Turkish fintech company Sipay has raised US$78 million in a series B funding round, resulting in a valuation of US$875 million.

The equity round was led by United States-based Elephant VC, with participation from QuantumLight, the investment firm founded by Revolut co-founder Nik Storonsky.

Founded in 2019, Sipay provides various financial services, such as digital wallets, embedded finance, foreign exchange transactions, and loyalty programs.

The company works with Visa, Mastercard, Turkish banks, and ecommerce platforms like Trendyol. It serves 6.3 million wallet users and 25,000 merchants.

🔗 Source: TechCrunch