The funding round was led by Elephant VC, a US-based firm focused on enterprise software, consumer internet, and mobile markets, with the contribution from QuantumLight, the VC firm founded by Revolut co-founder Nik Storonsky. QuantumLight focuses on technology investments and working with tech entrepreneurs, AI scientists, and engineers. The company aims to support businesses with capital, strategic insight, and global expertise.
This latest raise follows a Series A one from June 2024, when Sipay secured USD 15 million to support product development, as well as local and international expansion into new markets. The round was led by Anfa, a global investment firm known for its long-term partnerships with entrepreneurs.
After its extension in Turkey, from which the company has acquired 6.3 million wallet users and 25.000 registered merchants, Sipay officials stated that the company plans to establish new partners and networks in emerging markets to scale internationally. In addition to its platform offering financial products and services for businesses and individuals, Sipay intends to focus on cross-border payment solutions as part of its global expansion strategy.
Since its launching in 2019, Sipay has provided businesses and individuals with payment solutions, including managing and monitoring their entire financial landscape, Embedded Finance, and FX transactions. The Sipay Personal app offers access to digital wallets, investments, and loyalty schemes.
To date, Sipay has facilitated 100 million transactions, working closely with partners like Visa and Mastercard to augment financial services. Its diverse customer base includes traditional banking institutions, industrial businesses, and technology companies, such as QNBpay (QNB’s subsidiary), Hepsipay, and groups like Trendyol. These partnerships have contributed significantly to Sipay's rapid growth in its home market and laid a solid foundation for its international expansion.
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