The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Turkish neobank Papara targets 50 million users by 2024

After reaching 10 million users this month, the firm is raising funds and seeking licences in Turkey and the EU.


Target-people-crowds-iStock-960.jpg
Photo: iStock

Bootstrapped Turkish neobank Papara has 10 million customers and will reach 50 million in the next three years, chief executive and founder Ahmed Karsli tells Euromoney.

Papara will be one of the first to apply for a bank licence under new Turkish legislation for digital lenders, drafted by Ankara this August. Papara is licensed in Turkey as an electronic money company, but it could soon offer a full range of banking services to retail and small and medium-sized enterprise customers, after the new digital bank legislation comes into force early next year.

Unlike most neobanks in developed markets, Papara has been profitable since it was founded in 2016. It is cash-flow positive on a monthly basis. Thanks to that income, it is a bootstrapped company, meaning its growth has not relied on external funding up to now.

We don’t want people in suits and ties in the team
Ahmed Karsli, Papara
Ahmed-Karsli-Papara-960.jpg

It is now raising funds, according to Karsli, for the strategic help, expertise and validation this would bring in areas such as governance.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree