Turkish fintech acquires SadaPay

May 31, 2024 (MLN): Turkey-based fintech Papara has acquired SadaPay, marking a significant strategic expansion into the Middle East and South Asia markets, it said in a post on social media platform LinkedIn.

Emre Kenci, CEO Papara commented, "We have purchased all of SadaPay's shares by obtaining the transfer approval from Pakistan's central bank."

Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest growing Electronic Money Institutions globally, reaching 1 million users in record time.

Today, SadaPay, with a range of features including P2P money transfers, debit cards, and payment products, processes $1.5 billion in annual payment volume.

It is the pioneer of financial transformation in Pakistan, where financial inclusion is still very low despite its population of 240 million, CEO Papara said.

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 inception, SadaPay has raised $20m  in equity funding, with the two most recent rounds led by Recharge Capital and Kingsway Capital.

This acquisition marks one of the most significant fintech investments in the country in recent years, the company said.

"By strengthening SadaPay with Papara's technology, user-oriented culture and business knowledge, we will make it one of the most important financial institutions in its country, just like Papara," Emre stated.

"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," the Turkey-based fintech said.

"We are proud to expand our robust technology, business know-how and user-centric culture to a geography of 1bn people," the company added.

Copyright Mettis Link News