Wallapop launches paid service
24 Sep 2016
Mobile marketplace Wallapop launched its first paid service four months after AIM Group first reported on the feature (read the May 16 Update here).
The cost of the highlight varies slightly by type of product and region, but will be €1.99 ($2.23) in Wallapop’s main urban markets such as Barcelona, Madrid and London.
This is the first revenue-generating function for the Barcelona-based app. Up to now the brand has been funded by a reported €150 million investment from a wide range of investors. Much of this money has been used to promote Wallapop via TV advertising, especially in the U.S. and U.K., as well as Spain.
Wallapop U.S. merged with former rival LetGo in May (read the brief here) in an attempt to boost its already strong position in the U.S. mobile market for stuff. The app promotes itself as a lifestyle accessory that gives users a fun, easy way to buy and sell items locally. Unlike traditional classifieds, it is based on geolocation and is designed to facilitate face-to-face sales.
According to a company statement, the new paid promotion service is “especially for users who want to urgently sell an item”. The new income source doesn’t “affect the main functions of the app, which continue to be free.”