Revolut’s Growth in Spain
Revolut, a digital bank with over 50 million customers worldwide, has announced that it has surpassed 4 million customers in Spain. This milestone marks a significant achievement for the company, which has experienced rapid growth in the country over the past year, with a growth rate of nearly 60%.
Accelerated Growth and Increased Adoption
In addition to adding 1.5 million customers in the past 12 months, Revolut has also doubled its transaction volume in Spain. This growth can be attributed to the company’s efforts to expand its product offerings and increase adoption of its services as a primary bank account. According to Ignacio Zunzunegui, head of growth for Southern Europe, “Two out of every three transactions that our users make now occur in national territory, we are no longer a travel card, we are the day-to-day bank.”
Key Products and Services
Several key products and services have contributed to Revolut’s success in Spain, including:
* Remunerated Accounts: Launched in August, these accounts offer a variable remuneration between 2.06% APR and 3.56% APR, depending on the client’s plan. In just four months, they have exceeded €1 billion in deposits.
* Bizum: Incorporated in September, Bizum has already exceeded 100,000 customers, demonstrating its popularity among Spanish users.
* Investment Products: Revolut’s investment products have seen a 158% increase in adoption, with Flexible Funds being a preferred option among Spanish users.
* Revolut Business: The company’s business vertical has experienced a growth rate of over 112% during 2024.
Future Plans and Developments
Revolut has several exciting plans and developments in store for 2025, including:
* ATMs: The company will install its first ATMs in Spain, allowing for cash withdrawals and deposits, as well as card issuance and advanced facial recognition technology.
* Integration with the Treasury: Revolut is close to finalizing its integration with the Treasury, enabling clients to pay taxes directly on the website of the State Tax Administration Agency (AEAT).
* Payment Plans: Revolut will continue to localize its payment plans, including more local partners, expanding benefits, and providing more value, convenience, and flexibility for users.
As Revolut continues to grow and expand its services in Spain, it is clear that the company is committed to meeting the evolving needs of its customers and establishing itself as a leading digital bank in the country.