Papara, with its 20 million users, plans to extend its presence in South Asia by acquiring SadaPay entirely. This strategic move, valued at $1.5 billion in annual payment volume, follows Papara's recent venture into Europe through the acquisition of Spanish firm Rebellion in 2023.
Established by Brandon Timinsky in 2019, SadaPay has rapidly emerged as a significant player in the FinTech arena, boasting 1 million users. It provides a range of features including P2P money transfers, debit cards, and various payment products. Notably, SadaPay partnered with Mastercard to introduce the first numberless debit card in the Middle East and Asia region.
This acquisition allows Papara to leverage its robust technology and business expertise to bolster SadaPay’s innovative initiatives. Papara CEO Emre Kenci highlighted the company’s growth, stating, “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. SadaPay will continue its growth journey with its brand.
With a population of 240 million, Pakistan ranks as the fifth most populous country globally, offering substantial opportunities for financial innovation. Its youthful demographic, with 70% under the age of 35, combined with a burgeoning user base in internet and mobile banking, renders it an appealing market for FinTech ventures. Projections suggest that smartphone users in Pakistan will reach 179 million by 2025.
Commenting on its potential, Kenci remarked, “Pakistan’s future star status is predicted on the back of its population growth, which could place it among the largest economies in the world in the next 50 years”. SadaPay Founder and CEO Brandon Timinsky 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”.