Money Heist season 3 ending explained: What happened at the end of La Casa de Papel?

Money Heist (La Casa de Papel) will soon be returning with its fourth part as fans find out the consequences of the previous outing for the heist gang. Ahead of its return, some viewers are eager to know what exactly happened at the end of season three before the new outing starts on Netflix. 

What happened at the end of La Casa de Papel?

WARNING: This article contains spoilers from Money Heist season 3

No hope for Tokyo and Rio

Money Heist series three began with Tokyo (played by Úrsula Corberó) and Rio (Miguel Herrán) relaxing in paradise together.

After Rio was captured by the Panama authorities, Tokyo was instrumental in reuniting the gang to bring him home.

Finally in the penultimate episode of the series, the police traded Rio for some of the hostages in the stand-off at the Bank of Spain.

However, Rio then breaks up with Tokyo and we meet her in the finale drowning her sorrows.


In an emotional scene between the pair, she said: “We had our fun, we had good moments but that wasn’t enough. We got wrapped up in all of this.”

When she reveals that she almost slept with Denver (Jaime Lorente), Rio is visibly upset.

Tokyo says as the final nail in the coffin for their romance: “Now, I’m wondering the same thing as you – how were we able to stay together for so long?”

Later in the episode we see Denver trying to convince her that she could move on before she tries to kiss him.

Denver confronts Rio and asks him to get back with Tokyo until the heist is over but Rio remains resolute.


Nairobi seems to be dead

Police negotiator Alicia Sierra (Najwa Nimri) smuggled a phone hidden inside in a teddy bear, which belonged to Nairobi’s (Alba Flores) nine-year-old son, into the bank.

After Nairobi receives a call from Sierra, it becomes clear that she has her son with her, drawing her to the window to prove this.

When she stands at the window, Nairobi is shot by a sniper.

Throughout the end of the episode, the team all work together to try and save Nairobi from bleeding out.

However, the last we see of Nairobi is her seemingly dying in the arms of Helsinki (Darko Peric).


The team don’t manage to escape

In the final episode of the series, the team attempt to convince the police that they are escaping from the Bank of Spain.

However, they are soon found out by the police who conceive their own attack, sending armoured vehicles to break down the door.

El Professor (Álvaro Morte) tells Palermo (Rodrigo de la Serna): “This is no longer a heist, we’re taking down the system, this is a war.”

The gang unite together to blow up the cars with bazookas, and remain locked in the bank of Spain.


Raquel is still alive

After their dramatic escape from monitoring the heist from outside of the bank, Raquel (Itziar Ituño) and El Professor were sent on the run through the forest.

Raquel ended up in a farmhouse hiding from the police, before she is given up by those who own it.

When she is confronted by one of her former colleagues Suarez (Mario de la Rosa), Raquel refuses to give up the location of El Professor and she is seemingly shot dead.

However, the reveal at the end of the episode is that Raquel is still alive.

Season three ends as she says: “It was the card that Sierra played to destroy us. And that’s how the war began.”

Money Heist seasons 1-3 are available to stream on Netflix

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