Barcelona-based fintech company Verse emerged as a promising player in the European digital payments landscape, offering innovative solutions for fast, social, and borderless money transfers. Founded by young entrepreneurs, Verse quickly became a reference among millennials seeking a simple way to manage group payments and everyday financial exchanges.
Company History
Verse was founded in late 2015 by Borja Rossell, Álex Lopera, and Dario Nieuwenhuis in Barcelona. Initially, the company focused on software for ATMs to exchange bitcoins for euros, but after joining the Boost VC accelerator in San Francisco, they pivoted to develop a mobile app for instant peer-to-peer payments. The app allowed users to send and receive money instantly, split bills, and organize group expenses, all with a social twist and without hidden fees. Despite early success and rapid expansion across 27 countries, the company faced internal turmoil: the founding team was ousted by investors in 2017 amid allegations of financial irregularities, with Bernardo Hernández, a former Google and Yahoo executive, stepping in as CEO.
Address
Verse’s main headquarters was located at Plaça Catalunya, Barcelona, Spain. The company also maintained a legal presence in Lithuania, where it held an electronic money license to operate across the European Economic Area.
Yearly Local Revenue
Verse struggled with profitability throughout its existence. The company’s business model initially offered free transactions to accelerate user growth, with plans to monetize through advanced payment solutions for merchants and marketplaces. Despite handling transactions for over two million users, Verse consistently faced challenges generating significant local revenue. Ultimately, low profitability was cited as a key reason for its closure in 2023. While exact yearly revenue figures are not publicly disclosed, reports indicate the company was unable to achieve sustainable income from its Spanish operations.
Verse Summary
Verse, headquartered in Barcelona, was a fintech startup that revolutionized peer-to-peer payments with its user-friendly app and social features. Founded in 2015, it quickly expanded across Europe and attracted millions of users. However, internal disputes, competition from services like Bizum, and persistent difficulties in generating revenue led to its acquisition by Jack Dorsey’s Block (formerly Square) in 2020 for an estimated €30–50 million. Despite this, Verse ceased operations in September 2023, marking the end of one of Barcelona’s most notable fintech ventures.
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