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Turkey’s Papara taps DriveWealth for fractional investing solution

  • 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.

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