Revolut integrates Bizum in Spain

According to the announcement, this move aligns with Revolut's ongoing strategy to attract new users while strengthening loyalty among its existing customers. Although it is difficult to predict how many new customers the integration with Bizum will bring, the real impact is expected to be seen among those who are already using Revolut.

In Spain, Revolut reaches 3.5 million users—a 40% increase in 2024 alone—out of its 45 million users worldwide. However, a common limitation of such financial apps is that users do not transfer most of their funds into these accounts, opting instead to use them as alternatives to traditional banks for smaller portions of their payroll.

Revolut, a financial app, has announced the integration of Bizum, digital payment platform in Spain, for peer-to-peer transactions.

Bizum integration to expand reach

As per the announcement, thegoal is to encourage users to deposit their full payrolls into Revolut, making it their primary account rather than just a supplementary one.

With Bizum's integration, Revolut gains access to over 27 million potential users in Spain. This strategy is further supported by attractive savings options, like its flexible account offering a 3.4% interest rate, which has already accumulated over EUR 1 billion. Recently, a new high-interest account for new customers, offering up to 3.56%, attracted EUR 100 million within just 15 days.

In the long term, Revolut is also considering expanding its offerings to resemble a traditional bank, as seen with its introduction of mortgages in Ireland and Lithuania. However, officials from the neobank explained that while Revolut may explore mortgages and expanded savings options in Spain, they are not immediate priorities. It was emphasised that the company’s focus was on learning and improving its services before competing directly with traditional banks in these areas.