Financial technology company Papara, which has been developing fast, easy, affordable and enjoyable financial services for everyone since 2016, acquired Spain-based neobank Rebellion. Within the scope of the Rebellion purchase agreement, which was completed in June 2023, Papara took an important step in the process of opening up to Europe.
Neobanks, which are not traditional banks and operate only on mobile and internet-based platforms without physical branches, define financial technology companies that challenge traditional financial services with the power of technology.
Favorite of Spanish mobile app stores
Offering financial products and services such as money transfer, prepaid cards and Cashback to Y and Z generation users for a bank-independent financial experience, Rebellion stands out as one of the companies that develops the most positively rated financial technology application in mobile application stores in Spain. 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.
“Papara is the ideal partner”
Rebellion Co-Founder Sergio Cerro shared his views on the acquisition, “Due to the shifts in global investor trends, we initiated a strategic M&A plan to join forces with an international top player in early 2022. This acquisition is one that aligns seamlessly with the Spanish neobanking market. presents an extraordinary opportunity to advance a project. 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. Acquisition and the entire existing Rebellion team As we continue to stay in this new adventure, our expertise and knowledge in the sector will grow with new recruits and Papara’s vision.”
Rebellion Co-Founder Alex Sagrado, who shared his evaluations of the company’s product approach in the new period, said: “In the new period, making financial technologies more transparent and useful in Papara and Rebellion product development strategies, with the acceptance that finance is for everyone and at the same time, it is personal. It will continue to share approaches such as providing the best experience, so that it will be able to respond to users’ demands for a qualified, accessible and fast experience that integrates with daily life.”
The signal was given at the Uludağ Economy Summit
Papara CEO Emre Kenci, 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 Turkey, emphasized that they believe in Papara’s potential to compete in global markets and announced that they would buy two companies in Europe in 2023. Rebellion was Papara’s first acquisition agreement completed in Europe in 2023.