Revel Secures €120 Million Financing from Openbank for Vehicle Renting Platform

✦ Meridian Analysis

Revel, the Spanish digital vehicle‑renting scale‑up, has closed a €120 million financing round led by Openbank, with participation from DTE Capital and Citi. The transaction, now completed, combines three elements: Openbank’s purchase of existing partner stakes, a fresh equity injection into Revel, and the conversion of previously issued convertible loans into equity. Openbank, cementing the partnership that began in 2023, participated in the transaction. From a deal‑making perspective, the mechanics resemble a hybrid recapitalisation – the buy‑out of minority shareholders, a primary capital raise, and the conversion of mezzanine‑style convertible debt – all aimed at strengthening Revel’s balance sheet and funding its planned fleet expansion across Spain and into Italy. Revel’s fully digital model now accounts for 4.2 % of private‑car registrations and 10.6 % of total renting registrations in Spain. The deal follows Revel’s September 2023 €115 million round with Santander Consumer Finance and KKR. Deal professionals will be watching for the undisclosed valuation and the exact split between equity and converted shares, as well as any covenants attached to the new capital. Information on the financing package’s seniority, interest rates on any residual debt and the identities of legal and financial advisers has not been released. The timetable for Revel’s next funding round, or any trigger events linked to its planned IPO preparation, also remains opaque.

The Meridian Weekly