Billing himself as “Strip for emerging markets,” Turkish Fentic Supportive Claiming a cost of 75 875 million in this process, Million has collected 78 million Series B funding rounds.
This period is important, like Supportive It is intended to expand the markets outside Turkey, offering additional services, such as remittances that do not present in these areas.
All Equity Round led in the United States Elephant vcWith the participation of the VC firm of Revolute, co -founder Nick Storonekaski, Quantum Light.
Established in 2019, CIP runs a sub -app for digital wallets, investment and loyalty schemes, and offers embedded finance, FX transactions and other products. It works with partners, including a visa and a mastercard, together with Turkish banks as well as a large e -commerce provider like Trendyol in Turkey. It has a 6.3 million purse user and 25,000 registered traders.
CIP claims that it has been profitable since 2023, and its revenue has increased 5X year by year. The company says it ended last year with a $ 600 million run rate rate revenue.
“The strip is sorting the same problem, but there is no fantasy solution in our markets,” said Niza Sipahio Alu, the founder and global CEO of CIP. “That’s why we have different products.”
“Our services run like a white label, which is like a Solarus Bank in the UK, so anyone who wants to issue his card or wallet can do it through us,” he said.
He added that Startup booted its growth until June 2024, when he collected a funding round in the $ 15 million series, led by the ANFA.
“When markets become more global, the focus of CIP on cross -border payment solutions will help to advance international growth and trade,” said Peter Fallon, elephant partner.