Turkish fintech group Papara has acquired Spanish neobank Rebellion—formerly owned by Beka Finance—in a move that marks a significant step in the consolidation of the digital financial sector. According to sources close to the deal, Papara was valued at €1 billion for the transaction, which includes a cash payment to Beka and an equity stake in the Turkish company.
Founded in 2017 by Sergio Cerro and Alex Sagrado, Rebellion has more than 300,000 users in Spain. Since 2021, its business strategy has been led by consulting firm McKinsey. The acquisition presents an opportunity for Beka Finance to remain connected to Papara’s growth while supporting its European expansion from the Spanish market.
Launched in 2016 by Ahmed Karsti, Papara offers financial services such as free multi-currency transfers, commission-free prepaid cards for international transactions, and payment solutions for both individuals and businesses. The company currently has over 16 million customers and has been profitable since its second year of operation. In 2022, it reported an EBITDA close to €100 million.
Rebellion, considered one of the highest-rated financial apps in Spain, offers services similar to Papara’s, including transfers, prepaid cards, and purchase rewards. The startup is part of the Beka Finance group, which also operates in sectors such as investment banking, debt funds (via Beka Credit), wealth management, real estate investment, and specialized funds—including one focused on agriculture. In recent years, Beka has attracted talent from firms like Goldman Sachs, JPMorgan, BBVA, and BNP Paribas.
This deal makes Papara one of the first Turkish fintech companies to expand internationally, establishing a strong foothold in the European market. Rebellion’s current team will continue to lead the business under the direction of Papara CEO Emre Kenci, ensuring operational continuity and strategic integration of both platforms.
