Fintech
Papara acquires SadaPay – Fintech Finance
Turkey’s leading fintech, which has reached 20 million users, Papara acquires SadaPay, expanding into South Asia through the purchase of 100% of the company. This strategic move follows Papara’s recent European expansion through takeover of the Spanish rebellion in 2023.
Founded by Brandon Timinsky in 2019, SadaPay has quickly become one of the fastest growing e-money institutions globally, reaching 1 million users in record time. Today, SadaPay, with a range of capabilities 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 are bringing our robust technology, business know-how and user-centric culture to a geographic area of 1 billion people.”
Emre Kenci, CEO of Papara, highlighted the rapid vertical and horizontal growth of his company: “This acquisition marks one of the most significant fintech investments to have occurred in the country in recent years. Our goal is to position SadaPay as a leading fintech player in the region, strengthening its innovative and bold initiatives with Papara’s business know-how, robust technology and user-centric culture. SadaPay will continue its growth path with its brand.”
Elaborating on the future, Emre Kenci said, “Pakistan’s future star status is predicted based on its population growth, which could place it among the world’s largest economies over the next 50 years.” He further stressed that Papara will steadfastly pursue his vision of turning instability into stability, losses into gains, obstacles into gains, volatility into resilience and cash burn into profitable growth.
SadaPay founder and CEO Brandon Timinsky said: “We are fortunate to be able to leverage Papara’s industry experience, 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 of a 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 the age of 35, the fintech sector and technology investments are growing every day, with internet users growing by 15.5% and mobile banking users by 30.2 % in 2023. Smartphone users are expected to reach 179 million by 2025.