Turkish fintech Sipay secures $15M

Sipay, a Turkish fintech offering offline and online payment services, wallet services and host of a modular platform, has raised a $15M Series A round, which will be used to advance product development and local and international expansion. 

The round was led by Anfa, a global investment firm known for its long-term partnerships with exceptional entrepreneurs. Sipay, which was founded in 2019, was recently identified by Deloitte as the fastest-growing fintech in Turkey due 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 drew 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 Delivery Hero-acquired Yemeksepeti, as well as large international groups like Alibaba-owned Trendyol.

Nezih Sipahioğlu, Founder and CEO Sipay, commented: “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, said of the raise: “Nezih and team have achieved a lot with a little. We are thrilled to partner with them.”