Turkish fintech startup Sipay, often described as a “Stripe for emerging markets,” has raised $78 million in a Series B funding round, bringing the company’s valuation to $875 million. The funding round was led by U.S.-based Elephant VC, with additional investment from QuantumLight, a venture capital firm founded by Revolut co-founder Nik Storonsky.
Founded in 2019, Sipay offers a comprehensive platform that encompasses digital wallet management, embedded finance solutions, FX transactions, investment services, and loyalty programs. The platform integrates with major payment networks including Visa and Mastercard, multiple Turkish banks, and prominent e-commerce platforms such as Trendyol. Currently, Sipay reports having approximately 6.3 million users and serves around 25,000 registered merchants.
Profitable since 2023, Sipay says it has experienced rapid growth, increasing its revenues fivefold annually. By the end of last year, the company had reached an annual revenue run-rate of around $600 million. According to founder and global CEO Nezih Sipahioğlu, the firm’s unique selling proposition in emerging markets lies in its diversified, integrated solutions, which go beyond simple online payments and address multiple financial services needs. These offerings notably include remittance services, a category in which standard payment providers like Stripe have less presence in these regions.
Sipay operates largely through a white-label model, enabling other fintech companies to quickly issue their own branded cards or wallets. CEO Sipahioğlu likened this operating model to that of Solaris Bank in the United Kingdom. Following bootstrapped initial growth, the company secured its first external funding—a $15 million Series A round from investor Anfa—in June 2024.
With these new funds, Sipay intends to accelerate its international expansion, bringing its specialized fintech services into additional emerging markets outside Turkey. Elephant VC General Partner Peter Fallon emphasized the relevance of Sipay’s cross-border financial solutions, particularly in an increasingly globalized economy, highlighting their potential to significantly facilitate international trade and growth.
