Pricing as “Strip for emerging purchases”, Turkish Fintech Home side It has increased a $ 78 million funding round, supporting a $ 875 million valuation in the process.
This round is important, as Sipay plans to expand to markets outside Turkey, offering additional services such as remittances that stripe does not currently offer in these areas.
The round of all shares was driven by the US Elephant VCWith the participation of VC Company of Revolut, Nik Storonsky, Quantum light.
Founded in 2019, SIPay is taking advantage of an all-in-one application for digital wallets, investment and dedication programs and offers built-in funding, FX transactions and other products. It operates with partners, including Visa and Mastercard, incorporating Turkish banks, as well as major e -commerce providers such as Trendyol in Turkey. It has 6.3 million wallet users and 25,000 registered traders.
Sipay claims to be profitable by 2023 and his revenue has increased 5 times on a yearly basis. The company says it ended last year with $ 600 million in revenue.
“Stripe chooses just one problem, but there is no All-in-One FinTech solution in our markets,” said Nezih Sipahioğlu, founder and world-class CEO of SIPay. “That’s why we have different products.”
“Our services are running as a white label, similar to Solaris Bank in the United Kingdom, so that any FinTech who wants to issue his own card or wallet can do it through us,” he said.
He added that the start started its growth by June 2024, when it increased a $ 15 million $ funding round driven by ANFA.
“As markets become more globalized, SIPay’s focus on cross -border payment solutions will help promote international development and trade,” said Peter Fallon, Elephant VC’s general partner.
