LIFETIME OF ACHIEVEMENT
In July , it announced that it was acquiring Madrid-based neobank Rebellion – the first time that Papara has expanded beyond its home market . In so doing , Papara secured the coveted unicorn status for the first time , as the combined group has a valuation in excess of US $ 1bn .
Explaining the timing of the acquisition , Karslı stated at the time that Papara was “ confident that our products , services and vision can compete on a global scale ”. It marks the start of a prospective European expansion that he believes will be characterised by acquisitions of this kind , drawing on local market expertise and on-the-ground insight .
“ We knew that our first steps for international expansion would be to augment our European position and , during our search for potential opportunities , we explored multiple avenues ,” Karslı says . “ Rebellion emerged as the ideal foundation on which we could build on our ambitious plan for growth and continue fulfilling our mission of generating financial inclusion for all .
“ Rebellion and its team resonated with Papara on multiple fronts . They hold an unparalleled grasp of the local market , which will be an invaluable asset for us as we want to carefully cater to Spanish user ’ s unique needs . Rebellion ’ s portfolio of best-in-class products further reinforced our confidence in forging a partnership . However , what truly impressed us was the alignment of our goals with theirs , signifying a shared vision for the future .”
He remains tight-lipped about which markets might be next , but on Papara ’ s success to date he says : “ It has been incredibly exciting to see Papara ’ s exponential growth since we founded the business in 2015 . To see Papara reach over 16m users and become Turkey ’ s largest
2015 Year Papara founded
US $ 1bn Most recent valuation
16m Number of users
“Bootstrapping a young startup is exhilarating due to the raw creativity that ’ s required and the sense of building something from the ground up ”
fintech company in such a short space of time without external investment has been an exceptionally fulfilling journey . Not only has the growth been a testament to our team ’ s hard work and success , but it shows that we were right in our founding motivations , and far too many people had been financially excluded for far too long .”
‘ Bootstrapping a young startup is exhilarating ’ Karslı is a graduate of Istanbul ’ s Bahcesehir University and Istanbul University , where he studied towards a Masters of Law . Away from
18 October 2023