Turkey-based financial technology company Papara has announced the acquisition of T-bank for an undisclosed amount, with the deal awaiting regulatory approval. Through this move, Papara intends to support its strategy to improve the banking industry with enhanced solutions, with the announcement following the fintech’s objective to advance its offerings with core banking products.

Currently, the acquisition awaits regulatory approval, with the decision coming after an agreement with Papara’s shareholders. Papara’s development strategy With its operations started in 2016, Papara now has a community of 17 million customers, with the company providing individual and business solutions, including money transfers, payments, cards, savings, and insurance, among others. By acquiring T-Bank, Papara aims to integrate traditional banking with modern fintech capabilities.

According to Papara’s officials, the company intends to maximise the user experience that it had previously improved with insurance and investment products, with the addition of basic banking products. The acquisition supports the company’s commitment to offering a simplified and integrated financial experience to users while assisting the advancement of banking. Furthermore, combining T-Bank’s experience in retail and corporate banking with Papara’s user-centric approach is projected to improve the overall banking experience. Representatives from T-Bank underlined that the bank’s expertise and capabilities are set to be solidified by Papara’s user-oriented vision, while also enabling traditional banking products to reach more individuals with more technologies and solutions.

Additionally, the move plans to advance the field of finance in Turkey and advance the sector. Besides the acquisition of T-Bank, Papara also purchased Spain-based neobank Rebellion Pay in 2023 and Yuvarla in 2022, with both announcements assisting in solidifying the company’s position in Turkey, while also enabling it to advance its operations globally. Moreover, the strategic move develops Papara’s growth ambitions, as well as allows it to continue to increase innovation in the finance industry. More information about Papara As a financial technology fintech, Papara aims to provide an improved financial application experience for users, supporting them in leveraging modern solutions.

The company integrates enhanced technology to help its customers control their money while maintaining transparency. Currently, Papara is a Mastercard, Visa, and Interbank Card Center member, with the company being one of the first non-bank to issue a Mastercard logo prepaid card in Turkey. .