Fintech giant Revolut has emerged as a major banking force in Spain. With over six million customers in the country, it reached a market penetration of 13% - ahead of established players like ING and Banco Sabadell.
The milestone signals a significant transformation from a niche fintech app to a scaled retail banking player, comparable to major digital retail banks in Spain. The country has become Revolut’s third-largest market globally, after the UK and France.
According to data from Inmark Group, Revolut now ranks as the fourth-largest bank by customer penetration, trailing only the country’s three largest traditional banks: CaixaBank, BBVA, and Santander. Revolut’s rapid growth taps into long-standing customer dissatisfaction with Spain’s traditional banking sector.
From User Growth to Deeper Banking Engagement
Market commentary on X suggests that Spanish banks have “barely evolved” since the mid-2000s, sticking to cumbersome processes, overly sensitive app security, and a lack of modern perks. This customer frustration is now translating into measurable growth as users flock to Revolut’s more modern offerings.
The company’s growth is reflected in hard numbers: savings deposits quadrupled in 2025, with total balances reaching €2.14 billion, while investment activity doubled, with the average investment size surging by 175%.
Revolut is also making a move into physical infrastructure, further blurring the lines with traditional banks. The company has already installed 50 of its own ATMs in Madrid and Barcelona, with plans to expand the network to 200 units in 2026.
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This success in Spain is part of a broader global expansion for the fintech firm, which now serves over 65 million customers worldwide and recently achieved a valuation of $75 billion.
The Spanish data supports Revolut’s broader strategy of converting a large retail user base into a multi-product financial platform. While adoption is strong, familiar questions remain around depth of engagement, margins, and regulatory complexity as digital banks move closer to traditional banking territory.
