StartupsNov 4, 2026, 2:08 PM UTC·1 min read

Revel closes €120 million deal led by Openbank in Spain

Spanish digital car-leasing company Revel has closed a deal worth more than €120 million, led by Openbank, mixing share purchases, fresh capital and convertible loans.

A new car being handed over to a private customer, illustrating a digital car leasing service in Spain. — Image: El Referente

Revel, the Spanish company that leads private car leasing with a fully digital model, has closed a transaction worth more than €120 million. The deal combines the purchase of shares from existing partners, a capital injection into the company and the conversion of existing convertible loans.

Openbank leads the operation and consolidates its position as Revel's reference partner. The move strengthens a strategic alliance the two companies started in 2023, with the shared goal of leading the private leasing market in Europe.

A digital-native model

Revel has built its growth on a digital-native model and its own technology platform, which digitises the contracting and management of the vehicle from start to finish. According to the companies, the alliance pairs Revel's technological and commercial capabilities with Openbank's financial scale, creating a base to accelerate growth in Spain and across Europe.

"This operation boosts Revel's growth and lets us continue our mission that anyone in Europe can get a new car, simply and without complications," said Enrique de Mateo, co-founder and CEO of Revel.

Market share and next steps

Revel currently accounts for 4.2% of private-customer car registrations in Spain and 10.6% of all leasing registrations. It expects to triple its fleet over the next 12 months. In 2026 it also took its first step abroad with a launch in Italy.

Other Revel partners, including DTE Capital and Citi, took part in the transaction. The current management team remains unchanged.

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