Pakistan-based EMI SadaPay to fire 30% of its staff

In a dramatic turn of events, the Pakistan-based EMI SadaPay has said it will lay off around 30% of its workforce, totaling about 80 employees. Those being axed are from across different teams: tech, product, marketing, design, finance, and compliance.

The news was broken in an organization-wide meeting, which must have caught many employees off guard given that they had not been informed of an upcoming company-wide meeting or given the meeting’s agenda. This comes barely a month after the acquisition of SadaPay by Turkish fintech company Papara, which took place on May 30, 2024.

During that acquisition deal, multiple developments happened at the leadership level. SadaPay chief executive officer Brandon Timinsky resigned in June. The founder of SadaPay in 2019 had initially spoken in positive light on the merger, indicating in his words that—there was an opportunity to deepen value delivery using practically unmatched industry expertise and advanced technology of Papara.

But the rapid growth of Pakistan-based EMI SadaPay has really only been prior to the significant restructuring challenges that are suddenly in front of it. While it speaks to larger implications of the acquisition, it comes with a question of strategic direction under Papara’s leadership once the dust settles from the layoffs.

The fintech community will be with bated breath as Pakistan-based EMI SadaPay navigates this niggle, wondering how the company will adapt and what steps must be done to stabilize and grow through such monumental changes.

Source: ProPakistani