Fintech
Turkish fintech firm Papara acquires Pakistan-based SadaPay
Turkish fintech firm Papara announced on Wednesday that it has acquired Pakistan-based electronic money institution (EMI) SadaPay, marking an expansion into the South Asian market following its acquisition of Spanish Rebellion in 2023.
“We are thrilled to announce that we have taken another important step in line with our global expansion strategy and have purchased 100% of the shares of Pakistan-based SadaPay,” the company said in a statement.
“This acquisition marks a significant strategic expansion into the Middle East and South Asian markets,” he added.
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.
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 its inception, SadaPay has raised $20 million in equity funding, with the two most recent rounds led by Recharge Capital and Kingsway Capital,” Papara said in the statement.
“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 corporate know-how, robust technology and Papara’s user experience. culture-centric,” said Emre Kenci, CEO of Papara.
“Population growth is expected to have a positive impact on the growth of Pakistan’s economy, which could place the country among the largest economies in the world in the next 50 years,” he added.
“We are 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 a quarter of a billion citizens of Pakistan,” said SadaPay founder and CEO Brandon Timinsky.