Papara acquires SadaPay

Following Papara’s recent European expansion through the acquisition of Rebellion in 2023, the strategic move intends to solidify the company’s presence in South Asia and its overall global footprint. Additionally, in March 2024, Papara announced the acquisition of T-Bank for an undisclosed amount, however, the deal was still awaiting regulatory approval. Aside from growing its presence globally, the acquisitions were also intended to support Papara’s strategy to enhance the banking industry with its solutions.

With its operations launched in 2019, SadaPay is an Electronic Money Institution that provides its services worldwide. Currently, the company, which offers a range of capabilities including P2P money transfers, debit cards, and payment products, processes USD 1.5 billion in annual payment volume, as detailed by SadaPay.

According to Papara’s officials, the acquisition marks a substantial fintech investment in Turkey, with the company intending to position SadaPay as a fintech participant in the region by improving its features and initiatives. This is set to be completed via Papara’s business know-how, enhanced technology, and user-centric approach. In addition, Papara mentions that SadaPay will continue its expansion and growth journey with its brand.

Furthermore, representatives from SadaPay highlighted that the company plans to merge Papara’s industry knowledge, technology platform, and diverse product offering with its brand, team, and local foundation to accelerate the pace at which it can deliver value to Pakistan’s citizens. Currently hosting a population of nearly 240 million, Pakistan is among the most populous countries in the world and holds abundant potential for financial innovation. Considering that 70% of the population is under 35 years old, the fintech sector and investments in technology are on the rise, with internet users expanding by approximately 15.5% and mobile banking users by 30.2% in 2023. Moreover, smartphone users are expected to reach nearly 179 million by 2025. Officials from Papara underlined that Pakistan’s population growth could place it among the largest economies in the world in the next 50 years.

Founded in 2016 in Turkey, Papara has been committed to offering affordable, convenient, and efficient financial services. The company delivers various solutions including free money transfers, split payments, bill payments, mobile phone insurance, budget management, donations, and spend tracking. Currently having nearly 20 million retail users and 4,500 corporate clients, including Uber and TikTok, Papara aims to continue to expand its products, services, and geographic reach.