Turkish challenger Papara reportedly set to acquire digital wallet fintech SadaPay
Turkish banking challenger Papara is reportedly set to acquire SadaPay, a digital wallet provider based in Pakistan, in a deal potentially worth between $30 million and $50 million.
Papara reportedly set to acquire SadaPay
The deal, which is believed to have been approved by the State Bank of Pakistan, will be completed via an all-stock transaction with SadaPay shareholders set to receive shares in Papara, according to a report by media outlet Profit by Pakistan Today.
The report adds that SadaPay will retain its team, structure and operational autonomy once the deal is completed, and will receive an additional $10 million investment from its new parent company.
Papara was founded in 2016 and is based in Istanbul, Turkey. It offers financial services including bill payments, money transfers, cards, budgeting features, cashback and insurance through a mobile app.
The move will aid Papara’s plans to tap new markets, having also previously acquired Madrid-based neobank Rebellion Pay last year.
Since its inception in 2019, SadaPay has raised $20 million across two funding rounds, including a $10.7 million seed extension in 2022, the same year it was licenced as an Electronic Money Institution (EMI) by the State Bank of Pakistan (SBP).
Backed by the likes of Kingsway Capital, Raptor Group and Recharge Capital, the Islamabad-based fintech has evolved into a preeminent player in Pakistan’s digital payments space, with an offering including digital wallets, international money transfers, business accounts and Mastercard-issued debit cards.
