Bill yourself as a “strip of emerging markets”, Turkish fintech sipay A $78 million Series B funding round has been raised, claiming a valuation in the process at $875 million.
This round is very important because sipay Plans are expanding to markets outside Türkiye to provide other services such as remittances currently not provided in these areas.
The full equity is led by the United States based on the United States Elephant VCVC company involved in Revolut co-founder Nik Storonsky Quantumlight.
Founded in 2019, Sipay operates an all-in-one application for managing digital wallets, investments and loyalty programs, and offers embedded financing, FX transactions and other products. It works with partners including Visa and Mastercard to integrate with Turkish banks and large e-commerce providers such as Türkiye Thenyol. It has 6.3 million wallet users and 25,000 registered merchants.
Sipay claims it has been profitable since 2023, with its revenue growing five times year-on-year. The company said last year’s operating rate revenue was $600 million.
“Stripe is solving a problem, but there is no all-in-one fintech solution in our market,” said Nezih Sipahioğlu, founder and global CEO of Sipay. “That’s why we have different products.”
“Our service runs as a white label, similar to Solaris Bank in the UK, so any fintech that wants to issue its own card or wallet can do it through us,” he said.
He added that the startup’s growth continued until June 2024, when it raised a $15 million Series A financing round led by ANFA.
“As the market becomes more global, Sipay’s focus on cross-border payment solutions will help drive international growth and trade,” Peter Fallon, general partner of Elephant VC, said in a statement.
