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Billing itself as “ Stripe for come forth markets , ” Turkish fintechSipayhas rear a $ 78 million Series B funding around , claiming a valuation of $ 875 million in the operation .
This one shot is significant , as Sipay plans to amplify into market place outside of Turkey , offering extra services like remittances that Stripe presently does not offer up in those region .
The all - equity beat was conduct by U.S.-basedElephant VC , with participation from Revolut co - founder Nik Storonsky ’s VC house , QuantumLight .
Founded in 2019 , Sipay operates an all - in - one app for manage digital billfold , investments , and loyalty schemes , and offers embedded finance , FX transactions , and other products . It works with partner , including Visa and Mastercard , integrating with Turkish savings bank , as well as large e - mercantilism supplier such as Trendyol in Turkey . It has 6.3 million wallet user and 25,000 register merchants .
Sipay claims it ’s been profitable since 2023 , and its revenue has increased 5x year - on - year . The society says it ended last year with run - charge per unit revenue of $ 600 million .
“ Stripe is assort out one single trouble , but there is no all - in - one fintech solution in our markets , ” Nezih Sipahioğlu , founding father and global CEO of Sipay , said . “ So that ’s why we have unlike products . ”
“ Our services hunt as a livid label , like to Solaris Bank in the U.K. So any fintech that wants to come forth their own card or wallet can do it through us , ” he said .
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He added that the startup bootstrapped its ontogenesis until June 2024 , when it raised a $ 15 million Series A financing round that was led by Anfa .
“ As markets become more globalise , Sipay ’s focus on cross - border defrayal solutions will help drive external growing and trade , ” Peter Fallon , general partner at Elephant VC , say in a statement .
