SadaPay Acquired by Turkish Fintech Giant Papara
Papara, the Turkish fintech unicorn, has successfully acquired the Pakistan-based Electronic Money Institution (EMI) SadaPay. Through this 100% acquisition, Papara has expanded its footprint into South Asia. SadaPay, founded by Brandon Timinsky in 2019, rapidly grew to become one of the fastest-growing EMIs globally, achieving the milestone of 1 million users in record time. This strategic move marks a significant step for Papara in its mission to broaden its market presence and leverage the booming fintech landscape in South Asia.
SadaPay offers a wide array of features, including P2P money transfers, debit cards, and various payment products, processing an impressive $1.5 billion in annual payment volume. Notably, SadaPay was the first institution in the Middle East and Asia (MEA) region to introduce a numberless debit card in collaboration with Mastercard, marking a significant innovation in the fintech industry.
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These and other innovations have established SadaPay as a trailblazer in Pakistan’s financial transformation. Since its inception, SadaPay has secured $20 million in equity funding, with the latest funding rounds led by Recharge Capital and Kingsway Capital.
In February 2024, reports surfaced that SadaPay was being acquired by Turkish fintech giant Papara for less than $50 million, a significant drop from its previous valuation of $120 million. Moreover, Papara has pledged an additional $10 million investment to bolster SadaPay’s position as a strong competitor in the financial services sector.
It is reported that the acquisition will not alter SadaPay’s structure, and its team will maintain its current operations. Brandon Timinsky will continue to serve as the company’s CEO. This strategic move comes on the heels of Papara’s recent foray into the European market with the acquisition of the Spanish fintech company Rebellion in 2023.
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This acquisition marked a significant step in Papara’s growth strategy, enabling the company to tap into the European financial technology landscape and expand its footprint beyond Turkey. With a population exceeding 240 million, Pakistan is the fifth most populous country globally, presenting significant opportunities for financial innovation. In a nation where 70% of the population is under 35, the fintech sector and investments in technology are experiencing rapid growth
