Turkish Fintech Unicorn Papara Acquires Pakistan's SadaPay
Turkish fintech unicorn Papara has acquired Pakistan-based Electronic Money Institution (EMI) SadaPay, marking its expansion into South Asia with a 100% purchase of SadaPay.
Founded by Brandon Timinsky in 2019, SadaPay quickly grew to 1 million users, becoming one of the fastest-growing EMIs globally. SadaPay offers features like P2P money transfers, debit cards, and payment products, processing $1.5 billion annually. It introduced the first numberless debit card in the Middle East and Asia in collaboration with Mastercard.
SadaPay has raised $20 million in equity funding, with recent rounds led by Recharge Capital and Kingsway Capital.
Papara CEO Emre Kenci stated that this acquisition is one of the most significant fintech investments in Pakistan recently. Papara plans to enhance SadaPay’s innovative efforts with its own expertise, technology, and user-focused culture, aiming to make SadaPay the leading fintech in the region.
Brandon Timinsky, SadaPay’s Founder and CEO, expressed optimism about leveraging Papara’s industry expertise and technology to accelerate value delivery to Pakistan’s 250 million citizens.
In February 2024, it was reported that Papara acquired SadaPay for less than $50 million, down from a previous valuation of $120 million. Papara has also committed an additional $10 million to strengthen SadaPay’s market position.
The acquisition will not change SadaPay’s structure, and its team, including Timinsky as CEO, will continue as before. This strategic move follows Papara’s European expansion with the acquisition of Spanish fintech Rebellion in 2023.
With over 240 million people, Pakistan is the fifth most populous country, presenting significant opportunities for financial innovation, especially with 70% of the population under 35.
