Turkish fintech unicorn Papara has successfully acquired Pakistan-based Electronic Money Institution (EMI) SadaPay, marking its expansion into South Asia through a 100% purchase of SadaPay.
Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest-growing Electronic Money Institutions globally, reaching 1 million users in record time. Today, SadaPay offers a range of features including P2P money transfers, debit cards, and payment products, processing $1.5 billion in annual payment volume. Notably, it was the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard.
These and other innovations have positioned SadaPay as a pioneer in Pakistan’s financial transformation. Since its inception, SadaPay has raised $20 million in equity funding, with the two most recent rounds led by Recharge Capital and Kingsway Capital.
Papara CEO Emre Kenci commented, “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.”
“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 said, “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.”
In February 2024, it was reported that SadaPay was acquired by Turkish fintech giant Papara for less than $50 million, down from its previous valuation of $120 million. Additionally, Papara has committed an extra $10 million to SadaPay to strengthen its position as a competitor in the financial services sector.
Sources indicated that the acquisition won’t change SadaPay’s structure, and its team will continue to work as before. Brandon Timinsky will remain the company’s CEO.
This strategic move follows Papara’s recent European expansion through the acquisition of the Spanish Rebellion in 2023. With a population of more than 240 million, Pakistan is the fifth most populous country in the world, offering substantial potential for financial innovation. In a nation where 70% of the population is under 35, the fintech sector and investments in technology are rapidly expanding.
