Just over three months after reaching an agreement, Turkish neobank Papara has officially acquired SadaPay, Pakistan’s leading fintech startup.
SadaPay’s CEO Brandon Timinsky informed his team that the State Bank of Pakistan has given regulatory approval for the deal.
“We are thrilled to announce our successful acquisition of Pakistan-based neobank SadaPay. This marks a significant strategic expansion into the Middle East and South Asia markets,”
Papara shared in a LinkedIn message.
It all began at Endeavor Retreat 2023, where SadaPay’s founder and CEO, Brandon Timinsky, crossed paths with Ahmed Karsli, Papara’s visionary leader.
Their shared enthusiasm for innovation sparked discussions on potential synergies, leading Papara to join forces with SadaPay in 2024, supported by the State Bank of Pakistan.
Timinsky highlights how this fintech collaboration will empower SadaPay to expand its services nationwide, aiming to serve every corner of Pakistan.
“With SadaPay’s solid brand, talented team, and local roots, this acquisition will greatly accelerate our ability to bring value to Pakistan’s quarter-billion citizens.”
SadaPay
The acquisition has been in the works for months, with both parties finalizing details and waiting for the central bank’s approval since February. Although the specifics and valuation of the deal remain undisclosed, it is understood to be an all-stock deal valued at around $30 million.
Papara will also inject $10 million into SadaPay as part of the acquisition. This move will likely encourage the State Bank of Pakistan and positively impact the country’s fintech landscape. Despite SadaPay being previously valued at around $100 million, the deal could be more beneficial than it appears at first glance.
