- Papara, a Turkish fintech company, has reportedly acquired SadaPay, a Pakistani fintech company, for $30-50 million.
- Papara plans to invest an additional $10 million in SadaPay to solidify its position in the market.
- This deal is seen as a positive development for the Pakistani fintech industry.
This acquisition is a major development for both companies. Papara is a well-established fintech company in Turkey, with over 10 million users. SadaPay is a relatively new company, but it has grown rapidly in recent years. This acquisition will give Papara a foothold in the Pakistani market, which is one of the fastest-growing fintech markets in the world.
SadaPay’s founders will continue to lead the company after the acquisition. Papara plans to invest in SadaPay’s technology and product development, and it will also help SadaPay to expand its reach in Pakistan.
This deal is a positive development for the Pakistani fintech industry. It shows that foreign investors are interested in the Pakistani market, and it could help to attract more investment in the future. It could also lead to more innovation and competition in the Pakistani fintech industry, which could benefit consumers.
The acquisition is subject to regulatory approval, but it is expected to close in the second quarter of 2024.
Source: Profit by Pakistan Today