Sipay Raises $78m in Series B Funding Led by QuantumLight and Elephant VC
Deal News | Apr 08, 2025 | Business Cloud
Sipay, a rapidly growing FinTech company based in Turkey, has raised $78 million in a Series B funding round, achieving a valuation of over $875 million. The investment was led by Elephant VC, and includes backing from Revolut CEO Nik Storonsky's VC firm, QuantumLight. Nezih Sipahiolu, founder and global CEO of Sipay, expressed the goal of using the funds to expand into emerging markets internationally by leveraging their robust growth and the diverse financial products on their unified platform. Sipay, which has been ranked by Deloitte as Turkey's fastest-growing FinTech, reported ending the year with a $600 million revenue run rate and counts a substantial user base of 6.3 million wallet users and 25,000 merchants within Turkey. Investors are excited about Sipay's potential to impact the global financial landscape positively, emphasizing the importance of seamless and secure payment solutions in today's economy.
Sectors
- Financial Technology (FinTech)
- Venture Capital
Geography
- Turkey – Sipay is based in Turkey, which is a key location mentioned in the article regarding its growth and impact.
- United Kingdom – The article references Nik Storonsky, CEO of Revolut, a UK-based FinTech giant, indicating the geographical ties between the UK and the investment.
Industry
- Financial Technology (FinTech) – The article is centered around a leading FinTech company's significant funding milestone, featuring its plans for advancing its payment solutions.
- Venture Capital – The involvement of Elephant VC and QuantumLight in the funding round highlights the venture capital industry's role in fostering FinTech growth.
Financials
- $78 million – The total amount raised by Sipay in the Series B funding round to fuel its international expansion.
- $875 million – The valuation Sipay achieved as a result of the Series B funding round.
- $600 million – The revenue run rate Sipay ended the year on, signifying its growth and profitability.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sipay | Target Company | Company | A fast-growing FinTech company based in Turkey, known for its innovative payment solutions and rapid international growth. |
| Elephant VC | Lead Investor | Company | A venture capital firm that led the $78 million Series B funding round for Sipay. |
| QuantumLight | Investor | Company | A VC firm managed by Nik Storonsky, CEO of Revolut, which participated in the Sipay funding round. |
| Nik Storonsky | Investor | Person | CEO of Revolut and associated with QuantumLight, a venture capital firm involved in backing Sipay. |
| Nezih Sipahiolu | CEO | Person | Founder and global CEO of Sipay, overseeing the company's strategic growth and expansion efforts. |
| Revolut | Investor Affiliate | Company | A UK-based FinTech giant associated through its CEO's investment firm QuantumLight, which participated in Sipay's funding. |
| Anthropic | Mentioned Company | Company | An AI company mentioned in the article's context about expansion and strategy unrelated to the primary focus on Sipay. |
| Deloitte | Ranks | Company | A global professional services network that ranked Sipay as Turkey's fastest-growing FinTech in 2023 and 2024. |
| Peter Fallon | General Partner | Person | General partner at Elephant VC, he commented on Sipay's impact on the payment solutions landscape. |