In this episode of Invest in Türkiye Talks, the spotlight turns to Nezih Sipahioğlu, the Founder of Sipay, one of Türkiye's fastest growing fintech startups. With a background in international consultancy and corporate services, Sipahioğlu transitioned from Global Trust—a company he founded in 2013 to support Turkish entrepreneurs expanding globally—to launching Sipay in 2019. His journey reflects a broader trend in the evolution of Türkiye's financial technology ecosystem, where traditional boundaries between banking and digital services continue to blur.
Sipay began as a response to the complexity of managing multiple financial services across various platforms. The company positions itself as a comprehensive financial marketplace, addressing the needs of individuals, SMEs, and even other fintechs and banks. By offering a wide range of financial products and services under one roof, Sipay aims to simplify financial management for its users. The platform includes solutions such as money transfers, bill payments, card issuance, loan applications, and open banking features, all integrated into a single user experience.
Sipahioğlu also highlights that Sipay's structure allows for cross-segment value creation. The company operates through three primary verticals: Sipay Business targets SMEs with tools for payment processing, banking integration, and international transfers. Sipay Personal serves individual users with a similar product suite tailored for personal finance. The third vertical, Sipay-as-a-Service, provides SaaS infrastructure for other fintechs and financial institutions. This layered approach enables Sipay to serve a broad client base while ensuring scalability and flexibility across different market needs.
While Türkiye remains Sipay's core market, the company has outlined a clear strategy for international expansion. With a USD 78 million Series B funding round completed and a valuation exceeding USD 875 million, Sipay has set its sights on emerging markets. The planned expansion includes the MENA region, CIS countries, and Africa, with operations centered respectively in the UAE, Azerbaijan, and South Africa. This geographic focus aligns with Sipay's broader mission to facilitate cross-border financial access for both Turkish businesses abroad and international investors entering Türkiye.
Sipahioğlu points out that Sipay is not positioned as a replacement for traditional banks. Instead of encouraging users to abandon their existing institutions, Sipay provides an interface to manage them collectively. This model not only saves users time and money but also creates a unified digital experience that supports informed financial decision-making. By integrating rather than disrupting the ecosystem, Sipay enhances accessibility while maintaining compatibility with conventional banking systems.
The company places significant emphasis on internal culture and alignment. With over 300 employees, Sipay fosters a work environment centered on shared goals and transparent leadership. A structured management team ensures that company-wide strategies are effectively communicated and implemented across all levels of the organization.
In addition to its core offerings, Sipay has launched hesap.com, an aggregator that helps users compare financial products such as loans, credit cards, and savings accounts. Still under the Sipay umbrella, this platform serves as an extension of the brand's mission to simplify financial decision-making. With strong initial traffic, it is positioned to become a leading aggregator in the market within the next few years.
Sipay continues to explore the applications of AI and blockchain. While currently used to improve internal efficiency and data transparency, these technologies are expected to play a larger role in customer-facing services in the near future. The company adopts a cautious, compliance-first approach to innovation, especially in the highly regulated financial environment.
Throughout the episode, Sipahioğlu emphasizes the importance of thorough market research and setting realistic expectations for entrepreneurship. His perspective reflects the practical challenges and responsibilities of leading a high-growth startup—particularly in an industry where timing, execution, and trust are critical.