Wallapop has taken time to find its business model but it has finally succeeded. In the last three years, its revenues have risen to 51.5 million euros in 2021. According to data from the company – founded in Barcelona in 2013 – turnover has grown by 65% compared to the previous year, and this year, the figure is on track to increase at a similar rate.
Wallapop is reaping the fruits of the pull of second-hand trade, as well as the plan orchestrated by Rob Cassedy, the CEO who took over the business in 2018 to replace co-founder Agustín Gómez, who left office in July last year. of president. "Half of the income already comes from the payment gateway and the delivery service, while the rest is divided between advertising income and services for professionals," says the American manager, who had previously worked on eBay.
Despite the increase in revenue, the company is still losing money. “We do not have a date to enter profits because our strategy is focused on growth. Last year we raised 157 million euros in a round led by Korelya Capital and now we have enough money to move forward," says Cassedy, who does not reveal the figures for the 2021 financial year. According to the Mercantile Registry, the subsidiary Wallapop SL lost 23 million, while the subsidiary Wallapop Spain lost another 7 million, "although they are not consolidated figures and could vary," clarify sources from the same company.
In any case, Wallapop has established itself as one of the biggest start-ups in Barcelona (last year it was valued at 690 million euros and came close to becoming a unicorn) and has emerged as the platform of reference in the classifieds sector in Spain. This year it has a base of 15 million active users per month (who have visited the platform at least once), a figure that is similar to that of the previous year and that can grow to 17 million in some months.
In the future, Wallapop is focused on growing beyond Spain and becoming the leading platform in Europe. In September it entered Italy and soon plans to enter new countries. "We do not rule out the acquisition of competitors," he details.
With 300 people on staff, the vast majority in Barcelona, the company is also promoting new business areas, such as the sale of second-hand cars, while it has put aside the intermediation of real estate sales.
