Turkish Fintech Sipay Raises $78M Series B, Now Valued at $875M

Nezih Sipahioglu, Sipay Founder & Global CEO

Turkish fintech company Sipay has raised $78 million in Series B funding, valuing the company at $875 million. The round was led by Elephant VC from the U.S., with support from QuantumLight, a venture firm started by Revolut co-founder Nik Storonsky.

Sipay plans to use the funds to expand beyond Turkey, focusing on emerging markets. It will launch services like cross-border remittances, which are not yet offered by competitors like Stripe in these regions.

This move is part of Sipay’s strategy to stand out by offering services that fill gaps in current fintech offerings, especially in growing markets.

Nezih Sipahioğlu, the founder and global CEO of Sipay, shared his vision for the company: “Stripe is sorting out one single problem, but there is no all-in-one fintech solution in our markets. So that’s why we have different products.” This approach positions Sipay to cater to diverse fintech needs across the emerging markets it plans to enter. Our services run as a white label, so any fintech that wants to issue their own card or wallet can do it through us.”

With the new Series B funding, Sipay is ready to grow faster and improve its products, offering more complete fintech services in more markets.

Peter Fallon from Elephant VC said that as the world becomes more connected, Sipay’s focus on cross-border payments can boost global trade and growth.

Sipay is changing the game in emerging markets, where big players like Stripe haven’t yet met all local financial needs.

By offering a one-stop platform that works with both global systems and local banks, Sipay is well-positioned to meet the rising demand for fintech in these regions.

The fintech industry in Turkey and the Middle East is growing fast, with more people and businesses using digital financial services.

Sipay has partnered with big names like Visa, Mastercard, local Turkish banks, and e-commerce site Trendyol, helping it reach 25,000 registered merchants.

Source: Startup Rise