- The new investment product will allow Papara’s 20 million users to invest in U.S. stocks, buy and sell fractional shares on the Nasdaq and NYSE
- More than 600,000 users have signed up to be on the waitlist ahead of its launch in October
ISTANBUL, 4 June 2024: Papara, the market-leading Turkish fintech, announces today, at Money 20/20 Europe, its partnership with DriveWealth, a leading financial technology platform providing Brokerage-as-a-Service. The partnership will provide Papara’s 20 million users with the ability to invest real-time in U.S. stocks on the Nasdaq and NYSE starting in October.
Since 2020, the number of retail investors in Turkey has surged from 1.2 million to over 8 million. With DriveWealth’s industry-leading fractional investing solution, Papara users will be able to buy or sell fractional shares in U.S. equities and ETFs, creating a new generation of empowered retail investors.
As one of Turkey’s most popular finance apps, Papara is evolving into a one-stop financial super-app for the digital-native generation. In offering savings and investment products directly from the app, Papara will make investing more accessible, allowing its predominantly Gen-Z and millennial users to seamlessly start their investment journey and build investment habits early.
Papara’s new stock investment product offers real-time market data and the ability to invest in fractional shares with lower minimums of $1 and fixed transaction fees. Papara users can access their investment accounts directly from the Papara app, with faster onboarding that can be completed in seconds. Unlike complex and cumbersome traditional investment apps, Papara offers a simple and intuitive UX.
The launch of the new product is in high demand from the Papara community. Over 600,000 users have already signed up for the waiting list. Papara will launch the product in October 2024.
Emre Kenci, Co-Founder & CEO of Papara said, “Enabling a new generation of retail investors to access global markets simply and affordably has never been more important. Our commitment to removing barriers to investment alongside improving financial literacy and inclusion remains unwavering. Partnering with DriveWealth marks the next chapter of Papara’s transformation into a one-stop financial super app. Prioritizing user experience and interests above all, we believe in helping individuals realize their ambitions through diversified investment alternatives.”
Michael Blaugrund, CEO of DriveWealth: “As part of our ongoing mission to democratize finance across the globe, DriveWealth is working directly with our B2B partners to deliver in-demand investing opportunities that help them improve their offering and better serve their clients. Our partnership with Papara will not only unlock previously inaccessible markets for Turkish investors, but also offer the ability to purchase and sell fractions of U.S. stocks in real time. We are very pleased to help bring portfolio diversification and new opportunities to the people of Turkey.”
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MHP Group for Papara
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About Papara
Papara is a leading financial technology company based in Turkey. Founded in 2016, Papara is committed to providing fast, simple, affordable, and enjoyable financial services for all. Papara brings an unrivalled range of products and services offering instant and free transfers to users as well as providing a one-stop shop for paying bills, enabling international money transfers, buying insurance, investing in precious metals, and tracking spending habits. In addition, Papara offers Papara Cards that are valid worldwide and online. Papara users who use Papara Cards earn instant cash rewards with the Cashback program for purchases in specific brands and categories. Papara has 20M retail users and over 4500 corporate users, such as Uber and TikTok. Papara has more than 650 employees. Papara plans to expand its products, services, and geographic reach to become the leading challenger bank in the region. Papara is listed in the latest KPMG Global Fintech100 and LinkedIn Top Startup Turkey 2022. Papara was awarded “Best Fintech Startup” by VISA and selected the “Best Startups” in the 2022 Finovate Awards organized by Finovate.
About DriveWealth
DriveWealth is a global B2B financial technology platform. Our core business is providing Brokerage-as-a-Service, powering the investing and trading experiences for digital wallets, broker dealers, asset managers, and consumer brands. DriveWealth’s APIs provide our partners with a modern, extensible and flexible toolkit to develop everything from traditional investment workflows to more innovative techniques like rounding up purchases into fractional share ownership. To learn more about DriveWealth’s technology and services, visit www.drivewealth.com or contact [email protected].