Papara

https://www.papara.com/en/

Year founded

2016

No. of Employees

200

Company's Core Competence

Unlike a lot other players in the market, Papara is completely profitable and has not required any external capital to date. This has enabled Papara to dedicate its time to improving its core product and user experience leading to rapid growth in both its user-base and sales.

Product /service description

Papara offers rapid and low-cost digital payment and money transfer services with the aim of minimising the costs and complexities of traditional banking to ensure the best customer experience. Among the list of products/features Papara offer are 24/7 cash transfer, bill payment, Papara card, QR Payments, cashback earnings, Papara Edu (children’s account), and multi-currency forex options.

How is the solution unique, innovative or game changing?

Papara utilises a “Robin Hood” pricing structure, where fees are waived for around 90% of users and the majority are taken from high volume or commercial clients. this enables all of Papara's features and services to be accessed by those who deserve and need it most.

What is value proposition?

Papara's aim is to provide financial freedom to the underbanked and underserved across both Turkey Europe. ROI comes from a higher number of underbanked individuals having access to the financial ecosystem. Additionally, Papara now has over 5.5 million users, with growth in its userbase up by 56% in 2020 with over 300,000 new users added every 30 days. This has enabled Papara to facilitate over $5.5B worth of transactions and continue to grow organically with no external capital.

What is the vision for the product / service?

Papara is growing organically at a controlled and steady rate and plans to launch in a range of European markets in 2021, firstly Central Eastern European hubs including Austria, Germany and Switzerland those with high Turkish populations, as well as Lithuania. Future Papara services include the ability to lend and investment using channel partners and allowing consumers to handle all of their financial activities using a single app.

Why should the company be chosen to speak at MPE?

Papara is brought together by two key tenets - Innovation and service. Papara through it's mobile payment app is disrupting the traditional European banking model - creating a one stop financial super app that serves both businesses and provides financial access to the most underbanked and under-served.
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