Shareholder Executive Summary · February 2026

Users. Monthly Actives.
The Distribution Is Built.
Now It's Time to Monetize.

2025 Revenue
YoY Growth
Registered Users

SadaPay has built the largest Electronic Money Institution in Pakistan. Five new product lines are about to turn that distribution into a revenue engine, driving past in combined revenue by 2028 with a clear runway to a Pakistan Stock Exchange (PSX) listing.

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The Distribution Channel Is Built. Now It's Time to Monetize.

SadaPay has built the largest Electronic Money Institution in Pakistan, with over 3 million registered users and 1 million monthly active users across a 240-million-person market. That distribution channel, the hardest thing to build in consumer fintech, is already in place.

Revenue grew in 2025 to , driven entirely by organic growth in the existing consumer card business. This growth came despite an 18-month code freeze, a skeleton engineering crew, zero new product launches, and zero investment in marketing or growth activities.

With the acquisition unwinding, SadaPay is getting its company back. The thesis is straightforward: a small, AI-augmented engineering team launches five major product lines into an existing base of millions of engaged users, turning distribution into revenue. SadaPay's existing technology platform, card issuing infrastructure, and 3M+ user base provide the foundation for all five product lines.

The products are not speculative. They address documented, massive demand gaps in one of the world's largest unbanked and underbanked populations: digital dollars, secured credit cards, US equity access, digital gold savings, and corporate expense cards.

Base Business Revenue Trajectory
In 2025, SadaPay grew from 2M to 3.1M users and +82% Revenue

Why Now

Growth on Autopilot

Two years of neglect, zero marketing spend, zero new products, a skeleton crew. Revenue still grew 82% YoY. Users grew from 2M to 3.1M. The business grows itself.

Card Infrastructure In Place

Existing card issuing stack supports two new high-margin card products (corporate + secured consumer) launching on existing rails.

Virtual Asset Regulation Unlocked

Pakistan passed the Virtual Asset Bill, paving the way for high-margin digital asset products launched with partners and shared economics.

AI-Powered Engineering

Agentic software engineering enables 10 engineers to ship what previously required a 100-person engineering org at SadaPay.

Founders Stepping Back In

Brandon Timinsky (Founder) and Jon Sheppard (CTO) are stepping back in to provide strategic and technical leadership.

Path to IPO

PSX has rallied 300%+ since 2023. SadaPay can be Pakistan's first tech IPO in a market hungry for high-growth listings.

All five products launch within six months, taking SadaPay past profitability and preparing it for a Pakistan Stock Exchange (PSX) listing.

Five Products. One Distribution Channel.

Each product line is backed by extensive market and product research. View the Detailed Summary and Full Research Document for each product below.

The Combined Revenue Trajectory

Base business plus five new product lines, ramping from 2026 through 2028.

Pakistan Stock Exchange IPO

Hypothetical valuation based on projected financials and frontier-market comparable analysis.

The Pakistan Stock Exchange has rallied over 300% since mid-2023, with the KSE-100 reaching all-time highs. No fintech has ever listed on the PSX, making SadaPay a potential category-defining event. Pakistan's anticipated MSCI Emerging Market re-upgrade (from Frontier) could trigger billions in passive fund inflows, adding an estimated 20-30% to valuations.

One additional year of patience roughly doubles the expected valuation. A 2027 IPO at ~$130M reflects decelerating growth and only one year of profitability. By 2028, re-accelerating revenue growth (74.4%), expanding margins (44.7% EBITDA), and two years of profitability tell a fundamentally stronger story to public market investors.

Combined Business Overview

36-month product line impact analysis. All figures in USD.