On the 5th, NAVER announced that it is acquiring Wallapop, Spain's largest C2C (consumer-to-consumer) company, to secure a strategic platform and user base that can serve as a foothold for business development in Europe.
According to NAVER on that day, the company will invest €377 million (about 604.5 billion won) to additionally secure about 70.5% equity in Wallapop. NAVER previously secured approximately 29.5% equity in Wallapop over 2021 (€115 million; 155 billion won) and 2023 (€75 million; 100 billion won).
Wallapop is Spain's largest C2C company, with over 19 million monthly active users (MAU). It facilitates transactions between individuals across all areas, from everyday household items to electronics and cars.
NAVER noted, "In Europe, the usability of C2C services is steadily growing based on increased interest in environmental sustainability and the circular economy." It also explained, "Since its inception, Wallapop has established itself as a representative C2C service in Spain, recording continuous growth with a user-friendly service. It is expanding its business presence into southern European markets such as Italy and Portugal."
As a result of this acquisition, NAVER plans to apply its technology and business know-how in search, advertising, payments, and artificial intelligence (AI) to Wallapop while expanding its presence in the European market.
Choi Soo-yeon, CEO of NAVER, said, "Over the past decade, NAVER has been investing in the European market and has been continually looking for partners to establish a solid partnership," adding, "Wallapop is a strong player that has established itself as a representative of Spain's C2C market in a situation where global big tech threatens markets around the world. NAVER will integrate technology and business know-how into Wallapop, adding new usability and further elevating Wallapop's growth."
He continued, "Through the acquisition of Wallapop, a C2C corporation with a diverse range of products and rich storytelling, we can not only enhance our understanding of the usability among users in Spain and Europe, but it is also expected to further strengthen NAVER's competitiveness in the AI ecosystem, where data diversity becomes a competitive advantage."