Revolut reaches two million customers in Spain

Digital Reinvention
14/09/2023 News

Neobanks continue their expansion at a breakneck pace worldwide. In Spain, the digital-native bank Revolut has achieved a significant milestone by surpassing two million customers in the country, doubling its user base in just one year. This impressive growth rate underscores Revolut's ambition to become one of the leading banks in Spain in the coming years, according to Ignacio Zunzunegui, Growth Manager for Southern Europe at Revolut.

One of the latest developments is that the company now offers a Spanish IBAN instead of a Lithuanian one since August. Users who still have a Lithuanian IBAN will be gradually migrated over the next few months, with a process set to begin in late September and possibly extend until year-end.

With this change, Spanish users' accounts will be managed from Revolut's branch in Spain and will be under the supervision of the Bank of Spain. While deposit coverage will still be provided by the Lithuanian Deposit Guarantee Fund, it's important to note that this coverage is identical to the Spanish one, covering up to €100,000 per account.

The registration of Revolut Bank's branch in the Registry of Credit Institutions of the Bank of Spain in April, followed by its effective operation in August, marks a significant step for the company on its path to becoming a full-fledged bank in Spain. This makes it easier for users to obtain a Spanish IBAN account number, simplifying their daily transactions and bringing Revolut closer to its ambition of becoming the primary bank for customers in the country.

Revolut is in constant competition with other neobanks like N26 to be a viable alternative as a primary bank, not just for young people. Having a Spanish IBAN opens up new opportunities to offer additional services, such as Bizum, receiving subsidies, and paying taxes through its platform.

Although they still face challenges in competing with larger and more established financial groups, Revolut is demonstrating its capacity for exponential growth in Spain and is committed to offering a complete range of financial services, including credit cards, personal loans, and savings accounts with attractive rates for its customers. Their rapid expansion and adaptation to the Spanish market make them a company to closely watch in the world of neobanks in Spain.

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