Türkiye's leading fintech startup Sipay, founded in 2019, successfully completed its Series B funding round, raising USD 78 million at a record-breaking valuation of USD 877 million. This significant milestone positions Sipay as the fintech company with the highest valuation in Türkiye.
The investment round was led by Elephant, a prominent US-based venture capital firm, and joined by QuantumLight VC, founded by Nik Storonsky, CEO of the global fintech giant Revolut.
Sipay, known for providing comprehensive, one-stop solutions for all payment acceptance methods, serves a diverse customer base, including global corporations, traditional banks, industrial enterprises, and technology companies. Demonstrating remarkable profitability and growth, the company increased its turnover fivefold over the past year and anticipates annual revenues exceeding USD 600 million.
With the newly secured funds, Sipay aims to accelerate its international expansion, foster global growth, establish new partnerships, and strengthen its presence in emerging markets.
Investment and Finance Office President A. Burak Dağlıoğlu highlighted Türkiye's increasingly prominent position as a leading fintech hub in Europe, reflecting its role as the "Nexus of the World."
Dağlıoğlu emphasized the fintech sector's pivotal role in economic growth, employment generation, and improving access to digital financial services, stating:
"With our young and digitally-savvy population, entrepreneurial spirit, and capacity for innovation, we are transforming Türkiye into a global fintech powerhouse. Currently, there are 901 fintech startups in Türkiye, with 731 actively operating. Over the past five years, fintech startups have received investments totaling USD 411.1 million across 174 funding rounds. These figures clearly showcase the competitive strength of Türkiye's fintech ecosystem globally. Under the leadership of President Recep Tayyip Erdoğan, the Investment and Finance Office continues its relentless efforts to increase FDI and enhance Türkiye's investment environment. The recent investment in Sipay not only underscores investor confidence in Türkiye's potential but also boosts our determination to achieve our goals. I sincerely congratulate everyone who contributed to this remarkable achievement, demonstrating Türkiye's rising prominence in the global fintech ecosystem."
Sipay Founder and Global CEO Nezih Sipahioğlu expressed confidence that the new funding would significantly support their mission to redefine the global payment ecosystem.
"At Sipay, we envision a world where financial solutions are accessible to everyone," Sipahioğlu stated. "Through our pioneering approach to fintech innovation, we provide single-point access to comprehensive financial solutions, empowering both businesses and individuals with true financial freedom. This vision is the key driver behind our exceptional growth. Achieving the highest valuation ever in Türkiye's fintech sector with this funding round marks a historic milestone for us. The investment will facilitate our international expansion, enabling us to build new partnerships and networks in emerging markets."