The Turkish fintech company Papara has signed an agreement to purchase T-Bank (Turkland Bank), from its 50-50 shareholders Lebanese Bankmed SAL and Jordanian Arab Bank PLC, it said Tuesday.
According to the statement made by the company, Papara, a tech company that has reached some 17 million users, is preparing to introduce innovation to basic banking products.
Papara CEO Emre Kenci stated that following approvals from the Banking Regulation and Supervision Agency (BDDK) and the Competition Board (RK), the transfer process would be completed.
"In 2023, we enriched the user experience with insurance and investment products, and with the addition of core banking products, we will take it to the next level. Thus, we will complete Papara's journey to becoming a 'Super App' serving in all areas of finance," said Kenci.
T-Bank General Manager Servet Taze commented, "T-Bank's extensive expertise in retail and corporate banking, as well as its vast knowledge and experience in the banking sector since the 1930s, combined with Papara's user-focused vision, will strengthen 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 Spain-based neo-bank Rebellion Pay in July 2023 in a move toward expanding its presence in Europe.
According to the statement, Papara made its largest acquisition to date, marking the first step in its growth journey. Lucid Investment Bank provided financial advisory for the deal, while Durukan+Partners served as legal advisors.
