Turkish neobank Papara acquires Spanish counterpart Rebellion

Papara, a Turkish neobank, has acquired a Spanish equivalent - Rebellion. The deal has resulted in Europe’s latest fintech unicorn.

Rebellion’s acquisition

A neobank refers to a financial institution that exclusively operates in a digital and mobile space. This means that such entities do not have a physical location.

Papara, which was founded in 2015, has been profitable for about two years now. The neobank’s users are about 16 million; milestones that it has hit without any form of investment from outside.

By acquiring Rebellion from its current owner - Beka Finance, its value has risen past $1 billion. Besides, it is a strategic move aimed at advancing its presence in Europe.

Since its launch in 2017, Rebellion has grown to be one of the top neobanks in Spain. To date, the fintech company has obtained an investment of 15 million euros.

The Spanish neobank offers an array of financial products including prepaid cards, Cashback, and money transfers. What’s more, its mobile application is highly rated.

With regard to the acquisition, Papara’s Chairman, Ahmed Karsli stated, “Papara was founded on the principal of financial inclusion for all, and this deal will allow is to ensure that is reality for even more people. 2023 is the year in which we are beginning to execute our ambitious international growth strategy, and we are confident that Rebellion is the perfect foundation upon which to expand our global reach”.

In his part, Rebellion’s co-founder Sergio Cerro acknowledged that Papara is “the ideal partner to synergistically blend resources, business vision, and ambition”.

Rebellion will now be rebranded to Papara Spain. Besides, its workforce is set to join the existing Papara team.