In a strategic move signaling its ambitious global expansion, Turkish fintech startup Papara has announced the acquisition of 100% shares of Pakistan-based SadaPay.
Strengthening Presence in South Asia and Middle East Markets
Papara’s acquisition of SadaPay marks a significant milestone in its international growth strategy, as it sets its sights on penetrating the lucrative markets of South Asia and the Middle East, following its successful foray into Europe.
Empowering Financial Innovation in Pakistan
SadaPay, founded by Brandon Timinsky in 2019, quickly garnered attention for its innovative offerings, including the first numberless debit card in the Middle East and Asia (MEA) region, in collaboration with Mastercard. With an impressive user base of 1 million and an annual payment volume of $1.5 billion, SadaPay is hailed as a pioneer of financial transformation in Pakistan.
This acquisition, backed by investments totaling $20 million from prominent firms like Recharge Capital and Kingsway Capital, represents one of the most significant fintech investments in Pakistan in recent years. Papara aims to leverage its robust technology, user-centric approach, and business acumen to propel SadaPay to new heights and establish it as a leading fintech player in the region.
Papara expressed pride in extending its technological prowess and user-oriented culture to a vast market with a population of 1 billion, underscoring its commitment to driving financial inclusion and innovation on a global scale.
Source: Egirisim / Prepared by Irem Yildiz