6 days ago
Naver acquires Spain's top C2C platform Wallapop
Korean internet giant Naver said Tuesday that it has acquired a controlling stake in Spain's largest consumer-to-consumer platform, Wallapop, in a move to strengthen its foothold in the European digital marketplace.
Naver said it acquired an additional 70.5 percent stake in Wallapop for 377 million euros ($436 million), bringing its total ownership to 100 percent. The Korean tech firm initially invested 115 million euros in 2021 and followed up with another 75 million euros in 2023.
Wallapop boasts over 19 million monthly active users and facilitates peer-to-peer transactions across a wide range of categories, from everyday goods and electronics to used vehicles.
The company has steadily grown its presence in the Iberian Peninsula and is expanding into southern European markets, including Italy and Portugal.
The two companies have explored collaboration through technological integration, and Naver said it decided to acquire full ownership to unlock deeper synergy and accelerate growth.
'Wallapop has emerged as a formidable player in Spain's C2C landscape,' said Naver CEO Choi Soo-yeon.
'With the latest acquisition, we plan to combine Naver's technology, spanning search, advertising, payments and artificial intelligence, with Wallapop's user-friendly service to elevate the platform's capabilities and value proposition.'
Naver has been actively investing in Europe since 2016 through funds managed by Korelya Capital, a venture capital firm established by Fleur Pellerin, former French Minister for Digital Economy.
The company said it intends to use Wallapop as a strategic hub to deploy its technological expertise and e-commerce infrastructure across the continent. It will mark a significant step in Naver's global C2C expansion, adding Europe to its growing portfolio of platforms in North America, Korea and Japan, including Poshmark, Kream and Soda.
'With Wallapop's extensive product listings and rich storytelling potential, we aim to deepen our understanding of European consumer behavior and enhance the diversity of data in our AI ecosystem — ultimately strengthening Naver's global competitiveness,' Choi added.
