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.
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