Saturday, June 22, 2024

Papara Acquires SadaPay

Turkey’s leading fintech, which has reached 20 million users, Papara acquires SadaPay, expanding into South Asia through the 100 percent purchase of the company. This strategic move follows Papara’s recent European expansion through the acquisition of Spanish Rebellion in 2023.

Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest growing Electronic Money Institutions globally, reaching 1 million users in record time. Today, SadaPay, with a range of features including P2P money transfers, debit cards, and payment products, processes $1.5 billion in annual payment volume. It was also the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard. This and other innovations have positioned SadaPay as a pioneer in Pakistan’s financial transformation. Since inception, SadaPay has raised $20 million in equity funding, with the two most recent rounds led by Recharge Capital and Kingsway Capital.

“We’re taking our robust technology, business know-how and user-centric culture to a geography of 1 billion people.”

Papara CEO Emre Kenci highlighted his company’s rapid vertical and horizontal growth: “This acquisition marks one of the most significant fintech investments in the country in recent years. We aim to position SadaPay as the leading fintech player in the region by bolstering its innovative and bold initiatives with Papara’s business know-how, robust technology, and user-centric culture. SadaPay will continue its growth journey with its brand.”

Elaborating on the future, Emre Kenci said, “Pakistan’s future star status is predicted on the back of its population growth, which could place it among the largest economies in the world in the next 50 years.” He further emphasized that Papara will steadfastly pursue its vision of turning instability into stability, losses into gains, obstacles into advantages, volatility into resiliency, and burning money into profitable growth.

SadaPay Founder and CEO Brandon Timinsky said, “We’re fortunate to leverage Papara’s industry expertise, advanced technology platform, and diverse product offerings. With SadaPay’s strong brand, exceptional team, and local foundation, this acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s quarter-billion citizens.”

With a population of 240 million, Pakistan is the fifth most populous country in the world and has significant potential for financial innovation. In a country where 70% of the population is under 35, the fintech sector and investments in technology are increasing daily, with internet users growing by 15.5% and mobile banking users by 30.2% in 2023. It is projected that smartphone users will reach 179 million by 2025.

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