// STARTUP COMPARISON
Aplazame vs Privalia
Aplazame failed in 2022 due to Acquisition Gone Wrong. Privalia failed in 2016 due to Acquisition Gone Wrong. Both failed for the same reason — Acquisition Gone Wrong.
| METRIC | 🔥 Aplazame | 🔥 Privalia |
|---|---|---|
| Sector | Fintech | Ecommerce |
| Country | Spain | Spain |
| Founded | 2013 | 2006 |
| Died | 2022 | 2016 |
| Raised | €15M | €200M |
| Peak | Acquired by WiZink 2017 | €500M revenue |
| Primary Cause | Acquisition Gone Wrong | Acquisition Gone Wrong |
// WHY EACH FAILED
🔥 Aplazame
Acquisition Gone Wrong
Aplazame was Spain's early BNPL (Buy Now Pay Later) leader, acquired by WiZink Bank in 2017 for an undisclosed sum. Post-acquisition, Aplazame was integrated into WiZink's consumer finance products and its brand gradually disappeared. By 2022, Aplazame as an independent product no longer existed — absorbed into WiZink's broader offering while global BNPL leaders like Klarna and Afterpay dominated the space the company had pioneered.
// LESSON
Being acquired by a traditional bank as a fintech is not an exit — it is a slow disappearance. Banks acquire to neutralize competition, not to scale the product. Aplazame pioneered BNPL in Spain and ended up as a footnote in WiZink's product catalog.
Being acquired by a traditional bank as a fintech is not an exit — it is a slow disappearance. Banks acquire to neutralize competition, not to scale the product. Aplazame pioneered BNPL in Spain and ended up as a footnote in WiZink's product catalog.
🔥 Privalia
Acquisition Gone Wrong
Privalia, founded in Barcelona in 2006, was Spain's leading flash-sales platform operating in Spain, Italy, Brazil, and Mexico. It reached €500M in revenue by 2015 but faced mounting competition from Amazon and Zalando. Vente-privee (now Veepee) acquired Privalia in 2016 for €500M. The brand was eventually absorbed into Veepee and ceased to operate independently.
// LESSON
Being first in a category is not defensible when the category becomes a commodity feature for Amazon. The flash sale was a format, not a moat.
Being first in a category is not defensible when the category becomes a commodity feature for Amazon. The flash sale was a format, not a moat.
// EXPLORE FURTHER