Turkish Neobank Papara Expands with Sadapay Acquisition
Hey FinTech Fanatic!
Just over three months after initially reaching an agreement, the Turkish neobank Papara has officially confirmed its successful acquisition of Sadapay, a prominent fintech startup in Pakistan.
The deal, which has been in the making for several months, awaited final approval from the central bank since February.
Although the specific details and valuation of the acquisition have not been publicly disclosed, sources indicate that the all-stock deal is valued at approximately $30 million, significantly lower than Sadapay's recent valuation of nearly $100 million.
Additionally, Papara plans to invest $10 million into the startup as part of the agreement.
Following Papara's acquisition of Rebellion in Spain last year, this marks their second major deal, with more expected in the near future.
Cheers,
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