Billing itself as “Stripe for rising markets,” Turkish Fintech Sipay has raised a $78 million Series B funding spherical, claiming a valuation of $875 million within the course of.
This spherical is critical, as Sipay plans to broaden into markets exterior of Turkey, providing extra providers like remittances that Stripe at the moment doesn’t provide in these areas.
The all-equity spherical was led by U.S.-based Elephant VC, with participation from Revolut co-founder Nik Storonsky’s VC agency, QuantumLight.
Founded in 2019, Sipay operates an all-in-one app for managing digital wallets, investments and loyalty schemes, and affords embedded finance, FX transactions and different merchandise. It works with companions together with Visa and Mastercard, integrating with Turkish banks in addition to giant e-commerce suppliers comparable to Trendyol in Turkey. It has 6.3 million pockets customers and 25,000 registered retailers.
Sipay claims it’s been worthwhile since 2023, and its income has elevated 5x year-on-year. The firm says it ended final 12 months with run-rate income of $600 million.
“Stripe is finding out one single drawback, however there isn’t a all-in-one fintech resolution in our markets,” Nezih Sipahioğlu, founder and international CEO of Sipay, mentioned. “So that’s why now we have totally different merchandise.”
“Our providers run as a white label, just like Solaris Bank within the U.Okay. So any fintech that wishes to problem their very own card or pockets can do it by us,” he mentioned.
He added that the startup bootstrapped its progress till June 2024, when it raised a $15 million Series A funding spherical that was led by Anfa.
“As markets develop into extra globalized, Sipay’s deal with cross-border cost options will assist drive worldwide progress and commerce,” Peter Fallon, normal accomplice at Elephant VC, mentioned in an announcement.
