Turkish fintech Sipay secured a significant round of funding and is now positioning itself to broaden its services beyond its home market. The company aims to offer a comprehensive suite of financial products that are not currently available from competitors in various emerging markets. Its plans include entering new regions with remittance capabilities in addition to other digital financial solutions.
Sipay Secures $78M in Series B Funding
Planned Expansion into Emerging Markets
Recent funding news confirms that Sipay raised $78M in a Series B round, resulting in a valuation of $875M. Notable investors such as Elephant VC, a U.S.-based venture capital firm, led the round, while QuantumLight, established by Revolut co-founder Nik Storonsky, also participated. This capital surge enables Sipay to invest in innovative products and scale operations across multiple regions.
Company representatives announced plans to introduce cross-border remittance solutions that are currently absent from market offerings by competitors like Stripe. Sipay intends to deliver a white-label solution that permits fintech operators to issue their own cards or wallets under their brand. This move positions the startup to meet diverse financial service needs that remain unaddressed in many emerging economies.
Nezih Sipahioğlu, Sipay’s founder and global CEO, stated:
“Stripe is sorting out one single problem, but there is no all-in-one fintech solution in our markets. So that’s why we have different products.”
The company’s strategy emphasizes versatility and integration, which may attract fintech partners seeking comprehensive platforms for expanding their service offerings.
Additional comments from the leadership underscored the company’s white-label service model.
Sipahioğlu added, “Our services run as a white label, so any fintech that wants to issue their own card or wallet can do it through us.”
Early-stage developments were self-financed until a $15M Series A round, demonstrating the company’s progressive growth trajectory since its founding in 2019.
External sources from prior reporting echo Sipay’s strategic funding and expansion plans, highlighting the growing divergence between established global fintech players and local startups addressing regional needs. Updated information confirms the company’s emphasis on comprehensive solutions that serve both global financial systems and localized market demands.
Industry observers note that Sipay’s approach offers a broader range of financial services than typical single-service competitors. By partnering with well-known brands and integrating with local financial institutions and e-commerce platforms, Sipay is expected to drive broader market engagement. The startup’s product mix aims to serve an increasing base of merchants and consumers in the rapidly digitizing financial landscape.
