Sipay, Türkiye-based fintech leader has raised $78 million in a Series B funding round, reaching a company valuation of $877 million—the highest ever for a Turkish fintech.
The funding round was led by Boston-based venture capital firm Elephant VC, with participation from QuantumLight VC, founded by Revolut CEO Nik Storonsky and it marks a significant step in Sipay’s international expansion strategy, positioning the company to accelerate its growth across global markets with innovative and inclusive financial technologies.
According to Sipay Founder and Global CEO Nezih Sipahioğlu, “At Sipay, we envision a world where financial solutions are accessible to everyone. With our pioneering approach to fintech innovation, we offer seamless access to a full suite of financial services—empowering individuals and businesses alike with true financial freedom. This vision is what fuels our remarkable growth. With this latest funding round, we have reached the highest valuation ever recorded in Türkiye’s fintech sector. The investment will help us carry our domestic success to global markets, enabling us to establish new partnerships and networks across emerging economies.”
Founded in 2019, Sipay has rapidly emerged as one of the fastest-growing fintech companies in the region. The company offers a comprehensive suite of financial solutions to both individuals and enterprises, from traditional banks to tech and industrial firms. Over the past year, Sipay has increased its revenue fivefold and now projects annual revenues exceeding $600 million.
There are currently over 900 fintech startups operating in Türkiye. In the past five years, these startups have raised more than $400 million through 174 investment rounds. Sipay’s latest achievement highlights the growing investor confidence in Türkiye and underscores the global competitiveness of our fintech ecosystem.
President of the Investment and Finance Office of the Presidency of the Republic of Türkiye, A. Burak Dağlıoğlu said, “At the Investment and Finance Office, under the leadership of our President Recep Tayyip Erdoğan, we continue to work with all our strength to increase FDI inflows and improve the investment environment. Sipay’s latest investment boosts our determination to achieve our goals while also demonstrating the growing investor interest and confidence in Türkiye’s potential.”
With multiple industry awards and recognition from Deloitte’s Technology Fast 50 Türkiye program, Sipay continues its journey to becoming a global fintech leader—fueled by innovation, inclusivity, and trust.
Elephant VC Partner Peter Fallon commented, “Today’s rapidly evolving digital economy has made fast and secure payment solutions more critical than ever before. Sipay plays a vital role in reshaping the financial landscape with its inclusive, secure, and efficient solutions. As globalization accelerates across the fintech sector, Sipay’s focus on cross-border payment technologies will be instrumental in driving international growth and trade. We are proud to support Sipay as it brings its success story from Türkiye to new markets around the world.”
