Sipay Revenue, Valuation, Funding & Investors

Sipay is valued at $875M as of April 2025, a 1.5x multiple on its last reported $600M revenue.

See full Sipay profile

Last Sipay valuation

$875M

Series B · Apr 2025

Last Sipay funding round

$78M

Series B · Apr 2025

Sipay revenue

$600M

Series B · Apr 2025

Key investors in Sipay

  • Pareto Holdings
  • Edward Lando
  • Kunal Shah
  • Elephant
  • Amrish Rau
  • Jitendra Gupta

Sipay Overview

About Sipay

Sipay is a Turkey-headquartered fintech firm licensed as an electronic money institution by the Central Bank of the Republic of Turkey. It delivers issuer and acquirer payment solutions, including POS terminals with tailored merchant settlements, white-label SaaS platforms for partner-branded services, and the Sipay Wallet for cardless transactions and transfers. Additional offerings encompass QR code payments, mobile wallets, account-to-account transfers, gold trading features, and treasury-linked income from settlements. The platform caters to B2C consumers and B2B enterprises across Turkey using proprietary technology and an internal financial operations system.


Founded

2019

HQ

TurkeyIstanbul

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Usage-based

Revenue

$600M (Apr 2025)

Valuation

$875M (Apr 2025)

Sipay Valuation

Sipay is currently valued at $875M, based on its Series B in April 2025.

The $78M round was led by Elephant, with participation from QuantumLight.

Sipay valuation by funding round

Sipay valuation by funding round
DateStageValuationRevenue Multiple
Apr 2025Series B$875M1.5x

Sipay Revenue

Sipay's latest recorded revenue is $600M, as of its Series B in April 2025. At a $875M valuation, that implies a 1.5x revenue multiple.

Sipay revenue by funding round

Sipay revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2025$600M$875M1.5xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Sipay Funding History

Sipay has raised a total of $93M across 2 funding rounds.

Sipay's first fundraising round was a $15M Series A in June 2024. The most recent completed round was a $78M Series B in April 2025.

Sipay funding rounds

Sipay funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Series BElephant (lead); QuantumLight$78M$875MSipay is a Turkey-based fintech company founded in 2019, providing an all-in-one payments and embedded finance platform for businesses and consumers, including digital wallets, prepaid cards, transfers, investments, loyalty schemes, FX transactions, and payment processing integrated with partners like Visa, Mastercard, and Turkish banks as well as e-commerce platforms like Trendyol. The company serves 6.3 million wallet users and 25,000 registered merchants in Turkey, having facilitated 100 million transactions to date. In April 2025, Sipay raised $78 million in a Series B funding round led by US-based Elephant VC, with participation from QuantumLight, the venture firm founded by Revolut co-founder Nik Storonsky. This all-equity round valued the company at over $875 million post-money, following a $15 million Series A in June 2024 led by Anfa after years of bootstrapping. One source notes the investment represented an 8.9% stake. At the time of the round, Sipay reported a fivefold year-on-year revenue increase and a $600 million revenue run rate, highlighting strong growth momentum. The funds are earmarked for international expansion into emerging markets, establishing new partnerships, enhancing cross-border payment solutions like remittances, and accelerating product development to address needs unmet by competitors like Stripe in those regions. Sipay positions itself as a comprehensive fintech provider tailored for emerging markets, integrating global financial systems with local banks to drive inclusive, secure payment solutions and support global trade. Investor Peter Fallon from Elephant VC emphasized Sipay's role in reshaping the financial landscape amid globalization. This round reflects heightened investor interest in Turkish fintech, nearing unicorn status for Sipay.
Jun 2024Series AAnfa (lead); Edward Lando; Pareto Holdings; Olugbenga Agboola; White Venture Capital; Jitendra Gupta; Amrish Rau; Ravish Naresh; Kunal Shah$15M--

Who has invested in Sipay?

11 investors have backed Sipay across its funding rounds, including Pareto Holdings, Edward Lando, Kunal Shah, Elephant, Amrish Rau and Jitendra Gupta.

Lead investors include Elephant and Anfa.


Sipay Investors

Investors in Sipay by funding rounds participated
InvestorHQRoundsRoleFirst check
Edward LandoUnited StatesMiami, FL1ParticipantJun 2024
Pareto HoldingsUnited StatesNew York City, NY1ParticipantJun 2024
AnfaUnited StatesNew York City, NY1LeadJun 2024
Olugbenga AgboolaUnited StatesSan Francisco, CA1ParticipantJun 2024
White Venture CapitalSingaporeSingapore1ParticipantJun 2024
Jitendra GuptaIndiaMumbai1ParticipantJun 2024
Amrish RauSingaporeSingapore1ParticipantJun 2024
ElephantUnited StatesBoston, MA1LeadApr 2025
QuantumLightUnited KingdomLondon1ParticipantApr 2025

This data is available for Pro users. Sign up to see all 11 Sipay investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Sipay Competitors

Sipay competitors include listed companies like PaySign and PicPay, and private ones like TNG FinTech Group, Hala, Alma and AtoB.

Public and private companies comparable to Sipay
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TNG FinTech GroupHong KongHong KongPrivate--$860M-
HalaSaudi ArabiaRiyadhPrivate--$900M-
AlmaFranceParisPrivate--$800M-
AtoBUnited StatesSan Francisco, CAPrivate$100M-$800M-
PaySignUnited StatesUnited StatesPublicly listed$82M$16M$701M6.4x
PicPayBrazilBrazilPublicly listed$1.2B$205M$1.2B0.5x

Sipay Public Comps

Sipay is still privately-owned, but its public comps include Worldline, Eurowag, SY Holdings Group, Cass Information Systems, Digital Garage, PaySign, SLR Digital Finance, Deluxe, Seshaasai and SZZT Electronics Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Worldline$4.6B($5.2B)0.6x0.7x(0.6x)3.8x
Eurowag$2.7B$119M0.5x3.0x10.3x7.5x
SY Holdings Group$135M$120M5.8x-6.5x-
Cass Information Systems$182M-4.6x4.1x--
Digital Garage$263M$51M1.9x1.9x10.0x10.3x
PaySign$82M$16M8.3x6.4x43.3x20.7x
SLR Digital Finance$224M$219M6.2x6.9x6.4x-
Deluxe$2.1B$379M1.2x1.2x6.7x5.6x

This data is available for Pro users. Sign up to see all Sipay competitors and their valuation data.

Start Free Trial

Common questions about Sipay

When was Sipay founded?Sipay was founded in 2019.
Where is Sipay headquartered?Sipay is headquartered in Istanbul, Turkey.
Is Sipay publicly listed?No, Sipay is a private, VC-backed company.
What is Sipay's valuation?Sipay was last valued at $875M in its Series B in April 2025.
How much funding has Sipay raised?Sipay has raised $93M across 2 funding rounds.
What was Sipay's last funding round?Sipay's last funding round was a $78M Series B in April 2025, led by Elephant.
Who are Sipay's investors?Sipay's investors include Edward Lando, Pareto Holdings, Anfa, Olugbenga Agboola, White Venture Capital, Jitendra Gupta, Amrish Rau, Elephant, QuantumLight, Ravish Naresh and 1 other.
What is Sipay's revenue?Sipay's latest recorded revenue is $600M (April 2025).
What is Sipay's revenue multiple?Sipay's latest valuation implies a 1.5x revenue multiple ($875M valuation on $600M of revenue).
Which companies are comparable to Sipay?Companies comparable to Sipay include TNG FinTech Group, Hala, Alma, AtoB, PaySign and PicPay.

See companies similar to Sipay

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial