Papara has taken a major step in line with its global expansion strategy and announced that it has acquired 100 percent of the shares of Pakistan-based fintech company SadaPay. With this strategic acquisition, Papara entered the Middle East and South Asian markets after Europe.
SadaPay was founded in 2019 by Brandon Timinsky in Pakistan. SadaPay, which became a great success in a short time, reached 1 million users and an annual payment volume of 1.5 billion dollars in a record time. This success has made SadaPay one of the fastest growing electronic money institutions in the world. SadaPay has partnered with Mastercard to launch the first unlimited debit card in the Middle East and Asia (MEA) region. This innovative move has positioned SadaPay as one of the pioneers of financial transformation in Pakistan. Since its inception, SadaPay has received a total investment of USD 20 million in two investment rounds led by Recharge Capital and Kingsway Capital.
The acquisition is considered an important step in Papara's global expansion strategy.
In a statement made by Papara, with this acquisition, which has become the country's most significant Fintech investment in recent years, we strive to make SadaPay the most important Fintech player in the region by strengthening SadaPay's innovative and bold achievements with powerful Papara technologies, user-centric approach and business knowledge. We are proud to bring our strong technology, know-how and user-centric culture to a geography of 1 billion people.
Papara's acquisition of SadaPay further demonstrates Turkey's strength in the fintech sector and its growing influence in the global arena. SadaPay's short-term success and innovative services have great potential for Papara's growth targets in the MEA region. This purchase can be considered as an important step towards increasing the competitiveness of Papara in the international market and expanding the range of services offered to its users. Such strategic moves in the field of fintech reveal the dynamic structure and innovation of the sector.
In early March, Papara announced that it had signed an important initiative towards its goal of becoming a Super App and had agreed to acquire all the shares of T-Bank.
