Turkish fintech Papara has acquired Rebellion Pay, a neobank based in Madrid, Spain, as part of its European expansion strategy. Papara aims to compete globally and sees Spain as the first step in its growth plans.
Facts
- Turkish fintech Papara has acquired Madrid-based neo bank Rebellion Pay.
- Papara considers the acquisition a crucial step in its European expansion strategy.
- Papara plans to absorb Rebellion Pay’s team and hire new talent.
- The acquisition will lead to the creation of a new brand identity.
- Rebellion Pay, founded in 2017, offers a mobile account with a personal IBAN, fee-free money transfers, Mastercard debit cards, cashback, and peer-to-peer (P2P) payments to its Spanish customers.
- Rebellion Pay’s app currently has over 250,000 users and is popular among the tech-savvy Y and Z generations in Spain.
- Papara aims to compete on a global scale and sees Spain as the first milestone in its growth plans.
- Papara, founded in 2016 and based in Istanbul, Turkey, offers various financial services such as bill payments, money transfers, cards, budgeting features, cashback, and insurance through its mobile app, which has over 16 million customers.
