While savings banks are dismantling ATMs, the fintech Revolut is setting up new ones
Founder and CEO Nikolay Storonsky aims to make his fintech Revolut the world's leading digital bank. Now he's entering the ATM business.
The British fintech app Revolut, a pioneer in digitizing the financial services industry, has made a surprise announcement: The neobank plans to install its first physical ATMs. While savings banks are dismantling ATMs, Revolut, of all companies, is building new ones. So, a step backward?
Not if Revolut founder Nikolay Storonsky has his way. What's behind his strategy?
As Revolut announced, the first 50 Revolut ATMs will be installed in Madrid and Barcelona in the coming weeks. A further 150 devices will follow in other Spanish cities such as Valencia and Málaga.
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The goal, according to the press release, is to "further expand our physical presence." Revolut customers can withdraw money without fees and benefit from favorable exchange rates.
What's special about the machines: New customers can create an account directly at the machine within minutes and receive a physical card immediately. Cash deposits are also planned for the long term.
The choice of Spain as the launch market is no coincidence. The country is particularly well-suited for a test pilot because cash still plays a central role there – the Spanish central bank records over 60 percent of all payments in cash. At the same time, five million people already use the Revolut app in the country.
Revolut ATMs will finally be available in Germany in 2026.
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