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Feb 29, 2024 557

"Papara acquires SadaPay "

#Regional

Papara is purchasing Pakistan-based SadaPay for an amount ranging from 30 to 50 million dollars.

According to information shared by Endeavor President Adrian Garcia-Aranyos, Papara, one of Turkey's leading fintech companies, is acquiring SadaPay, based in Pakistan, for an amount ranging from $30 to $50 million. It is noted that the deal includes an additional $10 million to support SadaPay's technological advancements and expansion plans with Papara's support.

After the acquisition is completed, SadaPay will maintain its operational autonomy, and the entire team will continue to work under the auspices of Papara.

Founded in Islamabad in 2019 by Brandon Timinsky, SadaPay has become one of Pakistan's fastest-growing neobanks during this time. In Pakistan, 87% of over 220 million people do not have a bank account according to official records. SadaPay aims to change this and contribute to the increase of financial solutions in the country.

With this acquisition, Papara will further enhance its presence globally. As you may recall, Papara took a significant step towards expanding into Europe by acquiring the Spanish Neobank Rebellion in July. In addition, the company expanded its vertical in Turkey by acquiring the esports club SuperMassive. While the completion date of the SadaPay deal is uncertain, this move by Papara could be seen as significant for the company to have a more extensive impact in more geographies.