Turkish Neobank Papara Acquires Spanish Challenger Bank Rebellion
Turkish fintech firm Papara has made a significant move by acquiring Rebellion, a Spanish challenger bank, propelling Papara to unicorn status.
Papara completed the purchase of Rebellion from Beka Finance, a Spanish financial services company, in a transaction involving a substantial sum of cash and stock. This acquisition has pushed Papara’s valuation past $1 billion, cementing its status as a unicorn.
Founded in 2016 and headquartered in Istanbul, Papara has amassed a customer base of over 16 million users. Through its mobile app, the neobank offers a wide range of financial services, including bill payments, money transfers, cards, and budgeting features.
The acquisition of Rebellion represents Papara’s inaugural foray into the realm of acquisitions, both domestically and internationally. Rebellion, a financial app that has received €15 million in funding thus far, provides services akin to Papara, such as money transfers and prepaid cards.
Papara intends to establish a strong presence in Spain, where it recognizes the thriving landscape of digital innovation. To facilitate this expansion, the acquired Rebellion will be rebranded as Papara Spain, further solidifying Papara’s foothold in the Spanish market.