Turkish emebedded finance fintech Sipay has raised $78 million at a valuation of $875 million.

The round was led by Elephant VC, with participation from Revolut co-founder Nik Storonsky’s VC firm, QuantumLight, Finextra informs.

It is Sipay's seond fund raise after securing a $15 million Series A funding round in June 2024.

Sipay's white labelled embedded finance apps provide support for digital wallets, investments and loyalty schemes. The firm works with Mastercard and Visa and integrates with Turkish banks and large e-commerce marketplaces.

The company has 6.3 million wallet users and 25,000 registered merchants. It's run-rate revenue last year hit $600 million.

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