Turkey’s Sipay Raises $78 Million at $875M Valuation

Turkish embedded finance fintech Sipay has secured $78 million in fresh funding, valuing the company at $875 million. The round was led by Elephant VC, with backing from QuantumLight, the VC firm founded by Revolut co-founder Nik Storonsky.

This marks Sipay’s second funding round, following a $15 million Series A in June 2024, five years after the firm was founded as a bootstrapped operation.

Sipay provides white-label embedded finance solutions, supporting digital wallets, investments, loyalty schemes, and more. The firm integrates with Mastercard, Visa, Turkish banks, and major e-commerce platforms, offering infrastructure similar to the UK’s Solaris Bank.

The company boasts 6.3 million wallet users, 25,000 registered merchants, and a 2024 run-rate revenue of $600 million. It has been profitable since 2023, underscoring strong demand for its services in Turkey’s rapidly evolving fintech landscape.

Nezih Sipahioğlu, founder and global CEO, says: “Our services run as a white label, similar to Solaris Bank in the UK. So any fintech that wants to issue their own card or wallet can do it through us.”