Turkish fintech startup Sipay has raised a $78 million Series B funding round, pushing its valuation to $875 million. The fast-growing company, often described as the “Stripe for emerging markets”, plans to use the fresh capital to accelerate its global expansion, especially in underserved regions where comprehensive fintech infrastructure is still lacking.
The round was entirely equity-based and led by Elephant VC, a U.S.-based firm. QuantumLight, the venture capital firm founded by Revolut co-founder Nik Storonsky, also participated in the round. This latest injection of capital comes after Sipay raised $15 million in its Series A in June 2024, which was led by Anfa.
Building a Fintech Super App for Emerging Markets
Launched in 2019, Sipay has built an all-in-one fintech platform that goes far beyond simple payment processing. Its app enables users to manage digital wallets, investment portfolios, loyalty programs, and foreign exchange (FX) transactions, while also offering embedded finance solutions.
Unlike Stripe, which has a narrow focus on payment processing, Sipay offers a wide range of white-label services. These include card issuing and digital wallet infrastructure—similar to the model used by Solaris Bank in the UK. This means fintech companies looking to launch their own branded cards or wallets can do so seamlessly through Sipay’s infrastructure.
The platform is already deeply integrated with major Turkish banks and works with global payment giants Visa and Mastercard. Its merchant base includes top Turkish e-commerce companies like Trendyol. Currently, Sipay has over 6.3 million wallet users and 25,000 registered merchants, giving it a solid foundation to springboard into international markets.
Profitable and Scaling Fast
Sipay has been profitable since 2023, a rare feat in the fintech world. Its revenue surged 5x year-over-year, with the company closing 2024 with a $600 million annual run-rate. Founder and global CEO Nezih Sipahioğlu attributes the rapid growth to the platform’s diversified offerings and strong product-market fit in regions where all-in-one solutions are still scarce.
“Stripe focuses on solving a single problem,” Sipahioğlu explained. “But in our markets, there’s no unified fintech solution. That’s why we’ve built something broader—something that fits the complexity and variety of financial needs in these regions.”
Strategic Focus: Cross-Border Payments and Global Trade
With the new funding, Sipay aims to scale its cross-border payment services, targeting emerging markets where international remittances and business transactions are still underserved by traditional players. This strategic move positions the startup as a catalyst for global trade and financial inclusion.
“As markets become more globalized, Sipay’s focus on cross-border payment solutions will help drive international growth and trade,” said Peter Fallon, general partner at Elephant VC.
