Brandon Timinsky, the CEO of SadaPay, has resigned following the recent acquisition of SadaPay by Turkish neobank Papara. Timinsky cited health reasons for his departure, noting that the demands of managing a company with nearly 300 employees had taken a toll on his mental and physical well-being. Timinsky moved to Pakistan in 2018 to create a fintech company aimed at addressing the banking needs of the unbanked population and has successfully scaled SadaPay to reach 1 million users. Papara’s acquisition of SadaPay is valued at $50.5 million and includes a $10 million equity injection. The deal will see SadaPay operate independently under Papara’s umbrella, with plans for technological enhancements and geographical expansion. Papara intends to use the $10 million investment to support SadaPay’s growth and potential new product rollouts, including remittance services for expatriates. Papara’s acquisition aligns with its strategy to expand into the Middle East and South Asia markets, leveraging SadaPay’s established presence in Pakistan.
Financial Technology (FinTech), Banking and Financial Services, Investment,Pakistan, Turkey, Middle East and South Asia
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