Turkish fintech company Sipay announced Tuesday it raised $78 million in a Series B funding round, claiming the status of the "most valuable" fintech in Türkiye as it approached a step closer to a $1 billion valuation mark, thus potentially becoming a unicorn.
"We are thrilled to announce the successful close of our $78 million Series B funding round, bringing our valuation to over $875 million – officially making Sipay the most valuable fintech in Turkey," the Istanbul-based company said in a social media post.
It added that the round was led by Elephant, with participation from QuantumLight, the VC firm founded by Revolut CEO Nik Storonsky.
"With this momentum and support, we will accelerate our international expansion, advance our embedded finance technologies and continue building the financial infrastructure of the future," it further said.
Founded in 2019, Sipay is an innovative fintech company that designs products and services tailored to meet the financial needs of businesses and individuals. It provides a platform where companies can manage and monitor their entire financial landscape from a single point, ensuring impartial access to all financial options, according to the company.
In a statement Tuesday it said it built "a thriving ecosystem" with 6.3 million wallet users and 25,000 merchants over the past year while reaching $7.4 billion in transaction volume.
