The Turkish fintech company Papara announced Wednesday it acquired Pakistan-based Electronic Money Institution (EMI) SadaPay, marking an expansion in the South Asian market following the acquisition of Spanish Rebellion in 2023.
"We are excited to announce that we have taken another important step in line with our global expansion strategy and purchased 100% shares of Pakistan-based SadaPay," the company said in a statement.
"This acquisition marks a significant strategic expansion into the Middle East and South Asia markets," it added.
Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest growing Electronic Money Institutions globally, reaching 1 million users in record time.
SadaPay, with a range of features including P2P money transfers, debit cards and payment products, processes $1.5 billion in annual payment volume. It was also the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard.
"This and other innovations have positioned SadaPay as a pioneer in Pakistan’s financial transformation. Since its inception, SadaPay has raised $20 million in equity funding, with the two most recent rounds led by Recharge Capital and Kingsway Capital," Papara said in the statement.
"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 bolstering its innovative and bold initiatives with Papara’s business know-how, robust technology and user-centric culture," Papara CEO Emre Kenci said.
"It is predicted that population growth will have a positive impact on the growth of Pakistan's economy, which could place the country among the largest economies in the world in the next 50 years," he added.
“We’re fortunate to leverage Papara’s industry expertise, advanced technology platform and diverse product offerings. With SadaPay’s strong brand, exceptional team and local foundation, this acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s quarter-billion citizens,” SadaPay founder and CEO Brandon Timinsky said.
