Hajra Naz
About 30 per cent of the employees, or 80 people, of Pakistan-based Electronic Money Institution (EMI) SadaPay were let go today—just over a month after the company was bought by Turkish fintech Papara.
According to media sources, Umer Samiullah, the interim chief executive officer, announced during a brief company-wide meeting. Employees of the company were not aware that they were being dismissed, although they were notified in advance of the meeting.
Unannounced terminations of about 80 workers occurred from a variety of sectors, including tech, product, marketing, design, finance, and compliance.
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CEO Brandon Timinsky left Sadapay in June, a few days following the company’s acquisition of Papara.
Papara declared on May 30 of this year that SadaPay had been successfully acquired.
We have the good fortune to take advantage of Papara’s cutting-edge technological platform, a wide range of products, and industry knowledge. Timinsky stated at the time, “This acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s quarter of a billion citizens, thanks to SadaPay’s strong brand, exceptional team, and local foundation.”
After being founded in 2019 by Brandon Timinsky, SadaPay swiftly rose to become one of the world’s fastest-growing electronic money institutions, adding one million customers in a record amount of time.
