Papara, a Turkiye-based provider of mobile payment services, recently acquired its Spanish competitor Rebellion Pay from Spain’s Beka Finance in exchange for an undisclosed amount of cash and shares. Rebellion, Papara’s first acquisition outside of Turkiye, will be renamed Papara Spain. The purchase values Papara at over USD 1 billion.
Rebellion co-founder Sergio Cerro said, “Given the absence of a dominant player in the Spanish [neobanking] sector, and considering the prevailing economic landscape, I strongly believe that Papara is the ideal partner to synergistically blend resources, business vision and ambition.”
Papara was established in 2016 and allows its 16 million users to pay bills, create budgets, buy insurance and transfer money to peers.
Rebellion Pay was founded in 2017 and – previous to its acquisition – had received investments totaling EUR 15 million (USD 16.5 million). As of 2023, it serves 250,000 people.
Beka was founded in 1989 in Madrid and offers asset management, investment banking and direct investment services in Spain and Portugal. It is owned by executives of the company and has 200 employees. As of August 2023, Beka has EUR 26 billion (USD 28 billion) in assets under management.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
Pymnts article
Fintech article
https://fintechmagazine.com/articles/papara-hits-unicorn-status-amid-deal-for-neobank-rebellion
Papara homepage
https://www.papara.com
Rebellion homepage
https://www.rebellionpay.com
Beka homepage
https://www.bekafinance.com
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