Yaap closes, more than 18 million euros thrown in the trash

Yaap Shopping

sometimes things go wrong but the problem is when two of the big Spanish banks (Caixabank and Santander), together with Telefónica to create a business millionaire as Yaap in 2014 and closed two years later without much benefit.

Yapp received an initial investment of 18 million euros and the aim was to join the mobile payments and experience with the loyalty of customers. Yaap Money was not able to reach to the audience that they wanted and Yaap Shopping has been so little time in the market that it is difficult to know if you really could succeed carrying the products from the stores of your neighborhood to your house.

Yaap Money

Yaap close to 2 years without benefits

it Is clear that these companies that those 18 million euros is not going to lead to ruin (they spend money on worse things) but the losses in 2014 were 8 million euros. Companies in addition to the initial investment may have contributed more capital but it is unknown the number.

however both companies have open for your hand mobile banking services as Imaginbank, Santander Wallet, and in the case of Telefónica, its partnerships with O2 Banking (Germany), Zuum (Brazil) and Your Mobile Money Movistar (Peru). We do not understand very well that experience have been taken from this test but the truth is that it has been disastrous.

The money is worth nothing if you don’t know how to invest it

This makes us see that there is no point in having capital if you do not know how to contribute ideas or if the business idea is a complete chaos. Other banks have created similar applications such as ABANCA with your ABANCA Pay, and many others, the truth is that they all want to dominate mobile payments, but it seems that it is a sector that does not give as much money as some believe, if not charging commissions for the payments it is difficult to draw the benefit of this type of apps.

Another rooster would sing if you use the application such as PayPal to that charge commissions of more cute by doing a lot of transactions, the giant of eBay is a different business that charges commissions to its clients and offers added very interesting to users, but of course, there are already to work and this was not the case. Yaap arrived to have 40 employees, throwing money and ideas. what they Will think twice before opening a new business?

Source | Expansion

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