This week Türkiye neobank Papara acquired T-Bank for an undisclosed amount. While the acquisition awaits regulatory approval, Tech.eu understands that the decision follows an agreement with Papara’s shareholders, along with T-Bank, BankMed and Arab Bank.
Papara was founded in 2016 and boasts a community of 17 million customers.
T-Bank was initally founded in 1985 and spun out of the Bank of Bahrain and Kuwait Istanbul Branch. It was also previously named MNG Bank AS.
In January 2007, Arab Bank owned 50 per cent of shares in the financial institution and BankMed 41 per cent, and currently, each institution owns 50 per cent of T-bank.
Stating that the transfer procedures will be completed after the approvals of the Banking Regulation and Supervision Agency (BRSA) and the Competition Board, Emre Kenci, CEO ofPapara, said:
“In 2023, we will maximize the user experience we have enriched with insurance and investment products with the addition of basic banking products. Thus, we will complete Papara’s journey to become ‘Super App’ that provides services in all areas of
finance.”
T-Bank General Manager Servet Taze shared:
“T-Bank’s deep-rooted expertise in retail and corporate banking and its extensive knowledge and experience in the banking sector since
the 1930s will be strengthened by Papara’s user-oriented vision and will enable traditional banking products to reach more users with innovative technologies and solutions.”
Stating that he believes in Papara’s potential to compete in global markets, Taze said that this acquisition will be a milestone in the field of finance in Türkiye and will carry the sector forward.
Papara previously acquired neobank Rebellion Pay (Spain) in 2023 and Yuvarla (Türkiye) in 2022 and is rumoured to have acquired Sada Pay (Pakistan) in February this year.
In 2023 the company unveiled a world first Papara Voice Card that allows visually impaired customers to hear the billing amount in retail stores using its voice point-of-sale terminals.
