Turkey-based fintech company Papara has expanded into South Asia through the acquisition of 100% of SadaPay. The strategic move follows Papara’s recent move to expand into Europe with the acquisition of Spain’s Rebellion in 2023.
SadaPay has quickly become one of the fastest growing electronic money institutions in the world, garnering 1 million users in a short space of time.
SadaPay processes $1.5 billion in payments annually across a range of capabilities including P2P transfers, debit cards and payment products, and was the first to partner with Mastercard to launch numberless debit cards in the Middle East and Asia (MEA) region.
This and other developments have established Sadapay as a major player in Pakistan’s financial reforms.
Since its inception, SadaPay has raised $20 million in equity funding, with its two most recent rounds led by Recharge Capital and Kingsway Capital.
Emre Kenci, CEO of Papara, commented: “This acquisition marks one of the most significant fintech investments in the country in recent years. We aim to leverage Papara’s business know-how, robust technology and user-centric culture to position SadaPay as a leading fintech company in the region by strengthening our innovative and bold initiatives as SadaPay continues on its path of growth alongside its brands.”
“Pakistan is projected to be a rising star with a growing population and has the potential to become one of the world’s largest economies in the next 50 years.”
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“We are fortunate to be able to leverage Papara’s industry expertise, advanced technology platform and diverse product portfolio. With SadaPay’s strong brand, great team and local base, this acquisition will significantly accelerate the pace at which we deliver value to Pakistan’s 250 million citizens,” said Brandon Timinsky, founder and CEO of SadaPay.
With a population of 240 million, Pakistan is the fifth most populous country in the world and has huge potential for financial innovation. With 70% of the population under the age of 35, the country is seeing an increase in fintech sector and technology investments, with internet users expected to grow by 15.5% and mobile banking users by 30.2% by 2023.
