This week, Turkish Fintech Papara, announced a partnership with DriveWealth. The union allows Papara’s 20 million users to invest in 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 north of eight million. Through usage of DriveWealth’s fractional investing solution, users can buy or sell fractional shares in U.S. equities and ETFs.
One of Turkey’s most popular finance apps, Papara aims to evolve into a one-stop financial super-app for the digital-native generation. In offering savings and investment products directly from the app, Papara said it 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 app, with faster onboarding that can be completed in seconds.
More than 600,000 users have already signed up for the waiting list. The service launches in October.
“Enabling a new generation of retail investors to access global markets simply and affordably has never been more important,” Papara co-founder and CEO Emre Kenci said. “Our commitment to removing barriers to investment alongside improving financial literacy and inclusion remains unwavering. Partnering with DriveWealth marks the next chapter of our 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.”
“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,” its CEO Michael Blaugrund added. “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.”
