The first Revolut ATMs, from the digital bank (‘fintech’), will be tested and available between June 4 and 8 at the Primavera Sound festival in Barcelona.
In the following weeks, 50 ATMs will be installed in Madrid and Barcelona, according to the bank’s announcement.
After this initial phase, another 150 terminals for cash withdrawals and other services will be set up across Spain, aiming for a total of 200 ATMs in the country, specifically in Madrid, Barcelona, Valencia, and Malaga.
Expansion into three additional countries is planned for 2026, namely Portugal, Italy, and Germany.
Revolut conducted “an analysis of countries where cash has higher penetration” to select these initial ATM deployment markets, explained Ignacio Zunzunegui, Growth Director for Southern Europe at the bank.
Spain, with five million Revolut customers (making it the bank’s second-largest European market after France) and where 60% of transactions are cash-based, was considered an “ideal pilot market” for the ATMs, representing the bank’s first major physical service.
“We also identified Germany as another significant cash market, alongside Portugal and Italy,” said Ignacio Zunzunegui, adding that there are “two components” in defining this ATM deployment strategy: “cash penetration” and “Revolut’s market penetration.”
“Portugal is one of the markets where we have significant penetration, around 16 to 17% of the total population. Considering adults, the percentage is even higher. Thus, it is one of the obvious next markets to launch this business,” he stated on Tuesday in Barcelona.
The aim is that “throughout 2026,” Revolut ATMs will arrive in Portugal, initially in Lisbon and Porto, cities with the highest number of the bank’s clients and significant tourist activity.
Revolut ATMs will allow, among other features, cash withdrawals without fees to any bank client, irrespective of nationality or country of residence, along with the option to request immediate issue of a physical card.
Revolut customers will also be able to withdraw money in a different currency than the one in which they hold a balance, using the same app exchange rate without added fees.
“We believe the trend will continue towards digitizing transactions. However, we are still far from cash disappearing, as it will continue to be used in many transactions,” said Ignacio Zunzunegui, emphasizing the importance of providing this service to clients while also promoting “the crucial component of trust,” so that “Portuguese or Spanish users see it’s not just an app.”
Revolut is a digital bank, and until now, the only physical service was card vending machines at airports.
The Revolut group reported profits of 934 million euros in 2024, more than double the 395 million euros in 2023.
According to information shared in April, the digital financial institution’s global revenues rose to 3.7 billion euros in 2024, up from 2.1 billion euros in 2023, thanks to growth across all business areas.
Globally, Revolut has 55 million customers and aims to surpass 100 million in the coming years.
In Portugal, the bank, which specializes in the travel segment, boasts over 1.5 million customers.
