Turkish fintech Papara acquires Spanish neobank Rebellion Pay
Turkish banking challenger Papara has acquired Madrid-based neobank Rebellion Pay for an undisclosed sum.
Papara buys Spanish neobank Rebellion Pay
Papara calls the acquisition a “crucial step” in its European expansion strategy. Following the announcement, the Turkish fintech adds it will absorb Rebellion’s team, hire new talent and create a new brand identity.
Founded in 2017, Rebellion offers customers in Spain a mobile account with a personal IBAN, fee-free money transfers, Mastercard debit cards, cashback and peer-to-peer (P2P) payments. It claims its app currently has more than 250,000 users.
“Rebellion has gained immense popularity as a financial application on mobile app stores in Spain, providing innovative financial solutions to the tech-savvy Y and Z generation,” Papara says.
It adds that with the acquisition, it is aiming to “compete on a global scale”, with Spain serving as the “first milestone” in its growth plans.
Papara was founded in 2016 and is based in Istanbul, Turkey. It offers financial services including bill payments, money transfers, cards, budgeting features, cashback and insurance through a mobile app boasting more than 16 million customers.
