Turkey’s Papara taps DriveWealth for fractional investing solution
Turkish banking challenger Papara has partnered with DriveWealth, a US-based financial tech firm providing Brokerage-as-a-Service, as it looks to launch a new US stock investment product.
Papara to launch new US stock investment offering
Announced this week at Money 20/20 Europe, Papara is set to leverage DriveWealth’s fractional investing solution to enable its 20 million users to invest in US stocks on the Nasdaq and NYSE in real time.
The new offering, which is planned to launch in October and will be accessible directly through Papara’s app, will also allow users to buy and sell fractional shares in US equities and ETFs with a minimum investment of just $1.
Speaking on the new collaboration, Emre Kenci, co-founder and CEO of Papara, states: “Partnering with DriveWealth marks the next chapter of Papara’s transformation into a one-stop financial super-app.”
“Enabling a new generation of retail investors to access global markets simply and affordably has never been more important,” adds Kenci.
Founded in 2016, Papara offers a range of financial services through its app, including cards, budgeting features, cashback, bill payments, and money transfers.
The announcement of Papara’s new product follows closely on the heels of its acquisition of Pakistan-based digital wallet provider SadaPay. The deal, which was reportedly valued between $30 million and $50 million, was finalised just last week.
