Revel closes a financing of more than €120 million led by Openbank

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Revel, the Spanish scale-up that rents new cars to private individuals, has closed a financing of more than €120 million led by Openbank. It is less a single round than three transactions sharing a press release: Openbank is buying shares from existing shareholders, putting new capital into the company, and converting convertible loans Revel had already issued. So some of the money goes to Revel, some goes to people who already owned Revel, and some was in the company all along and has now changed form. DTE Capital and Citi, both existing partners, also took part.

Openbank becomes Revel's reference shareholder, building on a strategic partnership the two started in 2023. The management team stays as it is. Co-founder and chief executive Enrique de Mateo said the deal lets Revel keep pursuing its aim that "anyone in Europe can access a new car" simply.

Revel says it accounts for 4.2% of car registrations by private individuals in Spain and 10.6% of all renting registrations, and plans to triple its fleet over the next 12 months. Customers sign up online and receive the car with services bundled into one monthly fee, while the fleet itself is financed through banking partners. This is not Revel's first large deal: in September 2023 it raised €115 million with Santander Consumer Finance and funds managed by KKR, of which €15 million was equity and up to €100 million was debt to buy cars. The company launched in Italy in 2026, its first market outside Spain.