British fintech firm Revolut will launch its first automated teller machines (ATMs) next Monday in Madrid and Barcelona, two major Spanish cities.
The company will initially deploy 50 ATMs and plans to expand to up to 200 across four Spanish cities—Barcelona, Madrid, Valencia, and Malaga—over the next two years. It aims to install three to five new machines each week.
A “Cashless” Firm, While “Cash Remains Important”
These ATMs will allow non-registered users to obtain a Revolut debit card on the spot and use it without any charge. However, a fee will apply when withdrawing money using debit cards from other banks.
Speaking to the local press, Antonie le Nel, Chief Growth and Marketing Officer at Revolut, highlighted that Spain will be the first market to test the next phase of the “cashless organisation” but acknowledged that “cash is still important.”
He also revealed that one in ten Spaniards is a Revolut customer. Spain is Revolut’s second-largest market in continental Europe, with nearly 5 million users—behind only France, where it has more than 5 million customers. The United States, with over 11 million customers, remains Revolut’s largest market.
Revolut’s European Expansion
FinanceMagnates.com previously reported that Revolut plans to invest more than €1 billion (US$1.1 billion) in France and apply for a French banking licence. The firm also aims to grow its user base in the country to 10 million by the end of next year and 20 million by 2030.
Although Revolut operates across the European Union with a banking licence from Lithuania, it only received a similar licence in the UK last year. However, it has yet to launch services under the UK banking licence. Meanwhile, the neobank has also applied for a banking licence in New Zealand.
Revolut positioned itself as a challenger bank with its app-based platform. It is now leveraging its large customer base to expand its product offering. Last year, it partnered with CMC Connect to offer contracts for differences (CFDs) in three European countries, with plans for further expansion.
This article was written by Arnab Shome at www.financemagnates.com.
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