Turkish emebedded finance fintech Sipay has raised $78 million at a valuation of $875 million.
The round was led by Elephant VC, with participation from Revolut co-founder Nik Storonsky’s VC firm, QuantumLight.
It is Sipay's seond fund raise after securing a $15 million Series A funding round in June 2024, five years after the bootstrapped operation was founded.
Sipay's white labelled embedded finance apps provide support for digital wallets, investments and loyalty schemes, among others. The firm works with Mastercard and Visa and integrates with Turkish banks and large e-commerce marketplaces.
The company, which says it has been profitable since 2023, has 6.3 million wallet users and 25,000 registered merchants. It's run-rate revenue last year hit $600 million
Nezih Sipahioğlu, founder and global CEO of Sipay, says: “Our services run as a white label, similar to Solaris Bank in the UK. So any fintech that wants to issue their own card or wallet can do it through us.”