Published: 05 Aug. 2025, 18:15

The corporate logo of Wallapop as provided by Naver. [YONHAP]

The corporate logo of Wallapop as provided by Naver. [YONHAP]

 
Korean internet giant Naver said Tuesday it has decided to fully acquire Spanish online marketplace Wallapop as part of a broader strategy to expand its social commerce business overseas.
 
Naver will invest 604.5 billion won ($435.2 million) to acquire an additional 70.5 percent stake in the Spanish firm, raising its total ownership to 100 percent, the company said in a statement.
 
 
Founded in 2013, Wallapop is one of Spain’s largest peer-to-peer marketplaces, with more than 19 million monthly active users. The platform specializes in second-hand goods, offering nearly everything from daily necessities and home appliances to vehicles.
 
Wallapop is currently expanding its operations in Italy and Portugal.
 
The planned complete acquisition follows Naver’s previous investments totaling 255 billion won, which secured a combined 29.5 percent stake in 2021 and 2023.
 
Naver said the two companies have agreed to strengthen their partnership under terms that give Naver complete control of the Spanish platform.
 
The Korean tech company aims to expand its marketplace business across Europe, building on its presence in Korea, the United States and Japan.
 
As part of this expansion, Naver acquired U.S.-based social commerce platform Poshmark and Japan-based Soda in 2023.
 
“Naver has been investing in the European market over the past 10 years to find a strong business partner,” Naver Chief Executive Officer (CEO) Choi Soo-yeon said. “We plan to integrate our technology and business experience into Wallapop to help the Spanish firm take the next step forward.” 

Yonhap