NAVER to Acquire Spain’s Largest C2C Platform, Wallapop
NAVER to Acquire Spain’s Largest C2C Platform, Wallapop
NAVER to Acquire Spain’s Largest C2C Platform, Wallapop
- NAVER to secure an additional 70.5% stake in Wallapop for EUR 377 million (KRW 604.5 billion)
- NAVER to integrate its technology and business expertise with the fast-growing European C2C powerhouse, taking its business to the next level
- The C2C sector, deeply embedded in everyday life, will play a key role in boosting competitiveness within AI ecosystems that value diversity
August 5, 2025
NAVER Corporation (CEO Choi Soo-yeon) has announced its decision to acquire Wallapop, Spain’s largest C2C platform, to establish a strategic user base and operational hub for its European business expansion. NAVER will invest EUR 377 million (approximately KRW 604.5 billion, based on the exchange rate of EUR 1 = KRW 1,604.13 as of August 5) to acquire an additional 70.5% stake in Wallapop.
Wallapop boasts over 19 million monthly active users (MAU) and is Spain’s leading C2C platform, facilitating peer-to-peer transactions across a wide range of categories, from everyday household goods to electronics and automobiles. In Europe, the adoption of C2C services continues to grow, fueled by increasing interest in sustainability and the circular economy. Since its inception, Wallapop has recorded steady growth by offering user-friendly services and has become a household name in Spain. It has since expanded into Southern Europe, including Italy and Portugal.
Recognizing Wallapop’s growth potential early on, NAVER had already acquired a 29.5% stake through two previous rounds of investment—EUR 115 million (approximately KRW 155 billion) in 2021 and approximately EUR 75 million (approximately KRW 100 billion) in 2023—while exploring technological collaboration. However, both companies determined that a stronger alignment was necessary to realize more substantial collaboration and synergies, and have agreed to deepen their partnership, with NAVER set to acquire managerial control.
Since 2016, NAVER has expanded its European operations through indirect investments, such as fund contributions to Korelya Capital, an investment firm founded by former French Minister for Innovation and Digital Economy Fleur Pellerin. However, with this acquisition, NAVER will mark a shift to a more direct approach to the European market by incorporating its search, advertising, payments, and AI technologies into Wallapop’s platform. In particular, the C2C space represents a long-tail commerce ecosystem where diverse goods and user experiences converge. Its diversity of data is increasingly vital in AI development, making C2C platforms a core area of focus for NAVER. By combining user and transaction data from the C2C domain with its AI technologies, the company aims to create entirely new user experiences and business opportunities.
Through this acquisition, NAVER will further expand its global C2C footprint—currently represented by platforms like Poshmark, KREAM, and SODA across North America, Korea, and Japan—into Europe, accelerating its global growth in the C2C domain.
Choi Soo-yeon, CEO of NAVER, stated, “For over a decade, we have been investing in the European market while exploring strategic partnerships. Wallapop is a leading C2C platform in Spain that has withstood competition from global tech giants. By combining NAVER’s technologies and business expertise with Wallapop’s platform, we will elevate its value and unlock new use cases.”
She added, “Acquiring Wallapop, an established C2C platform with a broad range of product categories and rich user stories, not only deepens our understanding of Spanish and broader European users but also strengthens NAVER’s competitiveness in AI ecosystems, where data diversity is a critical factor.”
Rob Cassedy, CEO of Wallapop, said, “NAVER is a leading Internet company in Korea, backed by strong technological and business expertise. Since its initial investment, we have explored various collaborative strategies and recognized the strengths of its services and technologies. Based on that experience, we believe NAVER is the ideal partner to support Wallapop’s continued growth. This acquisition marks the next step in our partnership, allowing us to integrate NAVER’s search, advertising, payments, and AI technologies into Wallapop and reinforce our service differentiation and position in the European market.” (End.)
# About Wallapop
Wallapop is a mobile-based C2C secondhand marketplace platform founded in Spain in 2013. It has grown rapidly by offering technology-driven user experience (UX), including location-based matching and AI-powered recommendations. The company has been led by CEO Rob Cassedy, a former eBay executive, since 2018.
Wallapop supports a tech-centered UX that includes location-based matching, real-time chat, user rating systems, and AI-based recommendation algorithms. It also provides a shipping service through “Wallapop Envíos,” offering users integrated delivery solutions.
The company is currently expanding into vertical categories such as used cars and refurbished electronics. In the used car segment, Wallapop has become the market-leading vertical player.
Wallapop has built a diverse revenue model. In addition to transaction and shipping fees and advertising, revenue from subscription-based services for “pro sellers” is also growing rapidly.
Following its entry into the Italian market in 2021, Wallapop expanded into Portugal in 2022, continuing its growth trajectory across Southern Europe beyond Spain.
