Papara, a leading fintech company from Turkey, has successfully acquired Pakistan’s fast-growing Electronic Money Institution (EMI) SadaPay. This move marks Papara’s expansion into the South Asian market, solidifying its presence as a major fintech player.
SadaPay: A Rising Star in Pakistan’s Fintech Scene
Founded in 2019 by Brandon Timinsky, SadaPay quickly became a leader in Pakistan’s financial landscape. The company achieved remarkable success, reaching a milestone of 1 million users in record time. Today, SadaPay boasts a comprehensive suite of features, including peer-to-peer money transfers, debit cards, and various payment products. The platform processes significant transactions, reaching a staggering $1.5 billion annually.
SadaPay has also played a pioneering role in driving financial innovation within Pakistan. Notably, they were the first institution in the Middle East and Asia (MEA) region to offer a numberless debit card in collaboration with Mastercard. This and other advancements have positioned SadaPay as a key driver of Pakistan’s financial transformation.
The company has also secured significant funding to support its growth. Since its inception, SadaPay has successfully raised $20 million in equity funding, with the most recent rounds led by prominent investors like Recharge Capital and Kingsway Capital.
Pakistan’s Economic Potential Attracts Investment
Pakistan’s burgeoning population is a major factor driving this acquisition. Experts predict that Pakistan’s population growth will propel it to become one of the world’s largest economies in the coming decades. This immense potential has undoubtedly piqued the interest of Papara, solidifying their decision to invest in the region.
Papara Strengthens SadaPay’s Position
While the exact acquisition price remains undisclosed, reports suggest it falls below SadaPay’s previous valuation of $120 million. However, Papara’s commitment extends beyond the acquisition itself. They have pledged an additional $10 million to bolster SadaPay’s capabilities and enhance its competitive edge within the Pakistani financial services sector.
This acquisition marks a significant development for both companies. Papara gains a foothold in the promising South Asian market, while SadaPay receives the resources and backing of a major fintech player. This collaboration is poised to accelerate financial inclusion and innovation in Pakistan.