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- Sipay
Sipay Revenue, Valuation, Funding & Investors
Sipay is valued at $875M as of April 2025, a 1.5x multiple on its last reported $600M revenue.
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
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
Website
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2025 | Series B | $875M | 1.5x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2025 | $600M | $875M | 1.5x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Series B | Elephant (lead); QuantumLight | $78M | $875M | Sipay 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 2024 | Series A | Anfa (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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Lead | Jun 2024 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Participant | Jun 2024 | ||
| 1 | Lead | Apr 2025 | ||
| 1 | Participant | Apr 2025 | ||
This data is available for Pro users. Sign up to see all 11 Sipay investors. Start Free Trial | ||||
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Start Free TrialSipay Competitors
Sipay competitors include listed companies like PaySign and PicPay, and private ones like TNG FinTech Group, Hala, Alma and AtoB.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $860M | - | ||
| Private | - | - | $900M | - | ||
| Private | - | - | $800M | - | ||
| Private | $100M | - | $800M | - | ||
| Publicly listed | $82M | $16M | $701M | 6.4x | ||
| Publicly listed | $1.2B | $205M | $1.2B | 0.5x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $135M | $120M | 5.8x | - | 6.5x | - | |||
| $182M | - | 4.6x | 4.1x | - | - | |||
| $263M | $51M | 1.9x | 1.9x | 10.0x | 10.3x | |||
| $82M | $16M | 8.3x | 6.4x | 43.3x | 20.7x | |||
| $224M | $219M | 6.2x | 6.9x | 6.4x | - | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
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. |
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