Pakistan-based Electronic Money Institution (EMI) SadaPay has fired around 30 percent i.e. 80 members of its workforce today, a little over a month after the company was acquired by Turkish fintech Papara.
The announcement was made by interim chief executive officer Umer Samiullah during a short company-wide meeting, according to media reports. Company employees were informed of the meeting in advance but didn’t know they were getting fired.
Around 80 employees from various departments including tech, product, marketing, design, finance, and compliance were terminated without any prior notice.
In June, just days after Papara’s acquisition, CEO Brandon Timinsky resigned from his position at Sadapay.
On May 30 this year, Papara announced that it had successfully acquired SadaPay.
“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 said at the time.
Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest-growing Electronic Money Institutions globally, reaching 1 million users in record time.
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