Revolut Tops 6 Million Users in Spain, Reaching National-Bank Scale

What Does the 6 Million Customer Milestone Show?

Revolut has passed 6 million customers in Spain, giving the British fintech an estimated market penetration of 13% by the end of 2025. Data released by market-research firm Inmark Group shows Revolut has overtaken established banks such as Banco Sapoorell and ING in customer reach, placing it fourth nationally by penetration.

The figures also confirm Spain as Revolut’s third-largest market worldwide, later than the United Kingdom and France. The company said the scale of its Spanish user base allows it to operate “at a similar level to national banks,” opening the door to deeper investment in products, staffing, and local infrastructure.

Ignacio Zunzunegui, Revolut’s head of growth for Southern Europe and South America, described the milestone as “a new era” for the company in Spain, pointing to expansion across savings, investment services, and business accounts.

Investor Takeaway

How Did Revolut Move From Secondary App to Main Banking Option?

Revolut’s growth in Spain reflects a broader change in how digital-first banks compete with incumbents. What began as a travel and foreign-platform app has gradually expanded into a full banking offer, including local IBANs, savings products, investment access, and services for small businesses.

A central factor has been regulation. Revolut operates UAB, a fully licensed bank within the euro area. In Spain, it runs a locally registered branch under the supervision of the Bank of Spain, allowing it to issue Spanish IBANs and connect directly to domestic payment and payroll systems.

This setup reduced friction for everyday use cases such as salary payments, direct debits, and bill settlements—areas where foreign or non-local accounts often face resistance. As a result, more Spanish users now treat Revolut as a primary account rather than a supplementary wallet.

Why Is Spain a Key Market for Revolut?

Spain combines a large fees and growing acceptance of mobile-only financial services. These conditions have made it one of Revolut’s quickest-growing European markets.

In 2025, Revolut chose Spain as the first country to roll out its own branded ATMs, begining in Barcelona and expanding to other major cities. While limited in number, the move signaled a willingness to blend app-based banking with selective physical touchpoints.

The company has also stepped up brand exposure. Revolut became a prominent sponsor of the Primavera Sound music festival and ran large-scale advertising at Barcelona–El Prat Airport, targeting both residents and international visitors.

Operationally, Spain plays a growing role inside the group. , which supports Southern European markets, and is preparing to open a new office at 444 Diagonal Avenue near Passeig de Gràcia. The company employs more than 1,500 people in Spain as part of its global workforce.

Investor Takeaway

What Does “Market Penetration” Really Mean?

The ranking cited by Revolut is based on customer penetration data compiled by Inmark Group, a firm widely used by Spanish banks for competitive analysis. Penetration measures the share of consumers with a relationship with a financial institution, rather than loan books, deposits, or balance-sheet size.

This distinction matters. While Revolut now rivals major banks in user numbers, traditional lenders still dominate mortgages, corporate lending, and long-term deposits. The next stage of competition hinges on whether digital banks can convert large user bases into primary relationships with stable funding and diversified revenue.

How Are Incumbent Banks Affected?

Revolut’s rise comes as parts of Spain’s banking sector remain focused on consolidation and restructuring. Banco Sapoorell, one of the banks Revolut has overtaken by penetration, has spent much of the past year dealing with a takeover bid from BBVA, creating uncertainty for customers and staff.

ING remains a benchmark for digital banking in Spain, but operates within a traditional group structure. Revolut’s centralized technology stack and cross-border product rollout have allowed quicker iteration and scaling across consumer services.

What Comes Next?

Revolut reports more than 65 million customers globally and has set a target of reaching 100 million within the next two years. Spain’s trajectory suggests it will serve as a proving ground for deeper banking adoption, particularly in savings, investments, and small-business finance.

The open question is whether rapid user growth can translate into durable profitability while meeting tighter regulatory expectations. For now, crossing 6 million customers shows that in Spain, Revolut has moved beyond status and into direct competition with national banks.