Turkish financial technology company Papara has announced its acquisition of Rebellion, a neobank based in Spain. This strategic move signifies the Istanbul-based firm’s significant progress toward expanding its presence in Europe.
Neobanks are innovative financial institutions that exclusively operate on mobile and internet platforms, omitting physical branches.
Rebellion stands out among its peers as it offers a range of financial products and services, including money transfers, prepaid cards and Cashback, catering to the financial needs of the Y and Z generations. Notably, Rebellion has garnered positive ratings for its mobile application, solidifying its position as a leading player in the Spanish financial technology sector.
Founded by Sergio Cerro and Alex Sagrado in 2017 and turned into one of the leading neobanks in the Spanish market, Rebellion is known to have received an investment of 15 million euros to date.
Rebellion was Papara's first acquisition agreement completed in Europe in 2023.
Rebellion Co-Founder Cerro stated that due to the changes in global investor trends, they have launched a strategic M&A plan to join forces with an international top player in early 2022.
“This acquisition offers an outstanding opportunity to advance a project that aligns seamlessly with the Spanish neobanking market,” he said.
“Given the absence of a dominant player in the Spanish sector and the prevailing economic landscape, I strongly believe Papara is the ideal partner to synergistically blend resources, business vision and passion. With the acquisition, the entire existing Rebellion team remains on this new adventure, while our industry expertise and know-how will grow with new hires and Papara's vision,” Cerror underlined.
Sagrado, meanwhile, has stated their commitment to maintaining a shared vision with Papara. They aim to enhance financial technologies by prioritizing transparency and utility in their product development strategies. He said the goal is to provide an exceptional personalized experience to each individual, recognizing that finance is a deeply personal matter for everyone involved.
"This way, users will be able to respond to the demand for a qualified, accessible and fast experience that integrates with daily life,” he said.
In his speech at the Uludağ Economy Summit, which was held in recent months and considered one of the most important business and economic meetings in Türkiye, Papara's CEO Emre Kenci announced their plans to buy two companies in Europe in 2023 as they believe in Papara's potential to compete in global markets.
