// startup autopsy

Yaap

CaixaBank + Santander + Telefonica created a joint venture fintech with 27M EUR — then killed it in 2016 because it threatened their core businesses. Revenue in 2014: 2444 EUR.

acquisition gone wrongAcqui-kill

Fatal mistake: Business Model

Founded	2013
Closed	2016
Country	Spain
Sector	Fintech

50%

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Analyst plan

Documented cause

Yaap was a P2P payments and loyalty app funded equally by CaixaBank, Santander, and Telefonica (9M EUR each). Its P2P payment feature threatened the core business of its own shareholders. Revenue in 2014: 2,444...

EUR. Losses in 2014: 8M EUR. Downloaded 150,000 times but never scaled. Liquidated in June 2016 — shareholders preferred to kill it and pursue individual strategies rather than allow it to cannibaliz

Verified lesson

“Corporate joint ventures in competitive fintech have a structural conflict of interest: the shareholders who fund the JV...”

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Yaap raised €27M before business model ended it. See the documented cause, verified lesson and all failure signals.

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