News Summary

Turkish fintech company Sipay has successfully raised $78 million in a Series B funding round, achieving a valuation of $875 million. This funding, led by U.S.-based Elephant VC with participation from Revolut co-founder Nik Storonsky’s QuantumLight, will enable Sipay to expand its services beyond Turkey into emerging markets. Sipay, founded in 2019, offers an all-in-one app for managing digital wallets, investments, and loyalty schemes, and provides embedded finance solutions. The startup has 6.3 million wallet users and 25,000 registered merchants, working with partners like Visa and Mastercard. The company has been profitable since 2023, with a 5x increase in revenue year-on-year and a run-rate revenue of $600 million last year. Sipay aims to address the lack of comprehensive fintech solutions in emerging markets, offering products that include remittances, FX transactions, and white-label services.