Sipay Expands Global Vision with $78 Million Investment Round
Turkey-based fintech company Sipay has raised $78 million at a valuation of $877 million in its Series B funding round, led by international investors.
Silas Davenport 
Sipay, a financial technology company founded in 2019 and headquartered in Turkey, has secured $78 million in its latest funding round, which placed the company at a valuation of $877 million. The Series B round was led by Elephant VC, a well-known United States-based venture capital firm. The round also attracted QuantumLight VC, an investment firm established by Nik Storonsky, the CEO of Revolut. According to the company, the funds will be used to accelerate Sipay’s expansion into international markets, particularly in developing regions where demand for integrated digital payment infrastructure is growing.
Services and corporate client base
Sipay offers an array of financial services that include digital wallets, virtual POS systems, link-based payments, QR code transactions, and open banking features. The company’s platform is designed to function as a unified interface for both individuals and businesses, providing financial operations that are compatible with traditional banking infrastructure and modern API-based digital platforms. Among its clients are firms in the retail, e-commerce, logistics, education, manufacturing, and healthcare sectors.
The startup’s integrated services make it possible for businesses to manage transactions through a single platform, eliminating the need for multiple providers. In addition to its local operations, Sipay has taken steps toward international expansion, aligning with its broader goal of offering globally adaptable financial tools.
Investment history and growth performance
This latest funding round follows Sipay’s first investment round in June 2024, during which it raised $15 million under the leadership of Anfa VC. That round included contributions from prominent industry figures such as Jitendra Gupta (Citrus Pay and Jupiter), Amrish Rau (Pine Labs), Kunal Shah (CRED), Ravish Naresh (Khatabook), and Edward Lando (Pareto Holdings). These early investments laid the foundation for Sipay’s rapid financial and operational growth. The company reported that it had multiplied its revenue fivefold within the last year, with its annual revenue now projected to exceed $600 million.
Leadership and industry recognition
The founder and Global CEO of Sipay is Nezih Sipahioglu, who continues to lead the company’s strategic growth and international outreach. Under his direction, Sipay has not only expanded its market reach but also received recognition in the fintech sector. The company won two awards at the Sardis Awards 2024 and received two gold awards at the PSM Awards 2024. In addition, Sipay has been ranked among the top e-money and payment service providers in the Deloitte Technology Fast 50 Turkey program for two consecutive years.
Sipay’s operations are regulated in line with national financial standards and comply with the frameworks established by the Central Bank of the Republic of Turkey and the Banking Regulation and Supervision Agency (BDDK). The firm continues to position itself as a key player in the financial digitalization process in Turkey and aims to extend that influence to global markets.
