Wallapop loses €25 million despite improving revenue
The secondhand product platform had revenues of 101 million in 2024 and claims to have reached the "breakeven" in Spain.
BarcelonaThe popular second-hand goods buying and selling platform has closed 2024 reducing losses to 25 million euros, 18% less than the previous year, when they were 30 million, but since its founding in 2013 it has already accumulated more than 120 million euros in losses. However, the company has improved its income, closing the year with a turnover of 101 million euros, 13% more than the 89 million invoiced in 2023. According to the company, Wallapop "has reached the breakeven –break-even point between income and expenses - in its operations in the Spanish market", which, it assures, "is a further step in the consolidation of a consumption model supported by more than 19 million monthly users in southern Europe".
Just a month ago, the main Korean internet portal, Naver, bought Wallapop for 377 million euros, despite already controlling around 30% of Wallapop's capital after entering in 2021, and will now hold 100%. After this acquisition, which is still pending regulatory authorizations, the company assures that "it will have an additional boost to accelerate its growth." In the words of Wallapop's CEO, Rob Cassedy, "the results for the 2024 financial year show a solid company that continues to grow sustainably," adding that "with the support of Naver, the South Korean internet giant, the company will accelerate its growth and its capacity for innovation, thus unlocking Europe."
The e-commerce serviceelectronic
In terms of revenue, the results show "the positive situation of the business's monetization channels," which are increasing compared to previous years. Wallapop Envíos, the company's e-commerce service, is the product that generates the most revenue, with revenue in 2024 of more than €74 million, an increase of 12% compared to the previous year. Meanwhile, the visibility services offered to users generated revenue of more than €22 million, a 27.6% increase compared to the previous year.
The improvement in losses is mainly due to the strategic investments made during the year, including the development of the platform and the expansion process focused on Italy and Portugal. The company believes these figures "are natural for the growth and investment phase Wallapop is in," and emphasizes that in recent years, the company has been working on a strategic plan that seeks to achieve profitability based on sustained growth, improved margins, and increased revenue. Thanks to this strategy, the company expects to achieve profitability through the consolidation of its regular business in the next fiscal year.
All in all, the rise of the secondhand buying and selling trend is palpable and already represents €13.8 billion annually in Spain, according to the latest study prepared by Wallapop in collaboration with ISDI. On average, Wallapop users generate sales worth between €2 and €2.5 billion annually—excluding real estate—and the company highlights its environmental impact: "During 2024, by buying and selling reused products instead of new ones, users contributed to saving €4,670 million. Barcelona for six months a year," the company notes.