Turkish fintech Papara launches insurance arm

Currently providing mobile and pet insurance products, with more to come in the first half of the year. Users will be able to access modular, tailored products, adapted to their needs, and can make claims or access customer support. All policies can be paid for with a Papara account or credit card and offer an additional cashback of up to 5% for greater affordability.

This is the first expansion of Papara’s product line outside of core banking and money management products since its launch six years ago. It marks the next step in Papara’s mission to become one of Europe’s leading financial SuperApps, providing users with all the accessible and affordable financial services they need in one place.

In addition to the Papara Card product, which enables cross-border transactions without fees, the fintech offers consumers a one-stop shop to pay bills, transfer foreign currency to other Papara accounts and track their spending habits. For businesses, Papara also facilitates bulk payments, providing a business card that can be tailored to enable varying spending patterns and a secure checkout option for merchants.
Flexible and comprehensive pet insurance

Papara’s pet insurance – underwritten by Anadolu Sigorta, one of Turkey’s largest insurance companies – provides cover for pet health, third party damage, examinations and treatment.
Accepted by all vets across Turkey, the policy is modular and can be adapted to your pet’s needs, with additional services available including annual veterinary examinations, discounts on microchip kits, nail trimming and eye-ear cleaning.

Market-leading mobile cover
Papara’s mobile insurance cover, in partnership with Axa Sigorta, offers two options: the most competitively priced screen cover package on the market, as well as a full cover package to protect against theft, liquid contact, use of faulty accessories and screen breakage.
In line with the Papara Cashback program, users will be able to earn 5% cashback instantly by purchasing mobile phone insurance.

Papara’s head of insurance, Emre Güngör, said: “Our existing offering means we know intimately what our users need and want, and now more than ever there is quick access to fair and flexible financial services across the board. As with our existing products, our users will now have accessible and effective insurance at their fingertips, something not offered by established insurance companies. We want to become the leading insurtech provider in Turkey, and this is just the first step.”

Papara’s CEO, Emre Kenci, said: “Papara’s ambition is to provide a financial services ecosystem that is fair for all. Our insurance product is the next step in making that ambition a reality as we continue to serve our users with the best products in its class in one place. The market opportunity for insurtech in Turkey is huge and marks the next step in our mission to become one of Europe’s leading financial SuperApps.”