The achievement — reaching a valuation over $1 billion — follows a major deal with Spain’s Beka Finance, Bloomberg reported Wednesday.
In brief:
-Papara was founded in 2016 as an electronic payments firm and expanded its offerings this year to include insurance for pets, homes, travel and mobile phones. It now has 16 million active users
-The company is now negotiating to buy another European neobank and will disclose the exact amount of its valuation at that time, the report said
-Turkey is also becoming a prime market for digital goods and services
What does this mean?
“Papara is the first FinTech unicorn startup out of Turkey,” Birce Ciravoglu, mergers and acquisitions (M&A) and expansion director at Papara, said in the report, adding that the company has also become one of the leading Fintechs in Europe.
