Hajra Naz
Pakistan-based Electronic Money Institution (EMI) SadaPay has been successfully acquired by Turkish fintech startup Papara. With the 100% acquisition of SadaPay, the financial unicorn has entered the South Asian market.
When Brandon Timinsky founded SadaPay in 2019, it didn’t take long for the company to become one of the world’s fastest-growing electronic money institutions, quickly amassing one million members.
With a variety of services like debit cards, payment products, and peer-to-peer transactions, SadaPay currently handles $1.5 billion in yearly payment volume. In addition, it was the first organization in the Middle East and Asia (MEA) to launch a numberless debit card in association with Mastercard.
SadaPay has established itself as a leader in Pakistan’s financial transformation thanks to these and other technologies. SadaPay has raised $20 million in equity capital since its founding, with Recharge Capital and Kingsway Capital leading the last two rounds.
CEO of Papara Emre Kenci said,
This obtaining marks one of the most critical fintech interests in the country as of late. We mean to situate SadaPay as the main fintech player in the locale by supporting its imaginative and strong drives with Papara’s business skills, powerful innovation, and client-driven culture. SadaPay will proceed with its development process with its image.”
Pakistan’s population boom is supposed to move the country to star status in the coming 50 years, making it one of the world’s biggest economies.
Brandon Timinsky, the CEO and founder of SadaPay, stated,
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.”
It was announced in February 2024 that SadaPay, which had previously been valued at $120 million, was being purchased by the Turkish financial behemoth Papara for less than $50 million. To bolster its position as a rival in the financial services industry, Papara has also contributed an additional $10 million to Sadapay.
The acquisition will not affect SadaPay’s organizational structure, and its staff will carry on as usual. The CEO position will remain held by Brandon Timinsky.
This calculated action comes after Papara’s recent acquisition of the Spanish Rebellion in 2023 as part of its European expansion.
With more than 240 million residents, Pakistan is the fifth most well-known country. Fintech organizations and innovation speculations are growing quickly in a country where most people are under 35.
