Wednesday, June 19, 2024

Papara Announces New Partnership With DriveWealth and Upcoming Stock Investment Product at Money 20/20 Europe

Papara, the market-leading Turkish fintech, announced at Money 20/20 Europe its partnership with DriveWealth, a leading financial technology platform providing Brokerage-as-a-Service. The partnership and investment product will provide Papara’s 20 million users with the ability to invest real-time in U.S. stocks on the Nasdaq and NYSE starting in October.

Since 2020, the number of retail investors in Turkey has surged from 1.2 million to over 8 million. With DriveWealth’s industry-leading fractional investing solution, Papara users will be able to buy or sell fractional shares in U.S. equities and ETFs, creating a new generation of empowered retail investors.

As one of Turkey’s most popular finance apps, Papara is evolving into a one-stop financial super-app for the digital-native generation. In offering savings and investment products directly from the app, Papara will make investing more accessible, allowing its predominantly Gen-Z and millennial users to seamlessly start their investment journey and build investment habits early.

Papara’s new stock investment product offers real-time market data and the ability to invest in fractional shares with lower minimums of $1 and fixed transaction fees. Papara users can access their investment accounts directly from the Papara app, with faster onboarding that can be completed in seconds. Unlike complex and cumbersome traditional investment apps, Papara offers a simple and intuitive UX.

The launch of the new investment product is in high demand from the Papara community. Over 600,000 users have already signed up for the waiting list. Papara will launch the product in October 2024.

Emre Kenci, Co-Founder & CEO of Papara said, “Enabling a new generation of retail investors to access global markets simply and affordably has never been more important. Our commitment to removing barriers to investment alongside improving financial literacy and inclusion remains unwavering. Partnering with DriveWealth marks the next chapter of Papara’s transformation into a one-stop financial super app. Prioritizing user experience and interests above all, we believe in helping individuals realize their ambitions through diversified investment alternatives.”

Michael Blaugrund, CEO of DriveWealth: “As part of our ongoing mission to democratize finance across the globe, DriveWealth is working directly with our B2B partners to deliver in-demand investing opportunities that help them improve their offering and better serve their clients. Our partnership with Papara will not only unlock previously inaccessible markets for Turkish investors, but also offer the ability to purchase and sell fractions of U.S. stocks in real time. We are very pleased to help bring portfolio diversification and new opportunities to the people of Turkey.”

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