Billing itself as a “developing market tape”, Fintech Sipay Turk has raised a $ 78 million Serie B funding, claiming a $ 875 million rating in the process.
This round is significant, as Sipay plans to expand into markets outside Turkey, providing additional services such as remittances that stripe does not currently offer to those regions.
The all-Capital round was led by Elephant VC based in the US, with participation by the VC firm of the co-founder of the Nik Storonsky, Quantumlight.
Founded in 2019, Sipay operates a comprehensive app for digital management, investments and loyalty schemes, and offers embedded finances, FX transactions and other products. She works with partners including Visa and MasterCard, integrating with Turkish banks, as well as large e -commerce providers such as Trendyol in Turkey. There are 6.3 million portfolio users and 25,000 registered traders.
Sipay claims to have been profitable since 2023, and its revenues have increased 5x year by year. The company says it ended last year with income from $ 600 million.
“Stripe is ranking a single problem, but there is no comprehensive Fintech solution in our markets,” said Nezih Sipahioğlu, the founder and CEO Global I Sipay. “That is why we have different products.”
“Our services function as a white label, similar to the UK Solaris Bank, so any Fintech who wants to release their card or portfolio can do it through us,” he said.
He added that bootstrapped its growth until June 2024, when it collected a $ 15 million Serie A funding round led by Anfa.
“As markets become more globalized, Sipay’s concentration on cross -border payment solutions will help promote growth and international trade,” said Peter Fallon, General partner at Elephant VC, in a statement.
