Turkey-based fintech Papara has expanded into South Asia through the 100% purchase of SadaPay.

The strategic move follows Papara’s recent European expansion through the acquisition of Spanish Rebellion in 2023.

SadaPay quickly reached a million users, becoming one of the fastest-growing Electronic Money Institutions globally.

With a range of features including P2P money transfers, debit cards and payment products, it processes $1.5bn in annual payment volume. It was also the first institution to introduce a numberless debit card in the Middle East and Asia (MEA) region in collaboration with Mastercard.

Since its inception, SadaPay has raised $20m 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.”

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“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.”

With a population of 240 million, Pakistan is the fifth most populous country in the world and has significant potential for financial innovation. In a country where 70% of the population is under 35, the fintech sector and investments in technology are increasing daily, with internet users growing by 15.5% and mobile banking users by 30.2% in 2023.