Sipay Raises $15 Million Series A to Accelerate Expansion

  • Fundraising News
  • 05.06.2024 10:05 am

Sipay, the leading fintech offering offline and online payment services, wallet services, and additional financial products via its modular platform, has raised a $15 million Series A round to support its product innovation and expansion both locally and internationally into new markets. The round was led by Anfa, a global investment firm known for its concentrated, long-term partnerships with exceptional entrepreneurs. Sipay, which was founded in 2019, has reached several milestones since its inception, including recently being recognized by Deloitte as the fastest-growing fintech in Turkey. Booking a year-over-year growth rate of more than 10x as of April 2024, with a projected run-rate revenue of $300 million for the year, the company has also been profitable since the beginning of 2023, showcasing its business model and operational efficiency in a highly competitive market.   

The investment round, which attracted significant interest from angel investors, saw participation from numerous experienced investors, including Jitendra Gupta of Citrus Pay and Jupiter, Amrish Rau of Pine Labs, Kunal Shah of CRED, Ravish Naresh of Khatabook, and Edward Lando of Pareto Holdings. 

Sipay, headquartered in Istanbul, comprehensively addresses the financial needs of individuals, businesses, and their customers. Its broad enterprise and SME customer base include banking institutions, traditional industrial and retail businesses, technology champions such as Hepsipay—Nasdaq-listed Hepsiburada's proprietary online payment service—and Delivery Hero-acquired Yemeksepeti, as well as large international groups like Alibaba-owned Trendyol. A roster of businesses that have contributed to the company’s rapid growth in its home market and set a firm foundation for its international ambitions.

The new investment will accelerate Sipay’s continued innovation and expansion into new markets, further enhancing its ability to serve the complex needs of its global customers and partners. Nezih Sipahioğlu, Founder and Global CEO: “This announcement is a testament to the hard work and dedication of our team. We remain committed to our mission of empowering businesses and individuals through a comprehensive financial marketplace—a single worldwide platform offering a range of financial products and services to address their needs.” 

Idris Sami, Partner at Anfa: “Nezih and team have achieved a lot with a little. We are thrilled to partner with them.” 

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