PashaPay

What PashaPay does

PashaPay is an Azerbaijani fintech company founded in 2022 that operates a national digital payments infrastructure built around two core assets: the m10 electronic wallet and the MilliÖn nationwide payment-terminal network. m10 consolidates consumer fintech functions — QR payments, money transfers, bill payments, and lending — into a single mobile application ranked #1 in finance on both the App Store and Google Play in Azerbaijan, with 3.5M+ registered users and 217M+ annual transactions. MilliÖn provides the physical layer with 5,500+ payment terminals supporting 1,000+ service-provider payment types and 194M+ annual transactions. Both products are part of the BİR ecosystem, which unifies PashaPay's brands (Birbank, Birmarket, m10, MilliÖn) with strategic partners including Trendyol Azerbaijan, BakıKart, and Kapital Bank to deliver an integrated finance, e-commerce, and payments experience.

The underlying technology stack is built on asynchronous microservices for scalability and reliability, supporting 24/7 operation across both consumer and merchant workloads. PashaPay monetizes primarily through transaction fees on payment processing (utility bills, mobile top-ups, QR payments, service provider payments) and through revenue participation in lending products originated through the Kapital Bank-integrated Cash Loan feature on m10. Go-to-market is product-led, leveraging the #1 app-store ranking, a dense terminal footprint, pop-culture collaborations, and a brand-media channel (Limon Qazanı) for top-of-funnel awareness, supplemented by platinum-tier sponsorship of national fintech forums.

As of April 2025, PashaPay reported 900+ employees, sixfold valuation growth over three years, and recognition by PanFinance as the 2024 winner in 'Digital Transformation of Payment Services.' The company is privately held, headquartered in Baku (Port Baku, South Tower), and operates exclusively in the Azerbaijani market with no disclosed institutional investors or revenue figures.

Name

PashaPay

Legal name

PashaPay MMC (PashaPay Limited Liability Company)

Website

https://pashapay.az

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

PashaPay is an Azerbaijani fintech operating the m10 e-wallet and the MilliÖn nationwide payment-terminal network under the BİR ecosystem, serving 5M+ consumers and 24,000+ partners with payments, lending, and integrated e-commerce services.

Ownership category

akta.pro rank

Product category

Digital Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199), Personal Credit Institutions (6141)

akta.pro primary industry

Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)

akta.pro secondary industries

General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA), QR Code Payments Wallets (FSAMAEAC), Payment Orchestration Platforms (FSAGABAA)

Keywords

• Digital payment services
• Electronic wallet app
• Payment terminal network
• Mobile payment platform
• QR payment processing

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Payment Transaction Fees: Revenue generated from payment transactions processed through Milliön terminals and m10 e-wallet, including QR payments, service payments, and bill payments.
2. Service Provider Payments: Milliön terminals process payments for over 1,000 provider types, generating transaction fees from utility bills, mobile top-ups, and other services.
3. QR Payment Transactions: Over 7 million QR payments were made in 2024 through the m10 platform, representing a growing revenue stream.
4. Lending Products: Cash Loan product integrated with Kapital Bank enables lending services through m10, generating revenue from loan processing and interest.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

PashaPay operates Azerbaijan's national digital payment ecosystem, anchored by the m10 electronic wallet (a mobile app for QR payments, transfers, loans, and bill payments) and the Milliön network of 5,500+ physical payment terminals enabling cash and electronic payments to over 1,000 service providers. Both products sit within the BİR ecosystem that unifies the company's finance, e-commerce, and payment brands (Birbank, Birmarket, m10, Milliön) and strategic partners (Trendyol Azerbaijan, BakıKart) into a single consumer-facing platform.

Product overview

PashaPay operates a dual-core product portfolio centered on digital payments and financial services in Azerbaijan. The company offers MilliÖn, a nationwide payment terminal network with over 5,500 terminals, and m10, an electronic wallet with over 3.5 million registered users—both connected through the BİR Ecosystem platform that unifies the company's finance, e-commerce, and digital payment brands. The BİR Ecosystem additionally encompasses Birbank and Birmarket, while extending reach through partnerships with Trendyol Azerbaijan and BakıKart.

Differentiator

Problem solved

Functional benefit

Brands

• m10: Electronic wallet providing convenient, fast, and secure payment methods including QR payments and loans. m10 has over 3.5 million registered users and 217 million annual transactions.
• MilliÖn
• BIR Ecosystem

Products and services

• m10 Electronic wallet mobile application that consolidates fintech services — including QR payments, money transfers, bill payments, and loans — into a single convenient, fast, and secure payment method for Azerbaijani consumers. Ranked #1 finance app in Azerbaijan on both App Store and Google Play, with 3.5 million+ registered users and 217 million+ annual transactions.
• Milliön National Payment System operating a network of 5,500+ payment terminals across Azerbaijan, enabling consumers to make payments for over 1,000 provider types including utility bills, mobile top-ups, and other services, with uninterrupted daily availability and 194 million+ annual transactions.
• BİR Ecosystem Unified ecosystem platform that brings together PashaPay's finance, e-commerce, and digital payment brands — Birbank, Birmarket, m10, and Milliön — alongside strategic partners such as Trendyol Azerbaijan and BakıKart, delivering a single cross-brand customer experience and cross-sell capabilities.

Quantifiable outcome

• 5+ million users served with digital payment solutions
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Trendyol AzerbaijancoreStrategic or Co-development PartnerStrategic partnership within the BİR ecosystem, expanding the ecosystem's influence and enhancing the overall customer experience. Trendyol Azerbaijan brings e-commerce capabilities to the integrated financial services platform.
• BakıKartcoreStrategic or Co-development PartnerStrategic partnership within the BİR ecosystem, expanding influence and enhancing overall customer experience. BakıKart provides additional payment and card services integration.
• Kapital BankcoreTechnology or IntegrationIntegration partnership for the Cash Loan product, making it one of the most popular features of m10. The partnership enables thousands of users to take out loans through the m10 platform, solving financial needs for customers including employees' friends and family.
• BirbankcoreStrategic or Co-development PartnerPart of the BİR ecosystem, Birbank is a banking brand under the unified ecosystem bringing together finance, e-commerce, and digital payment brands including Birbank, Birmarket, m10, and MilliÖn.
• BirmarketcoreStrategic or Co-development PartnerPart of the BİR ecosystem, Birmarket is an e-commerce brand under the unified ecosystem bringing together finance, e-commerce, and digital payment brands including Birbank, Birmarket, m10, and MilliÖn.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Kaspi.kz: Kazakhstan's leading super-app combining payments, marketplace, and fintech. Highly comparable as a regional blueprint of a wallet + ecosystem + merchant payments model that PashaPay is replicating in Azerbaijan.
• Kapital Bank: One of Azerbaijan's largest banks and an existing PashaPay integration partner for the Cash Loan product. Comparable as an incumbent financial institution with overlapping consumer finance and payment services.
• Wise: Global digital wallet and cross-border payments platform. Comparable as a competing digital wallet targeting consumers and SMEs, including in emerging markets where PashaPay operates.
• Revolut: Global multi-currency digital wallet and payments app. Comparable in product surface (wallet + payments + transfers) and represents the type of international entrant that could pressure PashaPay's domestic share.
• PayPal: Global digital wallet and online payments incumbent. Comparable in digital wallet category and merchant/consumer payment flows.

Direct peers

• Payriff: Azerbaijani payment gateway and merchant acquiring platform. Directly comparable in serving Azerbaijani merchants and consumers with digital payment acceptance infrastructure.
• eManat: Direct Azerbaijani competitor operating an e-wallet and payment terminal network for utility and service payments. Closest domestic head-to-head competitor in the same customer segments.
• Hesab.az: Azerbaijani digital wallet and bill payment service with overlapping consumer use cases in utility payments, transfers, and mobile top-ups.

Regional players

• MilliKart: Azerbaijan's national card payment scheme and processing network. Comparable as a domestic payment-rail operator but focused on card acquiring rather than wallet/QR.

Emerging players

• Uzum (Uzbekistan): Uzbekistan-based fintech ecosystem combining payments, marketplace, and banking — a regional emerging super-app comparable to PashaPay's BİR ecosystem model in a neighboring market.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UClwFD7EUkfpzNpr270Csv8A
• LinkedInlinkedin.com/company/pashapay
• Instagraminstagram.com/m10.az

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PashaPay