Turkish fintech Sipay gets $15 million

Sipaya Turkish fintech that offers offline and online payment services, wallet services and hosts a modular platform, has raised a $15 million Series A round, which will be used to drive product development and local expansion and international.

The round was led by Anfa, a global investment firm known for its long-term partnerships with exceptional entrepreneurs. Sipay, founded in 2019, was recently identified by Deloitte as the fastest growing fintech in Turkey thanks to its 10x year-on-year growth.

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 participated in the round, which also secured funding from angel investors.

Headquartered in Istanbul, Sipay has a customer base that includes banking institutions, traditional industrial and retail businesses, technology leaders such as Hepsipay and Yemeksepeti, acquired by Delivery Hero, as well as large international groups such as Alibaba-owned Trendyol.

Nezih Sipahioğlu, founder and CEO of Sipay, commented: “This announcement is a testament to the hard work and dedication of our team. We remain committed to our mission to empower businesses and individuals through a comprehensive financial marketplace, a single global platform offering a range of financial products and services to meet their needs.”

Idris Sami, partner at Anfa, said of the increase: “Nezih and the team have achieved a lot with little. We are excited to partner with them.”

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