Turkish Embedded Finance Fintech Sipay Raises $78 Million In A Recent Funding Round
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Sipay, an embedded finance fintech firm headquartered in Turkey, recently concluded a funding round that allowed it to raise $78 million. Meanwhile, the company’s valuation sits at $875 million.
The round was led by Elephant VC, but it also saw participation from several other big names, including QuantumLight — a venture capital company established by Revolut’s co-founder, Nik Storonsky.
The new funding round represented Sipay’s second fundraising event, after it initially managed to secure $15 million during a Series A round held last year, in June. This round took place five years after the bootstrapped operation was initially founded, and the company has come a long way in the meantime.
What Does Sipay Have To Offer?
Sipay offers white labeled embedded finance apps that provide support for digital wallets, loyalty schemes, investments, and more. The company has been known to work closely with some major players in the finance industry, such as Visa and Mastercard. It also integrates with banks across Turkey, as well as other large e-commerce marketplaces.
The firm claims that it has been profitable since 2023, and it currently boasts over 6.3 million wallet users. On top of that, it has more than 25,000 registered merchants. Finally, the firm’s reports show that its run-rate revenue hit $600 million last year.
Commenting on the platform, its founder and global CEO, Nezih Sipahioglu, stated that the company’s services run as a white label, similar to Solaris Bank in the UK. With that in mind, any fintech that plans to issue its own card or wallet can do it through Sipay, which stands ready to provide its services.
Its business platform supports payment processing, embedded finance, and forex transactions, while Sipay Personal offers a money app for managing digital wallets, prepaid cards, investments, and transfers.
With the fresh funding, the company’s goal moving forward is to establish new partnerships and networks sin emerging markets, as well as to speed up its international expansion.
