- Partnership Announcement:
- Turkish banking challenger Papara has partnered with US-based financial tech firm DriveWealth.
- The partnership aims to launch a new US stock investment product.
- Product Details:
- Papara will leverage DriveWealth’s fractional investing solution.
- The service will allow Papara’s 20 million users to invest in US stocks on the Nasdaq and NYSE in real time.
- Users can buy and sell fractional shares in US equities and ETFs with a minimum investment of $1.
- The product is planned to launch in October and will be accessible through Papara’s app.
- Comments from Papara:
- Emre Kenci, co-founder and CEO of Papara, highlighted the partnership as a step towards transforming Papara into a financial super-app.
- Kenci emphasized the importance of enabling retail investors to access global markets simply and affordably.
- Background of Papara:
- Founded in 2016, Papara offers a variety of financial services via its app, including cards, budgeting features, cashback, bill payments, and money transfers.
- Recent Acquisition:
- The announcement follows Papara’s acquisition of Pakistan-based digital wallet provider SadaPay.
- The acquisition deal was reportedly valued between $30 million and $50 million and was finalized last week.
