Sipay, one of the fastest-growing financial technology companies in Turkey, has announced a major milestone: the company has raised $78 million in its Series B funding round, reaching a valuation of $877 million — the highest ever recorded in the Turkish fintech ecosystem.
The round was led by Boston-based venture capital firm Elephant VC, with participation from QuantumLight VC, founded by Nik Storonsky, CEO of global fintech giant Revolut. This strategic investment highlights Sipay’s increasing prominence not just in the local market, but also on the global fintech stage.
Two Major Rounds in Nine Months
This latest round follows Sipay’s earlier funding success in June 2024, when it raised $15 million in a round led by global investment firm Anfa VC. That round attracted notable industry leaders such as Jitendra Gupta (Citrus Pay, Jupiter), Amrish Rau (Pine Labs), Kunal Shah (CRED), Ravish Naresh (Khatabook), and Edward Lando (Pareto Holdings), along with a number of experienced investors.
Explosive Growth Backed by Innovation and Awards
Founded in 2019, Sipay offers innovative, all-in-one financial solutions for both individuals and businesses. By providing a single-point system for all types of payments, the company serves a diverse client base including global corporations, banks, industrial firms, and tech companies.
In recognition of its achievements, Sipay received two awards at the 2024 Sardis Awards and won two gold awards at the 2024 PSM Awards. For the past two years, it has ranked at the top of Deloitte’s Technology Fast 50 Turkey Program in the e-money and payment services category.
Thanks to its sustainable and profitable growth model, Sipay has increased its revenue fivefold in the last year. Its current annual revenue forecast exceeds $600 million.
Nezih Sipahioğlu: “We’re Taking Our Success Global”
Sipay’s Founder and Global CEO, Nezih Sipahioğlu, emphasized that the new investment will accelerate their international expansion:
“We envision a world where financial solutions are accessible to everyone. Our pioneering approach in fintech allows us to deliver complete financial freedom through a unified platform. This investment not only reflects our leadership in Turkey but also empowers us to scale globally by building new partnerships and networks in emerging markets.”
Elephant VC: “Sipay Is Redefining the Financial Landscape”
Peter Fallon, Partner at Elephant VC, shared his perspective on the investment:
“In today’s rapidly evolving digital economy, fast and secure payment solutions are more crucial than ever. Sipay plays a vital role in reshaping the financial landscape with its inclusive, secure, and efficient offerings. Its focus on cross-border payments aligns perfectly with the ongoing globalization of commerce. We’re excited to support Sipay as it expands into new markets.”
Turkey’s Fintech Sector on the Rise
Burak Dağlıoğlu, President of the Investment Office of the Presidency of the Republic of Turkey, highlighted the country’s growing prominence in the fintech space:
“As the intersection point of global markets, Turkey is becoming one of Europe’s leading hubs for financial technologies. With a young, tech-savvy population and a strong spirit of entrepreneurship, our fintech sector is emerging as a global magnet for investment. Currently, there are 901 fintech startups in Turkey, 731 of which are actively operating. Over the last five years, 174 investment rounds have brought in over $411 million in funding.”
He added:
“Sipay’s success not only reflects the potential of the Turkish fintech ecosystem but also boosts our motivation as we work to attract more foreign investment and enhance the overall investment climate. We wholeheartedly congratulate everyone involved in this remarkable achievement.”
