Revolut increased its customers in Spain by more than 76% last year to one million users. This impressive growth rate makes the neobank the fastest-growing fintech in Spain. It grows five times faster than its main competitor, the German unicorn N26.
With more than 300 employees and two new offices opening soon in Madrid and Barcelona, Revolut focused strategically on the Spanish-speaking markets. This includes hiring two senior executives to strengthen growth in the Spanish market: Head of Growth for Spain and Portugal Ignacio Zunzunegui and Head of Lending for Spain and Portugal Eduardo Pérez Toribio.
“Reaching one million users is a significant milestone for the company, supporting the work of the solid local team we have built,” Zunzunegui said. “But it’s undoubtedly in the spectacular increase in transactions, where we can see Spanish customers using us as their daily bank because, in Revolut, they find an app with all the services they need, concentrated in a single place.”
The company saw card payments increase by more than 133 per cent and deposits in vaults (personalized savings rooms) increased by 83%. Payments between users also nearly doubled (a 98 per cent increase in sent costs and a 92.8 per cent increase in revenues received).
The company launched Revolut Bank in Spain earlier this year. Consequently, Spanish customers have deposits of up to €100,000 protected under the deposit guarantee scheme. Revolut Bank now operates in 29 countries in the European Union, and Spain is the fourth largest market globally. In the future, the company is focused on strengthening new cornerstones such as insurtech, with products already available in the UK, such as pet insurance, soon to arrive in Spain.