Pakistan-based Electronic Money Institution (EMI) SadaPay has laid off approximately 30 percent of its workforce, amounting to 80 employees, just over a month after being acquired by Turkish fintech company Papara.
The announcement was made by interim Chief Executive Officer Umer Samiullah during a brief company-wide meeting, according to media reports. Employees were informed of the meeting in advance but were unaware of the impending layoffs.
The reduction in staff affected various departments, including technology, product, marketing, design, finance, and compliance. Employees were terminated without any prior notice, leading to a significant shake-up within the company.
In June, shortly after Papara’s acquisition, SadaPay’s CEO Brandon Timinsky resigned from his position. On May 30, Papara announced the successful acquisition of SadaPay, marking a significant milestone for both companies.
“We’re fortunate to leverage Papara’s industry expertise, advanced technology platform, and diverse product offerings. With SadaPay’s strong brand, exceptional team, and local foundation, this acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s quarter-billion citizens,” Timinsky stated at the time of the acquisition.
Founded by Brandon Timinsky in 2019, SadaPay rapidly emerged as one of the fastest-growing Electronic Money Institutions globally, reaching 1 million users in record time. The recent layoffs signal a strategic realignment under Papara’s new ownership, as the company aims to integrate its operations and enhance its service offerings.
The acquisition and subsequent restructuring underscore the evolving landscape of Pakistan’s fintech sector, with SadaPay poised to benefit from Papara’s extensive industry expertise and technological advancements.
