Papara, the market-leading Turkish fintech, today announces that it has hit 15 million users – making it one of Europe’s biggest neobanks.
Now in its sixth year of operation, Papara has grown its active user base by 45% in the last 12 months. The business also grew its headcount by 70% in 2022 as it diversified its product suite, introducing insurance services to its user base. This growth is set to continue as Papara eyes up expansion to Europe in the year ahead.
Established in 2016, Papara provides instant, free, multi-currency transfers, and financial services for its users in Turkey, who have historically been underserved by traditional financial institutions. As well as its Papara Card product, which enables zero-fee, cross-border transactions, the fintech offers consumers a one-stop shop for paying bills, tracking their spending habits and innovative insurance products. For businesses, Papara also facilitates a corporate card tailored to facilitate varying spending patterns, and enables a secure check-out option for merchants.
Founded on the principle of financial freedom for all, the business has been profitable since its first year of operation and has grown to a team of over 450 - all without external funding. As Papara continues to scale and expand internationally next year, it is set to continue adding to its user base and further its mission of driving financial freedom for all.
This news comes as Papara recently announced the launch of its insurance arm and Voice Card product, the world’s first debit card enabling swift and easy transactions and payments for visually impaired users by audio technology.
Ahmed F. Karslı, founder and Chairman of Papara, said:
“Reaching 15 million users is a massive milestone for us and one we’re immensely proud of. Despite our growth since we started in 2016, our commitment to our users remains unchanged: creating a fairer and more equal financial ecosystem for people of all backgrounds.
“In 2023, we’ll continue to fulfill this mission as we look to expand internationally and increase our product offering in line with consumers’ rapidly changing needs.”