Money20/20 Exclusive Video: The Rise of Papara
Emre Kenci, CEO of Papara, is at the helm of one of the fastest-growing fintech companies globally.
Since its inception in 2015, Papara has experienced an exponential rise, driven by its commitment to innovation and user-centric financial solutions.
"We're probably one of the fastest growing fintechs in the world," Emre tells us.
Papara: Significant growth since inception
Papara's journey began with a mission to empower users with financial capabilities previously unavailable to them in its native Turkey.
Since then, the fintech has introduced groundbreaking features such as 24/7 money transfers between banks and enabling teenagers to conduct financial transactions.
“Our story has always been... building things that allow users to do things that were previously not possible," Emre explains. This innovative approach has resonated with a diverse user base in Turkey.
Known today for its appeal to younger generations, this is an attraction that occurred organically as Millenials and GenZ customers sought the best digital experiences.
"We've never actually had a strategy to acquire younger users. It just happened naturally," Emre notes.
Today, approximately 70% of Papara's 20 million users are from Generation Z. However, the platform also attracts a significant number of users over the age of 45, demonstrating its broad appeal across age groups.
How COVID-19 highlighted the importance of digital banking solutions
In 2020 and 2021, the COVID-19 pandemic meant Papara was the sole provider in Turkey offering online account creation and card delivery to users' homes. "We were the only option," Emre recalls.
This has propelled Papara’s status as a financial services provider with accessibility and inclusion at its core.
Indeed, the fintech’s commitment to inclusion has been furthered by its innovative Voice Card, which is designed for visually impaired users.
This card allows users to hear the transaction amount before payment, reducing the risk of fraud. “Nine out of 10 visually impaired people get defrauded at some point in their life, and this product prevents that,” Emre explains.
Continued expansion the next goal for Papara
While Papara’s growth has so far been significant, Emre and co have not been resting on their laurels with recent acquisitions in the international market fuelling the company’s continued plans to scale internationally.
“We recently acquired SPE in Pakistan. We're really excited about that,” Emre shares, hinting at upcoming announcements that could significantly expand Papara’s reach in the region.
The fintech has also been investing more in the European market, which it hopes will reap strong results by the end of the year.
“In Turkey, we're building better and better products, with new innovations coming all the time. Our general approach remains that we want to be as inclusive as possible. We have always had a big focus on that," concludes Emre.
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