They are no longer an anecdote, they are a main actor. For the first time, neobanks have exceeded 25% of the market share among individuals in Spain. A new report echoed by some media, places the penetration of these entities in 27.2%. It is a significant jump from the 21.8% they registered in 2024. The data confirms a clear trend: traditional banking is losing the battle for the young customer, although it continues to retain the main business.
Image: Revolut
What is a neobank. Unlike traditional bankingneobanks operate 100% digitally, without physical branches. Their model is based on a very light cost structure that allows them to offer commission-free services all managed from a mobile app. The Bank of Spain itself defines them as entities that offer banking intermediation services in a completely digital way.
The assault on the young public. Neobanks entered the Spanish market attacking a very specific niche: young people and travelers. a study from Adyen and OpinionWay reveals that practically all Spaniards (93%) reject paying banking fees abroad. This has caused 59% of millennials and 55% of Gen Z to trust them more than traditional banks when traveling.
Part of the “win” in innovation and reputation It’s not just in the product, but in the marketing. They understood that an app was not enough to attract the new generations; You had to be where they are: social networks and platforms like Twitch and YouTube. Revolut has been the most aggressive, renewing for a third year its alliance with Ibai Llanos and sponsoring its “Evening of the Year.”
It seems that traditional banking has reacted to this trend, and has used the same weapons: now, Banco Santander has signed the YouTuber Plex. With almost 15 million followers on their networks, He is the protagonist of the last campaign.
The Revolut surprise. This growth is not uniform; It is led by the well-known Revolut. A report from the CNMC was devastating: in 2024, Revolut led the acquisition of new accounts in Spain with 19.8% of the total, surpassing giants such as BBVA and Santander. The CNMC was blunt and recognized that “neobanks and fintechs pose a real competitive threat.”
Figures. That leadership in recruitment now translates into real money. According to data from Expansion and El Mundo, the total neobank customer base in Spain exceeded five million in 2024. Revolut quadrupled its deposits in a single yeargoing from 739 million euros to 3,127 million. Meanwhile, its competitor N26 (with one million clients) suffered a 9% decline in deposits since December.
Image: BBVA
Fintech in traditional banks. The reactionary stance of some entities has led them to a strategy: launch their own neobanks to compete in the same field.
Imagin stands out, promoted by CaixaBank. Your numbers They do not leave many doubts: they can boast 3.5 million clients and a 48% market share in the 18 to 34 year old segment among the main neobanks.
But very few trust them with their payroll.. Despite the good penetration figures, traditional banking continues to dominate the main relationship with the customer. According to a report by Inmark, banks such as CaixaBank, Santander and BBVA account for almost 84% of the business market. Among individuals, only 4.2% use a neobank as their main entity.
However, the goal of neobanks is stop being a complement. They are ripening to attack the core business of banking: Revolut has already announced its plans to offer mortgages in Spain and yes it has materialized installment payment services.
The official view: necessary competence. The rise of fintech is a trend validated by official organizations. The Bank of Spain, in its 2025 Observatoryconfirms a 50% growth in the number of entities since 2020 and a 249% increase in their total assets since 2018. At the European level, the president of the Single Resolution Board recently warned that the Revolut model reinforces the need for a deposit guarantee fund mutualized in the EU.
For its part, the National Commission of Markets and Competition (CNMC) and your report It is important to understand why they succeed: The traditional banking sector is highly concentrated. Spain (HHI of 1,331) has a higher index than Germany (323) or France (567). This lack of competition is one of the reasons why traditional banks do not remunerate deposits. It is the neobanks who break this dynamic.
The Spanish banking sector is four times more concentrated than the German one, according to the CNMC. Neobanks have not grown by chance: they have taken advantage of the void that traditional banking left by not competing
Now, there are always stones on the road. The CNMC points out that Spaniards have a “relatively high level of distrust” in online banking – only 23% feel “very comfortable” compared to the 41% average in the eurozone – and “below” average financial education.
This paints a battlefield for the coming years. The growth of neobanks shows that they have won the usability war: they are easier to use and have masterfully conquered the young public. However, CNMC data reveal that traditional banking still has the most important defensive moat: customer trust and inertia.
Cover image | Composition with images of CardMapr.nl and Revolut
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