Billing itself as “Stripe for rising markets,” Turkish Fintech Sipay has raised a $78 million Sequence B funding spherical, claiming a valuation of $875 million within the course of.
This spherical is critical, as Sipay plans to increase into markets outdoors of Turkey, providing extra providers like remittances that Stripe at present 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.
Based in 2019, Sipay operates an all-in-one app for managing digital wallets, investments and loyalty schemes, and presents embedded finance, FX transactions and different merchandise. It really works with companions together with Visa and Mastercard, integrating with Turkish banks in addition to massive e-commerce suppliers equivalent 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 corporate says it ended final 12 months with run-rate income of $600 million.
“Stripe is checking 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. “In order that’s why we have now completely different merchandise.”
“Our providers run as a white label, just like Solaris Financial institution within the U.Okay. So any fintech that desires to subject their very own card or pockets can do it via us,” he mentioned.
He added that the startup bootstrapped its development till June 2024, when it raised a $15 million Sequence A funding spherical that was led by Anfa.
“As markets develop into extra globalized, Sipay’s deal with cross-border fee options will assist drive worldwide development and commerce,” Peter Fallon, normal accomplice at Elephant VC, mentioned in a press release.
