Turkish embedded finance fintech Sipay has successfully raised $78 million, achieving a valuation of $875 million.
The funding round was led by Elephant VC, with additional participation from QuantumLight, the venture capital firm founded by Revolut co-founder Nik Storonsky. This marks Sipay’s second fundraising event, following a $15 million Series A round in June 2024, five years after the company was established as a bootstrapped operation.
Sipay offers white-label embedded finance applications that support digital wallets, investments, loyalty programs, and more. The company collaborates with Mastercard and Visa, integrating its services with Turkish banks and major e-commerce platforms.
Having been profitable since 2023, Sipay boasts 6.3 million wallet users and 25,000 registered merchants, with a run-rate revenue reaching $600 million last year. Nezih Sipahioğlu, founder and global CEO of Sipay, commented, “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.”