One of Europe鈥檚 fastest-growing FinTechs, Sipay, has raised a $78m Series B funding round from investors including Revolut CEO Nik Storonsky鈥檚 VC firm QuantumLight.
The round was led by Elephant VC and with it, the Turkey-based firm has achieved a valuation in excess of $875m.
Ranked the fastest-growing FinTech in Turkey by Deloitte in 2023 and 2024, the company has been profitable since 2023 and has seen its revenue increase five times year-on-year, ending the year on a $600m revenue run rate.聽
The investment will enable the company to establish new partners and networks in emerging markets as it looks to accelerate its expansion internationally following its success in Turkey, where it has 6.3m wallet users and 25,000 registered merchants.聽聽
Its success has caught the eye of the CEO of UK FinTech giant Revolut, Nik Storonsky, whose VC firm joins the list of backers of the Turkey-based business.
This news came shortly after Revolut announced plans to become a fully-fledged UK bank and hire hundreds of new staffers.
鈥淭his investment fuels our mission to redefine the global payments ecosystem. Our unified platform offering diverse financial products and services helps businesses and individuals achieve true financial freedom,鈥� said Nezih Sipahio臒lu, founder and global CEO of Sipay.
鈥淭his is clear from our remarkable growth. This new funding round will allow us to take the next step in our global journey, bringing Sipay鈥檚 comprehensive payment solutions into new emerging markets.”聽
Peter Fallon, general partner at Elephant VC, added: 鈥淚n today’s fast-evolving digital economy, seamless and secure payment solutions are more critical than ever. Sipay is playing a vital role in reshaping the financial landscape to be more inclusive, secure, and efficient.聽
鈥淎s markets become more globalised, Sipay鈥檚 focus on cross-border payment solutions will help drive international growth and trade, and we are excited to support Nezih and his team in replicating their success in Turkey across new markets.鈥�
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