Sipay Raises $78M for Global Expansion, Valuation Exceeds $875M

Sipay, a Turkish fintech startup, has successfully raised $78 million in a Series B funding round, achieving a valuation of over $875 million. This round, led by Elephant VC and supported by Nik Storonsky’s QuantumLight, marks a significant step in Sipay's expansion beyond Turkey, targeting emerging markets where it plans to introduce remittance services. The company, which has been profitable since 2023 and boasts 6.3 million wallet users and 25,000 merchants, has seen its revenue grow fivefold year-over-year, finishing with a $600 million run rate. Founded in 2019, Sipay offers a comprehensive platform for digital payments and embedded finance, distinguishing itself from competitors like Stripe by providing an all-in-one solution for diverse fintech needs. Nezih Sipahioğlu, the company's founder, emphasized the potential for cross-border payment solutions to drive international growth. Sipay's innovative model and successful funding round underscore its role in reshaping the financial landscape in emerging markets.