Hello, tech enthusiasts! Today we’re diving into an exciting development in the fintech world.

Turkey’s own Sipay, which brands itself as the ‘Stripe for emerging markets,’ has successfully raised a whopping $78 million in a Series B funding round. This brings their valuation to an impressive $875 million.

This funding is crucial as Sipay prepares to extend its services beyond Turkey, introducing offerings like remittances that are not currently provided by Stripe in those areas.

The round was majorly led by Elephant VC, based in the U.S., with significant participation from Nik Storonsky’s QuantumLight venture capital firm.

Founded in 2019, Sipay has positioned itself as an all-in-one application for digital wallet management, investments, and loyalty programs. They offer a suite of services that include embedded finance, foreign exchange transactions, and much more.

Partnering with giants like Visa and Mastercard, Sipay also collaborates with Turkish banks and prominent e-commerce platforms such as Trendyol. With 6.3 million wallet users and 25,000 registered merchants, the company claims it has been profitable since 2023, achieving a staggering 5x increase in revenues year-on-year.

According to Nezih Sipahioğlu, Sipay’s founder and global CEO, their unique approach addresses the lack of a comprehensive fintech solution in their target markets.

As the global landscape shifts towards more interconnected markets, Sipay’s commitment to enhancing cross-border payment solutions is poised to fuel further international trade and growth.