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.
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