Revolut opens a new technology hub for Southwest Europe in Barcelona

British digital bank Revolut recently opened its new Tech Hub for Southwest Europe in Barcelona, a new space that will be the center of innovation and financial product development for the company in the region.

The announcement comes as the company celebrates reaching three million users in Spain this month. With a customer growth rate of 70% by 2023 and nearly half a million customers added since the beginning of the year, Spain has positioned itself as one of Revolut's most important markets, ranking fifth in terms of customer volume and also fifth in terms of employees.

“Revolut chose Barcelona as the nerve center for our data analytics, engineering, technology development and innovation”

Alex Codina, Head of Revolut's Barcelona Tech Hub

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Revolut currently has over 750 employees in Spain, half of which are based in Barcelona. The new Revolut offices in Barcelona cover over 500 sqm, with room for 130 employees. The goal is to make Barcelona a magnet for tech talent for the company in Southern Europe, intending to double the number of employees in Barcelona by the end of 2025.

The international character of the city also matches that of the company, which today employs professionals from 100 different nationalities around the world.

Alex Codina, Head of Acquiring at Revolut and Head of the Barcelona Tech Hub, said: "Opening this new Tech Hub, which will be a technological reference point for the company in Southern Europe, recognizes the role the Spanish market has played in Revolut's growth”.

Codina added: “Spain is a world-renowned pool of technological talent, and with the rise of remote work and digitalization, our country is also a benchmark for attracting foreign talent. That's why Revolut chose Barcelona as the nerve center for our data analytics, engineering, technology development and innovation”.

Ignacio Zunzunegui, Head of Growth for Southern Europe at Revolut, pointed out that "Revolut's exponential growth in Spain only confirms our investment plans in this market. We will continue to invest in innovation and development to offer our users the best financial products and services, adapted to their needs. We want to be the reference bank for Spanish users".

The company was born in 2015 in the United Kingdom, with the aim of offering money transfers and currency exchange. Today it has more than 40 million customers.

Barcelona stands as a major magnet for tech centers

Within Catalonia, there are a total of 140 global technology development centers as of 2023. These investments have shown substantial growth in recent years, with the number of hubs doubling since 2018.

The international tech hubs in Catalonia now employ 26,407 individuals, marking a 25% increase from the previous year, and generate an annual turnover of 2,544 million euros, also up by 25%.

Companies select Barcelona for various reasons, including its ability to attract diverse talent, its thriving business and industrial environment, and its strategic geographic positioning.

Source: Revolut and Catalonia Trade & Investment