Openbank leads €120 million deal to fuel Spanish car-leasing firm Revel
What's the deal? Spanish car-leasing company RevelDealroom has a profile for this one. Try Dealroom → has closed a late-stage transaction worth more than €120 million (≈$135 million), led by OpenbankDealroom has a profile for this one. Try Dealroom →, the digital bank owned by Santander. DTE Capital and CitiDealroom has a profile for this one. Try Dealroom → also took part.
The fine print: This is not a conventional funding round. The deal combines purchases of shares from existing partners, fresh capital, and the conversion of existing convertible loans — and the sources do not break down how much falls to each part.
What does Revel do? Founded in 2020 by Enrique de Mateo and Daniel Marcos, the Madrid startup offers private-customer car leasing through a fully digital platform. Customers can book a car in under five minutes, sign online, and have the vehicle delivered home, with services bundled into one monthly payment.
Why now? The deal deepens a partnership Revel and Openbank began in 2023, aimed at building the private-customer leasing market in Europe. Revel says it closes more than 2,000 contracts a month and plans to triple its fleet over the next 12 months.
What's the endgame? Revel is targeting more than 30,000 customers and revenue close to €70 million by the end of 2026 — roughly triple its 2025 figure. It entered Italy this year, its first international market, where it says results are beating expectations.
The company has grown from more than 50 employees in 2023 to over 270 in 2026, and says it accounts for 4.2% of private-car registrations in Spain and 10.6% of all leasing registrations. The current management team stays in place.
"This transaction gives Revel's growth a boost and allows us to continue our mission of enabling anyone in Europe to access a new car simply and without complications," de Mateo said in a statement translated from Spanish.
The signal: The transaction ranks in the 96th percentile among late-stage venture deals in Spanish transportation over the past 48 months. An established financial backer doubling down — through equity and debt rather than fresh money alone — signals growing confidence in subscription-style leasing as Spain's sector expands.
Read more: expansion.com
Image credit: Generated with Gemini
