Advising Spanish neobank Rebellion Pay on the acquisition by a Turkish fintech unicorn Papara.
Flow Partners acted as an exclusive financial advisor to Spain's leading neobanking platform Rebellion Pay on the acquisition by Papara, a Turkish consumer fintech firm.
Madrid, Spain
Istanbul, TurkeyOverview
Papara, an Istanbul-based consumer fintech platform acquired Spanish neobanking leader Rebellion for an undisclosed amount.
With the acquisition of Rebellion, Papara doubles down on its international mission, to expand its consumer fintech platform beyond Turkey and launch global product offering. Together, Rebellion and Papara will embark on a path to become a global neobanking leader, unlocking synergies, leveraging a fresh brand identity, and the shared vision for both companies.
Transaction Background
Sergio Cerro, co-founder of Rebellion said in a statement: 'I strongly believe Papara is the ideal partner to synergistically blend resources, business vision and passion, given the absence of a dominant player in the Spanish sector and the prevailing economic landscape. As we continue to stay on the adventure, our expertise and knowledge in the sector will grow with new recruits and Papara's vision.'
Ahmed F. Karsli, Papara's founder, added: 'With this acquisition, the talented Rebellion team joins us on our journey, bringing extremely valuable expertise and knowledge for our European expansion. Together, we will embark on a path of growth, leveraging new recruits, a fresh brand identity, and the visionary outlook of Papara. We are confident that our products, services, and vision can compete on a global scale, and Spain serves as our first milestone in this exciting adventure.'
About Rebellion
Founded in 2017 by Sergio Cerro and Alex Sagrado, Rebellion Pay was created to meet needs of young generations who do not identify with conventional banks. Rebellion quickly became a leading financial app for tech-savvy Gen Z and millennials in Spain, offering innovative financial solutions such as fee-free money transfers, prepaid cards, crypto trading, cashback and BNPL features. Born out of the need to change the legacy banking experience, Rebellion ensures true à la carte digital banking experience for its users.
About Papara
Having launched in 2016, Papara is a leading fintech in Turkey with over 16 million users. The company holds an E-Money license, and provides a wide range of functionality including money transfers and payments through its mobile app.
About Flow Partners
Flow Partners provides founder-friendly corporate finance and fractional CFO advice to technology entrepreneurs globally. Flow was founded in 2020 and operates globally with presence in London, Berlin, Warsaw and Miami.
For more information, please visit flowpartners.io.
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