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Turkish Fintech Sipay Raises $15 Million in New Funding Round

In a recent Series A fundraising round, Sipay, a well-known fintech business based in Istanbul, Turkey, raised $15 million. The money will be used to advance product development and to expand both domestically and globally. Sipay was established in 2019 and provides a range of financial services, such as wallet services, offline and online payment options, and a flexible platform that can be tailored to the specific needs of its customers.

Anfa and Prestigious Investors are Leading the Investment

Image Source: linkedin.com

Anfa, a worldwide investment firm known for its enduring relationships with remarkable entrepreneurs, led the funding round. Distinguished angel investors included Ravish Naresh (Khatabook), Edward Lando (Pareto Holdings), Kunal Shah (CRED), Amrish Rau (Pine Labs), and Jitendra Gupta (Citrus Pay and Jupiter). Their participation demonstrates a high level of confidence in Sipay’s growth potential and strategic direction.

Quick Development and Market Awareness

With a stunning 10x year-over-year growth rate, Sipay has risen quickly in the fintech business and was named the fastest-growing fintech in Turkey by Deloitte. The company has been profitable since early 2023 and projects $300 million in run-rate sales for 2024. This shows that it has a strong business plan and strong operational efficiency in a field that is very competitive.

Entire Financial Solutions for a Variety of Clientele

Sipay’s broad clientele includes financial institutions, conventional industrial and retail enterprises, and technology frontrunners like Delivery Hero-acquired Hepsipay and Yemeksepeti. Sipay also caters to big multinational companies such as Trendyol, which is owned by Alibaba. This broad clientele has helped the business grow quickly in Turkey and established a strong basis for its aspirations on the global stage.

Dedicated to Innovation and Worldwide Growth

The recently obtained funding will support Sipay’s ongoing innovation and market expansion, strengthening its ability to satisfy the intricate requirements of its partners and customers throughout the world. The CEO and founder of Sipay, Nezih Sipahioğlu, said that their team’s hard work as well as dedication are evident. We are steadfast in our commitment to enabling people and companies globally to meet their needs by providing a single, all-inclusive platform with a variety of financial goods and services.

Also Read: The Rise of Zara: From Spanish Origin to Global Fast Fashion Icon

In Summary, Laying the Foundation for Future Success

With the completion of this large funding round, Sipay is well-positioned to carry out its aim of revolutionizing the financial services industry, providing cutting-edge solutions, and breaking into new international markets. The company is positioned as a strong competitor in the fintech sector, prepared to take on new challenges and possibilities, thanks to its dedication to innovation, customer-centric approach, and strong financial performance.

Suhani Jain

I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person

Cloudflare announces a $1.25 Bn “Workers Launchpad” investment initiative program for startups

Cloudflare, a renowned firm for providing security, performance, and reliability services helping to develop a better internet has declared a new funding program for startups on 28th September 2022 in partnership with leading venture capital investors.

The
Workers Launchpad Funding Program will offer up to 1.25 billion USD
of financing to various startups developing applications on
Cloudflare Workers which is a highly scalable serverless computing
platform that enables and assists developers to create or augment
apps without maintaining or configuring the costly infrastructure.

“If there is one thing venture capitalists look for in the companies they fund, it is the potential to achieve significant scale. Startups that build on Cloudflare Workers are building on a platform made to automatically support serious scale,” said Matthew Prince, Co-founder, and chief executive officer of Cloudflare. “While we can provide the technology, we’re thrilled to partner with some of the leading venture capital firms on the Workers launchpad funding program, who will potentially invest more than a billion dollars in funding towards great startups built on Cloudflare workers as they scale”

Source: ciosea.economictimes.indiatimes.com

Cloudflare
claims, startups can scale so fast by using a platform that it
acquired last year known as Zaraz which promises to speed up website
performance with a single line of code, in a related press release.

This funding program is undoubtedly about Cloudflare aiming for hugely lucrative products such as AWS, Google Cloud, and Microsoft Azure as far as we can tell. When the Cloudflare Chief Executive Officer, Prince Matthew, was asked why Cloudflare thinks it can steal market share from these much larger firms.

“I wouldn’t characterize it as ‘stealing’ market share from anyone,” he said. “It’s a matter of earning market share, and the way you earn market share is by providing a better product at a more affordable price.”Asked how much more affordable, he said merely that it’s “significantly less expensive than the legacy public clouds” because of how it’s built. As Prince explains it, modern browsers “encounter new, untrusted code with nearly every page they open online today. They need a way to quickly and safely execute that code [and use a] technology called isolates to achieve that.” Cloudflare Workers, which is the name of the platform, “takes the isolates technology inspired by the browser and makes it available as a developer platform.”

Source: techcrunch.com

Cloudflare
is in partnership with twenty-six leading venture capital enterprises
such as Altimeter Capital, Norwest Venture Partners, Amplify
Partners, Altos Ventures, Bessemer Venture Partners, Bain Capital
Ventures, Boldstart Ventures, Decibel, IVP, Cowboy Ventures,
FirstMarks, Meritech, Lightspeed, New Enterprise Associates (NEA),
Root Ventures, Emergence Capital, Pear, Scale Venture Partners,
Greylock Partners, Silverton Partners, Signal Peak, StepStone Group,
Threshold Ventures, Venrock, U.S. Venture Partners, Venrock and
Vertex Ventures US to assist developers through Cloudflare Workers to
develop their applications.

Any
private firm worldwide which is building on Cloudflare Workers is
qualified for applying to the program. Companies will receive a cash
investment from these partner firms if they get selected by these
participating firms. They will also receive mentorship and assistance
from Cloudflare.

As
of now, thousands of developers all over the world rely on Cloudflare
Workers to build and deploy applications without maintaining or
configuring the expensive infrastructure.

The
developers can deploy code close to their users, maintaining the
speed, performance, and scale of Cloudflare to their customers with
its network spanning more than 275 cities across 100 countries around
the world. More than 5,00,000 developers have developed on
Cloudflare’s developer platform and launched more than three
million applications since 2017.