What Sipay does

Sipay Elektronik Para ve Ödeme Hizmetleri A.Ş. is a Turkey-based, TCMB-licensed payment institution offering integrated digital payment and electronic money services to both consumers and merchants. The company operates from Istanbul and was founded in 2019; its parent is the Dutch-registered Sipay Holding B.V. Sipay holds both Acquiring and Payment Facilitator licenses under Turkey's 6493 numbered law, authorizing it to provide virtual POS (Sanal POS), physical POS terminals, digital wallets, open banking services, and cross-border payments. Card processing is PCI-DSS compliant and integrated with Visa, Mastercard, Troy, and BKM networks. The consumer-side product, Sipay Cüzdan, is a mobile-first digital wallet offering domestic money transfers, Sipay IBAN, open banking access, gold and silver investment, Findeks risk reports, and card management; the merchant-side stack includes subscription billing, marketplace/split payments, payment links, and reporting via a Business Panel.

Revenue is generated primarily through per-transaction commission fees on virtual and physical POS activity, supplemented by electronic money and payment service fees, ancillary service charges (chargebacks, limit increases, PCI verifications), and white-label licensing via the Walletgate product. Sipay operates a hybrid go-to-market: self-serve digital onboarding and a developer-focused API documentation channel for SMB merchants, layered with enterprise direct sales for large accounts such as Yemeksepeti and bank clients. Distribution is split between the App Store/Google Play (B2C) and the Business Panel / API (B2B), with expansion via international partnership channels signaled by the 2025 Series B.

The company has scaled rapidly: it raised a $15 million Series A in June 2024 (Anfa VC) and a $78 million Series B in April 2025 (Elephant VC and QuantumLight), reaching a post-money valuation above $875 million. It acquired ideasoft in mid-2025 and Hesapkurdu and Koalay from UK-based BHL Holding in December 2025 (adding over 9 million customers), followed by the acquisition of Sipos in March 2026. By early 2026 Sipay reported $600 million in run-rate revenue and profitability, employs 101–250 people, and is positioning itself as Turkey's largest fintech by valuation.

Name

Sipay

Legal name

Sipay Elektronik Para ve Ödeme Hizmetleri A.Ş.

Website

https://sipay.com.tr

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Sipay is a Turkey-based, TCMB-licensed payment institution that provides virtual POS, physical POS, digital wallet (Sipay Cüzdan), open banking, and white-label wallet (Walletgate) solutions to merchants and individual consumers. It operates across card networks including Visa, Mastercard, Troy, and BKM, serving both SMBs and large enterprises.

Ownership category

akta.pro rank

Product category

Payment Processing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

In-App / Online Checkout Wallets (FSAMAEAH), Payment Initiation & Account-to-Account (A2A) Payments (PIS, RTP initiation) (FSAGACAI), Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)

Keywords

• Payment processing services
• Digital wallet solutions
• Virtual POS services
• Electronic money institution
• Open banking platforms

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payment Processing Commission (Komisyon Bedeli): Sipay charges merchants a commission fee (Komisyon Bedeli) per successful transaction (Başarılı İşlem) processed through its virtual POS, physical POS, and other payment acceptance solutions. Commission rates are defined in Ek-2 of the merchant agreement and displayed in the merchant portal. This is the primary revenue stream.
2. Electronic Money & Payment Services: Revenue from electronic money issuance and payment services including money transfers, wallet services, and open banking. The company earns fees on fund conversions, transfers, and account services.
3. Walletgate White-Label Licensing: White-label digital wallet licensing through the Walletgate product, allowing brands to embed branded wallet functionality. Revenue likely generated through licensing or per-transaction fees.
4. Additional Services & Chargeback Fees: Fees for additional services such as transaction limit increases, PCI-DSS compliance verification, and chargeback processing fees. The merchant agreement specifies stepwise penalty fees for chargebacks.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Sipay provides licensed payment acceptance infrastructure and digital financial services under TCMB authorization. For merchants, the company offers virtual POS, physical POS, payment links, subscription billing, and marketplace payment solutions. For consumers, Sipay operates the Sipay Cüzdan mobile wallet providing money transfers, open banking access, gold/silver investment, and card services. Sipay also licenses its wallet technology through the white-label Walletgate platform for brands.

Product overview

Sipay operates as a licensed payment and electronic money institution regulated by Turkey's Central Bank (TCMB) and BDDK, offering an integrated financial services platform. The portfolio consists of a digital wallet (Sipay Cüzdan) for individuals and businesses, virtual and physical POS payment acceptance solutions, and the white-label Walletgate offering. Online payment acceptance is handled through Sanal POS, Link ile Ödeme, Abonelik Yöntemi, and Pazaryeri Çözümü. The company has expanded via acquisitions including Sipos (100% acquisition), and Hesapkurdu and Koalay from BHL Holding. All services are accessible via a merchant Business Panel and an API at apidocs.sipay.com.tr.

Differentiator

Problem solved

Functional benefit

Brands

• Walletgate: White-label digital wallet solution allowing brands to offer their own mobile wallet services without licensing processes
• Sipay Card
• Sipay Cüzdan
• Sipay Sanal POS
• Business Panel

Products and services

• Sipay Cüzdan (Digital Wallet) Mobile-first digital wallet application for individual consumers offering domestic money transfers, Sipay IBAN, open banking account aggregation, gold and silver trading, Findeks risk reports, bill payments, and card management. Available on iOS and Android.
• Sipay Sanal POS (Virtual POS) Cloud-based virtual point-of-sale solution enabling online merchants to accept card payments (Visa, Mastercard, Troy, BKM) with secure payment technology, installment options, and competitive commission rates through a single API integration.
• Fiziki POS Çözümleri (Physical POS) Next-generation physical POS terminal solutions for in-person card payments, complementing the virtual POS offering for omnichannel merchants.
• Kurumsal Dijital Cüzdan (Corporate Digital Wallet) Enterprise digital wallet for business customers providing integrated reporting, domestic money transfers, and Sipay IBAN management through a single business panel.
• Walletgate (White-label Digital Wallet) White-label digital wallet platform enabling brands to launch their own branded mobile wallet with payment and loyalty functionality, eliminating the need to obtain their own payment institution license.
• Sipay Card Digital and physical card product within the Sipay wallet ecosystem for individual and business users, enabling contactless payments.
• Business Panel Merchant dashboard for managing transactions, viewing reports, processing refunds, and monitoring POS rates and paid services.
• Link ile Ödeme (Payment Link) Pay-by-link solution allowing merchants to send payment links to customers for completing transactions without needing a full e-commerce integration.
• Abonelik Yöntemi (Subscription Billing) Subscription payment method enabling recurring billing for merchants offering subscription-based services.
• Pazaryeri Çözümü (Marketplace Payment Solution) Marketplace payment solution for platforms managing multiple sellers, enabling split payments, escrow, and settlement across vendors.

Quantifiable outcome

• Valuation: >$875M following $78M Series B (April 2025)
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• SiposcoreStrategic or Co-development Partner · 13 March 2026Sipay acquired 100% of Sipos. The transaction was announced in March 2026. Details about the transaction and its strategic implications are not fully disclosed in available sources.
• YemeksepetiminorOthersYemeksepeti (Turkey's leading online food ordering platform) is cited as a client of Sipay alongside banks, demonstrating Sipay's ability to serve large enterprise customers in the Turkish tech ecosystem.
• VisacoreTechnology or IntegrationSipay's payment platform is compatible with and processes Visa card transactions. Visa's logo is displayed on the Sipay website footer as a certified payment system partner, indicating interoperability and integration with the Visa network.
• MastercardcoreTechnology or IntegrationSipay's payment infrastructure processes Mastercard transactions. The Mastercard logo appears on the Sipay website footer as a certified payment system partner.
• Troy (Turkish Payment System)coreTechnology or IntegrationSipay supports the Troy domestic Turkish payment network alongside international schemes. The Troy logo is displayed on the Sipay website footer as a supported payment method.
• BKM (Bankalararası Kart Merkezi)coreTechnology or IntegrationBKM (Interbank Card Center) is Turkey's domestic card system operator. Sipay's platform is compliant with and connected to BKM infrastructure for payment processing in Turkey.
• Türkiye Cumhuriyet Merkez Bankası (TCMB)coreOthersSipay operates as a licensed payment institution under TCMB authorization (6493 sayılı Kanun). The TCMB logo is displayed on the website footer. Sipay holds both PF and Acquiring licenses from Turkish regulatory authorities.
• PCI Security Standards CouncilcoreTechnology or IntegrationSipay maintains PCI-DSS (Payment Card Industry Data Security Standard) certification, indicating compliance with global card data security standards. PCI compliance is a core requirement for operating payment services.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• iyzico: Turkey's leading payment gateway, owned by PayU. Direct competitor to Sipay's Sanal POS offering for online merchant acquiring in the Turkish market.
• PayTR: Turkish payment gateway and e-wallet provider offering virtual POS and merchant acquiring services. Directly comparable to Sipay across both merchant acquiring and digital wallet product lines.
• Papara: Turkey's leading consumer digital wallet and prepaid card platform. Competes directly with Sipay Cüzdan and adjacent B2C financial-services products.
• Param: Turkish e-money institution and payment services provider offering both merchant acquiring and consumer e-wallet functionality — closely overlapping with Sipay's PF + acquiring license structure.
• BKM (Bankalararası Kart Merkezi): Turkey's interbank card center operating domestic card schemes (Troy) and BKM Express. Sits at the same payment-rails layer as Sipay, with BKM Express positioning directly against Sipay Cüzdan.

Broad incumbents

• Stripe: Global payment gateway incumbent serving online merchants. Comparable at the merchant-acquiring API layer even though Stripe does not currently focus on Turkey's domestic payment methods.
• Adyen: Global unified payments platform offering merchant acquiring, gateways, and financial products. Comparable to Sipay's integrated acquiring-plus-wallet positioning at a much larger enterprise scale.
• PayU: Global payments processor operating in emerging markets, owner of iyzico (Sipay's closest direct competitor). Comparable via its Turkish subsidiary but at far larger global scale.

Emerging players

• Toss: South Korean super-app combining payments, wallet, lending, and investing services. Comparable to Sipay's trajectory of expanding from gateway to multi-product financial marketplace.
• Kaspi.kz: Kazakhstan's leading super-app integrating payments, marketplace, and fintech. A relevant comparable for Sipay's emerging-market payment-and-wallet strategy given similar regional-developing-market dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/sipaycomtr
• Facebookfacebook.com/sipaycomtr
• LinkedInlinkedin.com/company/sipaycomtr

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sipay