO of Sipay, commented: “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 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.”
Peter Fallon, General Partner at Elephant VC, added: “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. We’re proud to support Nezih and the team as they expand their success beyond Turkey.”
With the backing of top-tier investors and a strong track record of growth, Sipay is positioning itself as a global contender in the competitive fintech space, focused on transforming financial infrastructure and boosting financial inclusion across borders.
