Turkey’s leading FinTech, Papara, has acquired SadaPay, an innovative electronic money institution based in Pakistan, according to FF News.
Papara, which has amassed 20 million users, aims to expand its footprint in South Asia through this 100% purchase of SadaPay.
The acquisition, valued at $1.5bn in annual payment volume, is a strategic move following Papara’s recent expansion into Europe with the acquisition of Spanish company Rebellion in 2023.
SadaPay, founded by Brandon Timinsky in 2019, has quickly grown to become a key player in the FinTech landscape with 1 million users, offering features like P2P money transfers, debit cards, and other payment products. It is notable for introducing the first numberless debit card in the Middle East and Asia region in collaboration with Mastercard.
This acquisition allows Papara to leverage its robust technology and business expertise to bolster SadaPay’s innovative initiatives. Papara CEO Emre Kenci highlighted the company’s growth, stating, “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.
Pakistan, with a population of 240 million, is the fifth most populous country in the world and presents significant potential for financial innovation.
The country’s young population, with 70% under 35, and growing internet and mobile banking user base make it an attractive market for FinTech investments. It is projected that smartphone users in Pakistan will reach 179 million by 2025.
Commenting on its potential, Kenci remarked, “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.”
SadaPay Founder and CEO Brandon Timinsky added, “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.”
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