The neobank Revolut has already surpassed 7 million individual customers in Spain, representing an approximate penetration of 15% in the Spanish market, and aims to reach 10 million customers by 2028. The entity offers a savings account with a 3.50% AER compared to the 0.29% average of traditional banks.
Revolut has surpassed 7 million individual customers in Spain, which represents an approximate penetration of 15% in the Spanish market. The entity has set the goal of reaching 10 million customers by 2028, as detailed by Ignacio Zunzunegui, the head of the company in Spain, in statements reported by negocios.com.
The growth of the neobank is supported by a savings account that offers a 3.50% AER, a rate much higher than the 0.29% average offered by traditional banks in Spain. The company argues that, in a context of inflation, savings that do not generate returns lose real value.
The expansion strategy is not limited to the digital realm. Revolut will open its first physical store in Barcelona and install more than 200 ATMs across the country. The aim is to increase its presence and gain trust among local consumers.
The entity has also entered the telecommunications sector with its own SIM card operator, a way to retain customers and build a more integrated financial services ecosystem.
If forecasts are met, Revolut would rank among the top three financial entities in Spain by 2028. The company acknowledges that this growth entails logistical, regulatory, and cultural challenges.
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