Turkey’s Largest Fintech Reaches Ten Million Users on Fifth Anniversary, Eyeing Western Expansion
- FinTech StartUps
- 07.10.2021 02:00 pm
- Financial SuperApp Papara has reached ten million users, after experiencing significant growth in past year
- The milestone comes as Papara reaches its five-year anniversary in August, with an impressive 106% year-on-year growth in registered users
- The leading fintech has also increased its variety of products & services as it gears up to expand throughout into Europe
Market-leading Turkish fintech Papara today announces that it has hit the ten million customer milestone, coinciding with its fifth anniversary since being founded in August 2016. Active in a Turkish financial market that hasn’t adequately served customer needs, Papara has grown to become the largest fintech in Turkey in recent years and one of the largest in the wider region. Its mission is to level the financial playing field and leverage its digital platform to provide financial freedom across the market, and give people the chance to manage their money in the way that suits them best.
Papara is a Financial SuperApp that provides instant, free, multi-currency transfers for its users. The fintech offers consumers a one-stop shop for paying bills, trading digital currencies, and tracking their spending habits, while being able to use the Papara Card around the world to make cross-border transactions with no fees. For businesses, Papara also facilitates mass-payment, proving a corporate card that can be tailored to facilitate varying spending patterns and enables a secure check-out option for merchants. Founded in 2016, Papara has since been completely bootstrapped, with no external investment to date.
During the pandemic, Papara has grown substantially as lockdowns meant that digital banking options became more widely adopted. Papara has experienced notable growth since its inception, with a 106% year-on-year increase in registered users and active user growth of 71%. Amid such growth, Papara has continued emphasis on developing new features to enhance the customer experience such as global money transfers, spending management tools and IBAN screening. Having successfully established a leading presence within the Turkish fintech market, Papara is set to continue adding to its user base and expand into Eastern Europe.
Ahmed F. Karslı, founder and CEO of Papara comments on the achievement:
“Reaching over 10 million customers is an incredible milestone and wouldn’t have been possible without the brilliant work of our dedicated team and passionate users. We’re proud to be supporting customers of varied backgrounds to create an equal, fairer financial system. That said, this is only the beginning for us here at Papara. We have plenty of exciting initiatives and product features in the works which we’re excited to share with our users, and we look forward to welcoming our next set of ten million users to the Papara family.”