About the Customer

Sipay is a Central Bank of Turkey (TCMB) licensed payment and embedded finance platform founded in 2019. The company provides comprehensive financial solutions to both businesses and consumers through a unified ecosystem. For businesses, Sipay offers virtual POS systems, payment links, marketplace solutions, and subscription billing, alongside physical POS terminals for in-store transactions and corporate digital wallets with reporting capabilities. For consumers, the platform provides Sipay Wallet & Card with open banking features.

Operating as a single-platform solution that consolidates multiple financial products under one roof, Sipay has achieved remarkable growth and profitability. The company has been profitable since 2023 and increased revenue by 5x in 2024. In April 2025, Sipay secured a $78M Series B funding round, reaching a valuation of $875M. The platform has been recognized as the top fintech in Deloitte Tech Fast 50 Turkey and ranked highly in EMEA Fast 500.

Today, Sipay serves over 25,000 registered merchant partners ranging from SMEs to large marketplaces and omni-channel retailers, while supporting 6.3 million wallet users. The platform processes over 100 million transactions cumulatively as of early 2025, with a team of 300+ professionals.

Customer Challenge

As a rapidly scaling fintech platform processing millions of transactions, Sipay faced critical bottlenecks in their enterprise customer onboarding process that threatened to limit growth and compromise regulatory compliance. The Know Your Business (KYB) verification process was severely manual and fragmented, requiring extensive documentation including signature circulars, tax certificates, Trade Registry Gazette announcements, and authorized signatory information.

The manual verification process created multiple operational challenges. Documents were collected via email and reviewed individually, with staff manually cross-referencing official records through MERSİS (Turkey's Central Registry System) and Trade Registry websites. Sanctions and Politically Exposed Person (PEP) screenings were conducted using basic tools that generated high false positive rates, requiring additional manual review time.

This manual approach resulted in enterprise onboarding cycles stretching approximately 2 days (~2,880 minutes), creating significant friction for potential customers and bottlenecks for Sipay's sales and operations teams. With Sipay's rapid growth trajectory and increasing application volumes, the company needed to maintain flawless regulatory compliance under MASAK (Financial Crimes Investigation Board) requirements while dramatically improving processing speed.

The stakes were particularly high given Sipay's position as a major financial institution. Any compliance gaps or processing delays could impact customer acquisition, revenue recognition, and regulatory standing in Turkey's highly regulated fintech environment.

Upsonic Solution

To address these challenges, Sipay implemented Upsonic's Onboarding Agent, an intelligent KYB automation solution that transforms the entire enterprise customer verification workflow. The solution leverages advanced document processing capabilities to automatically read and extract critical information from all required business documents, including PDFs and images.

The Onboarding Agent automatically identifies and maps key business information including company shareholders and ownership structures, authorized signatories with their authorization periods and scope limitations, tax identification numbers, and business activity classifications. The system validates notarization and wet signatures while performing real-time cross-checks against official government registries and sanctions databases through integrated APIs.

A key innovation of the solution is its multi-attribute matching algorithm that significantly reduces false positives in sanctions and PEP screenings while maintaining full auditability. Every decision and verification step is logged with timestamps, creating comprehensive audit trails that meet regulatory requirements.

The platform provides a unified dashboard where compliance teams can review automated decisions, access supporting documentation, and handle exceptions through a human-in-the-loop workflow. Custom business rules can be quickly updated to address Sipay-specific edge cases, ensuring the system adapts to evolving compliance requirements.

Results and Benefits

The implementation of Upsonic's Onboarding Agent has fundamentally transformed Sipay's enterprise customer acquisition process, delivering dramatic improvements across all key metrics. The most striking achievement is the reduction in onboarding cycle time from approximately 2 days to just 5 minutes. 99.83% improvement that has revolutionized customer experience and operational efficiency.

This acceleration has directly impacted business outcomes, with same-day approval rates increasing significantly due to automated triage, document completeness checks, and risk scoring capabilities. The streamlined process has reduced customer abandonment rates and accelerated revenue recognition for new enterprise accounts.

Operationally, the automation has dramatically reduced manual workload and inter-team handoffs. Email chains and synchronous meetings between compliance, sales, and operations teams have decreased substantially, as teams now work from a unified platform with standardized decision packages.

The solution has also strengthened regulatory compliance through automated generation of "audit-ready evidence packs" that include all supporting documents, timestamps, and decision logs. This systematic approach ensures consistent decision-making across all applications and provides the documentation trail required for regulatory audits.

The success has enabled Sipay to maintain their rapid growth trajectory while ensuring flawless regulatory compliance, positioning the company for continued expansion in Turkey's competitive fintech landscape.