Papara acquired 100 percent of Pakistan-based SadaPay. With this acquisition, the company entered the Middle East and South Asian markets after Europe.
In the statement made by the company on this subject: transferred: “Turkey’s leading financial technology company Papara, which has reached 20 million users, purchased 100 percent of the shares of Pakistan-based electronic money company SadaPay. Papara, which acquired Spanish Rebellion in 2023, added South Asia, after Europe, to the geographies to which it took its technology and knowledge, within the scope of its global growth plans. Founded by Brandon Timinsky in 2019, reaching 1 million users and an annual payment volume of 1.5 billion dollars in record time, SadaPay is among the fastest growing electronic money institutions in the world. SadaPay, which introduced the first numberless debit card in the Middle East and Asia (MEA) region in cooperation with Mastercard, is the pioneer of financial transformation in Pakistan. Since its founding, SadaPay has received $20 million in investment in two rounds led by Recharge Capital and Kingsway Capital.
YOU MAY BE INTERESTED IN
Stating that Papara’s vertical and horizontal growth continues rapidly, Papara CEO Emre Kenci said, “With this acquisition, which is the most important fintech investment in the country in recent years, SadaPay’s innovative and bold breakthroughs, Papara’s powerful technology and user-oriented “We aim to make SadaPay the most important fintech player in the region by strengthening it with our approach.”
Stating that the company will continue to work with the SadaPay brand and making evaluations about the future, Emre Kenci said, “It is predicted that the population increase will have a positive impact on the growth of the Pakistani economy, which will take the country among the largest economies in the world in the next 50 years.”
Kenci, Papara; He emphasized that it is moving forward with the vision of transforming instability into stability, losses into gains, obstacles into advantages, variability into durability, and inefficient investments into profitable growth. Sharing his views on the acquisition, SadaPay Founder and CEO Brandon Timinsky said, “We are extremely lucky to benefit from Papara’s industry expertise, advanced technology infrastructure and product diversity.
“We believe that this acquisition, combined with SadaPay’s strong brand, exceptional team and local foundations, will significantly increase the speed at which we deliver value to our users and create value for Pakistan’s quarter-billion population.”
Pakistan, the fifth most populous country in the world with a population of 240 million people, has a significant potential in terms of financial technologies. In the country, 70 percent of which consists of a young population under the age of 35, investments in the fintech sector and technology are increasing day by day, while internet users continued to grow by 15.5 percent and mobile banking users by 30.2 percent in 2023. Smartphone users are expected to reach 179 million in 2025.