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Draft:SadaPay

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SadaPay
Company typePrivate
IndustryBanking
Founded2018; 7 years ago (2018)
HeadquartersIslamabad, Pakistan
ProductsDigital wallet
Websitesadapay.pk

SadaPay is a fintech company based in Islamabad, Pakistan, that provides digital payment and banking services through a mobile application. The company was founded in 2018 by Brandon Timinsky,[1] an entrepreneur from the United States,[2] and operates under the supervision of the State Bank of Pakistan (SBP).[3]

SadaPay was granted an Electronic Money Institution (EMI) licence by the SBP in 2022, allowing it to offer digital accounts and payment services within Pakistan.[4] Users can receive payments, transfer funds, and use virtual and physical Mastercard debit cards for local and online transactions.[5]

As of 2024, SadaPay had more than one million registered users across Pakistan.[6]

History

[edit]

SadaPay was founded in 2018 and began developing a mobile-first digital payments service in Pakistan. The company was started by Brandon Timinsky.[7][8]

In December 2020 the State Bank of Pakistan permitted several fintech firms, including SadaPay, to begin pilot operations under supervision. It allowed the company to on-board a limited number of customers while completing compliance and systems testing.[9] During the pilot SadaPay issued virtual cards and a limited number of physical cards in partnership with Mastercard.[10][11] SadaPay raised seed funding in 2021 and reported a seed extension in 2022. Industry trackers reported a seed round of about US$7.2 million in 2021 and an extension of roughly US$10.7 million in 2022, with participation from regional and international investors.[12][13] In June 2022 SadaPay received a full EMI licence from the State Bank of Pakistan, allowing it to operate as an electronic money provider in Pakistan.[14][15] The SBP included SadaPay on its public list of authorised electronic money institutions and the company moved from pilot into public rollout in 2023.[16][17]

In 2021, the National Accountability Bureau sought documents from the central bank related to SadaPay's licensing process and business model. The inquiry was described as a review of digital banking procedures, and no action was taken against the company.[18] From 2021 to 2023 SadaPay added features for retail customers, freelancers and small businesses, including virtual cards, physical cards, merchant payments and app-based account controls. Press coverage noted its focus on app-led account opening and tools for freelancers.[19][20]

In May 2024 Turkish fintech company Papara announced the acquisition of SadaPay.[21][22] After the acquisition the company announced leadership changes. Founder Brandon Timinsky left the CEO role in June 2024.[23][24]

SadaPay reduced workforce in mid-2024, around 30 percent of staff were let go as part of post-acquisition integration measures.[25] The company characterised the changes as organisational restructuring.[26][27]

Ownership

[edit]

In May 2024 Papara, a Turkish fintech firm, announced the acquisition of SadaPay.[22]Media reports placed the deal value in the range of US$30–50 million including an investment of about US$10 million,[25] although the company did not publish a definitive sale price.[28] The Competition Commission of Pakistan (CCP) approved the acquisition in August 2024.[29][30] Brandon Timinsky, founder and CEO, stepped down in June 2024 following the acquisition by Papara.[31]

State regulatory frameworks governing electronic money institutions in Pakistan require SadaPay to hold a licence from the State Bank of Pakistan (SBP) and comply with rules on customer due diligence, customer funds protection, and transaction monitoring. SBP lists SadaPay among authorised EMIs. [16] Since the Papara acquisition, SadaPay’s parent firm has been under increased regulatory scrutiny in Türkiye. Turkish authorities detained more than a dozen individuals associated with Papara in May 2025 amid investigations into alleged money laundering and unauthorized betting operations. Although SadaPay itself has not been officially named in the case, Pakistani media has reported concerns about possible indirect impacts and user protection.[32][33][34]

References

[edit]
  1. ^ "Pakistani challenger Sadapay preps 2020 launch". Fintech Futures. 18 February 2020.
  2. ^ "Meet SadaPay: Pakistan's digital bank for millennials". Dawn. 25 August 2020. Retrieved 7 October 2025.
  3. ^ "SBP grants full EMI licence to SadaPay". The Express Tribune. 10 June 2022. Retrieved 7 October 2025.
  4. ^ "SBP issues full EMI licence to SadaPay". Business Recorder. 10 June 2022. Retrieved 7 October 2025.
  5. ^ "Pakistan's SadaPay launches public rollout after SBP approval". Tech in Asia. 20 April 2023. Retrieved 7 October 2025.
  6. ^ "SadaPay crosses one million customers milestone". ProPakistani. 12 August 2024. Retrieved 7 October 2025.
  7. ^ "SadaPay granted in-principle approval from State Bank to launch e-money institution in Pakistan". SadaPay. 27 April 2020. Retrieved 7 October 2025.
  8. ^ "Pakistani fintech SadaPay gets in-principle approval from SBP". MENAbytes. 27 April 2020. Retrieved 7 October 2025.
  9. ^ "SadaPay earns pilot launch approval from the State Bank of Pakistan". FFNews. 21 December 2020. Retrieved 7 October 2025.
  10. ^ "Mastercard launches the MEA region's first numberless card in Pakistan with SadaPay". Mastercard Newsroom. 9 February 2021. Retrieved 7 October 2025.
  11. ^ "SadaPay, Mastercard launch numberless, contactless-enabled cards in the MEA region". The Paypers. 10 February 2021. Retrieved 7 October 2025.
  12. ^ "Pakistani fintech SadaPay raises USD 7.2 million in country's largest seed round". KrASIA. 1 April 2021. Retrieved 7 October 2025.
  13. ^ "Sadapay raises $10.7M SEED Extension". MAGNiTT. 20 April 2022. Retrieved 7 October 2025.
  14. ^ "SBP grants full EMI licence to SadaPay". The Express Tribune. 10 June 2022. Retrieved 7 October 2025.
  15. ^ "SBP issues full EMI licence to SadaPay". Business Recorder. 10 June 2022. Retrieved 7 October 2025.
  16. ^ a b "List of Authorized Electronic Money Institutions (EMIs)" (PDF). State Bank of Pakistan. Retrieved 7 October 2025.
  17. ^ "Pakistan's SadaPay launches full public rollout". Tech in Asia. 20 April 2023. Retrieved 7 October 2025.
  18. ^ "What makes NAB interested in SadaPay?". Profit (Pakistan Today). 17 October 2021. Retrieved 9 October 2025.
  19. ^ "SadaPay enables Apple Pay invoicing for freelancers in Pakistan". Dawn. 19 October 2023. Retrieved 7 October 2025.
  20. ^ "SadaPay launches the region's first numberless debit card". SadaPay. 9 February 2021. Retrieved 7 October 2025.
  21. ^ "Papara acquires SadaPay to expand FinTech reach into South Asia". Fintech Global. 30 May 2024. Retrieved 7 October 2025.
  22. ^ a b "Papara acquires Pakistan-based SadaPay". Yahoo Finance. 29 May 2024. Retrieved 7 October 2025.
  23. ^ "A New Chapter for SadaPay". SadaPay. 10 June 2024. Retrieved 7 October 2025.
  24. ^ "Brandon Timinsky resigns as SadaPay CEO after Papara acquisition". Profit by Pakistan Today. 10 June 2024. Retrieved 7 October 2025.
  25. ^ a b Khan, Mutaher (8 July 2024). "Startup dreams drowned by economic woes?". Dawn. Dawn.com. Retrieved 9 October 2025.
  26. ^ "SadaPay fires 30 percent staff after Papara takeover". ProPakistani. 5 July 2024. Retrieved 7 October 2025.
  27. ^ "SBP Gives In-Principle and Pilot Operations Approvals to Several Fintechs" (PDF). State Bank of Pakistan. 5 November 2024. Retrieved 7 October 2025.
  28. ^ "Turkish fintech buys SadaPay". The Express Tribune. 1 June 2024.
  29. ^ "CCP approves SadaPay acquisition". The News International. 14 August 2024. Retrieved 7 October 2025.
  30. ^ "CCP approves 100 percent acquisition of Sadapay by PPR Holding A.S." Competition Commission of Pakistan. 13 August 2024. Retrieved 7 October 2025.
  31. ^ "Brandon Timinsky resigns as SadaPay CEO after Papara acquisition". Profit by Pakistan Today. 10 June 2024. Retrieved 7 October 2025.
  32. ^ "Turkiye detains 13 people in fintech Papara probe". Reuters. 27 May 2025. Retrieved 7 October 2025.
  33. ^ "SadaPay's Turkish owner faces money laundering probe". The Express Tribune. 31 May 2025. Retrieved 7 October 2025.
  34. ^ "SadaPay fires 30 percent staff after Papara takeover". ProPakistani. 5 July 2024. Retrieved 7 October 2025.


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