Turkish FinTech leader Papara has acquired SadaPay, an innovative e-money institution based in Pakistan, according to FF News.
Papara, which has 20 million users, aims to expand its presence in South Asia with this 100% purchase of SadaPay.
The acquisition, valued at $1.5 billion in annual payment volume, is a strategic move following Papara’s recent expansion in Europe with the acquisition of Spanish company Rebellion in 2023.
SadaPay, founded by Brandon Timinsky in 2019, has quickly become a key player in the FinTech landscape with 1 million users, offering features such as P2P money transfers, debit cards, and other payment products. It is known 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 strong technology and business expertise to strengthen SadaPay’s innovative initiatives. Papara CEO Emre Kenci highlighted the company’s growth by saying, “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 strengthening 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 has significant potential for financial innovation.
The country’s young population, 70% of whom are under 35, and the growing number of internet and mobile banking users make it an attractive market for FinTech investments. The number of smartphone users in Pakistan is expected to reach 179 million by 2025.
Commenting on its potential, Kenci remarked: “Pakistan’s future star status is predicted by its population growth, which could place it among the largest economies in the world in the next 50 years.”
Brandon Timinsky, Founder and CEO of SadaPay, added, “We are fortunate to leverage Papara’s industry expertise, advanced technology platform and diverse product offering. With SadaPay’s strong brand, exceptional team and local roots, this acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s 250 million citizens.”
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