Amsterdam-based Sipay, a leading fintech firm specialising in a broad array of payment services, has raised $15M in a Series A funding round. This investment, which saw participation from several renowned angel investors, will support Sipay’s product innovation and expansion efforts both domestically and internationally. The funding round was led by Anfa, a global investment firm renowned for its long-term partnerships with exceptional entrepreneurs.
Rapid growth and strong financial performance
Founded in 2019, Sipay has swiftly made a name for itself in the fintech industry. The company was recently recognised by Deloitte as the fastest-growing fintech in Turkey, boasting a year-over-year growth rate exceeding ten times as of April 2024. With projected run-rate revenue of $300M for the year and profitability achieved since early 2023, Sipay demonstrates robust operational efficiency and a strong business model in a competitive market.
Prestigious investors back Sipay’s vision
The investment round saw participation from several prominent angel 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. Their involvement underscores confidence in Sipay’s strategic direction and growth potential.
Comprehensive financial solutions for diverse clients
Headquartered in Istanbul, Sipay offers a modular platform that addresses the financial needs of individuals, businesses, and their customers. Its extensive customer base includes banking institutions, industrial and retail businesses, and technology giants like Hepsipay—Nasdaq-listed Hepsiburada’s proprietary online payment service—and Yemeksepeti, acquired by Delivery Hero. Additionally, Sipay serves large international groups such as Alibaba-owned Trendyol. This diverse clientele has significantly contributed to the company’s rapid growth in Turkey and laid a solid foundation for its international ambitions.
Commitment to innovation and global reach
The newly secured investment will propel Sipay’s continued innovation and market expansion, enhancing its capacity to meet the complex needs of its global customers and partners. Nezih Sipahioğlu, Founder and Global CEO of Sipay, remarked, “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, expressed his enthusiasm, stating, “Nezih and team have achieved a lot with a little. We are thrilled to partner with them.”
About Sipay
Established in 2019, Sipay aims to revolutionise the payment landscape with comprehensive, 360-degree solutions. The company provides a range of financial services, allowing users to choose the best options to meet their needs. Backed by a leadership team with global experience and a strong R&D foundation, Sipay is committed to innovation and excellence. The fintech firm serves thousands of businesses and millions of individuals, consistently ranking among the top three in its sector. Sipay’s platform encompasses online and in-person payments, open banking, B2B systems, wire transfers, digital wallets, and prepaid cards, all integrated into a seamless and secure solution.
With this significant funding round, Sipay is poised to accelerate its mission of transforming the financial services landscape, delivering innovative solutions, and expanding its reach to new markets globally.
