Revolut is now the fastest-growing fintech in Spain

By Amelia Isaacs on Wednesday 15 June 2022

Digital Banking

The super app says it has surpassed one million customers in Spain.

Revolut is now the fastest-growing fintech in Spain
Image source: Ignacio Zunzunegui/Revolut.

Revolut has increased its customers in Spain by more than 76 per cent in the last year to hit one million users.

This level of growth makes the financial super app the fastest-growing company in the fintech sector in Spain.

It also makes it the fastest-growing company in the neobank sector, with a growth rate of more than five times faster than its main competitor, N26.

With more than 300 staff and two new offices opening soon in Madrid and Barcelona, there has clearly been an emphasis on growing the fintech’s Spanish customer base and increasing customer use.

This includes incorporating two senior leaders to bolster growth in the Spanish market: head of growth for Spain and Portugual Ignacio Zunzunegui and head of lending for Spain and Portugal Eduardo Pérez Toribio.

"Reaching one million users is a very important milestone for the company, which supports the work of the solid local team we have built,” Zunzunegui said. 

“But it is undoubtedly in the spectacular increase in transactions where we can see that Spanish customers are significantly using us as their everyday bank, because they find in Revolut an app with all the services they need, concentrated in a single place.”

The company has seen card payments increase by more than 133 per cent and deposits in Vaults  (personalised savings spaces) have increased by 83 per cent.

Payments between users have also almost doubled (there has been a 98 per cent increase in payments sent and a 92.8 per cent increase in payments received).

The company launched Revolut Bank in Spain at the start of the year, meaning customers in Spain now 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 its fourth-largest market globally.

Moving forward, the company is focusing on reinforcing new vertices, such as insurtech, with products already available in the UK, such as pet insurance, arriving in Spain soon.

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