Sadapay
“Can a fee-free neobank built on Pakistan's underbanked population become a full-stack digital financial super-app under Papara's global umbrella?”
Founded2019
HQIslamabad, Pakistan
Total raised$20M
Latest roundunknown
IndustryFintech / Neobank
The story
Founded in 2019 to bring modern digital banking to Pakistan's largely unbanked 222 million population, SadaPay launched as a fee-free neobank with a virtual Mastercard and domestic money transfers following State Bank of Pakistan pilot approval. The company grew to 3 million users and raised $20M from fintech-focused investors. In 2024, SadaPay was acquired by Turkish fintech Papara as part of its international super-app expansion strategy, but by 2025 faced growing regulatory pressure domestically due to a major money laundering investigation targeting Papara's founder and CEO in Turkey.
Product timeline
2019
SadaPay founded in Islamabad, Pakistan, targeting the country's largely unbanked population.· pivot
2021
Earned pilot launch approval from the State Bank of Pakistan as an Electronic Money Institution.· banking
2022
Launched free virtual Mastercard and free domestic money transfers to 3+ million users.· card
2024
Acquired by Turkish fintech Papara, joining its super-app expansion portfolio.· acquisition
2025
Faced regulatory scrutiny in Pakistan following a $330M money laundering investigation into parent company Papara in Turkey.· pivot
Regulated entities
Electronic Money Institution (pilot approval)
Pakistan (State Bank of Pakistan)
Sadapay Private Limited
The stack
Accounting gap: significant