OpenBank
- Company typePrivate
- Founded2019
- HeadquartersMadrid, Spain
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
OpenBank firmographics
Firmographics- Name
- OpenBank
- Legal name
- Open Bank, S.A.
- Website
- https://openbank.es
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Ownership category
- akta.pro rank
OpenBank industry classification
Industry- Product category
- Digital Retail Banking
- NAICS
- Commercial Banking (52211)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)
- akta.pro secondary industries
- Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)
Keywords
Where OpenBank is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices3 records
Markets served
OpenBank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Net Interest Income: Interest income generated from mortgage lending (fixed, variable, and mixed rate products), consumer credit including Protection al Descubierto (overdraft protection), and credit card lending. The bank offers mortgages from 2.80% TIN, credit protection at 7.72% TIN (8.00% TAE), generating spread income on lending activities.
- Mortgage Lending: Home mortgage origination and servicing including Hipoteca Fija (fixed rate from 2.80% TIN), Hipoteca Variable (variable rate starting 2.00% TIN first year), and Hipoteca Mixta (mixed rate). Interest income and potential origination fees contribute to revenue.
- Cryptocurrency Trading Fees: Transaction fees charged on cryptocurrency trading services. The platform charges a 1.49% transaction fee with a one euro minimum and no custody fees for trading Bitcoin, Ether, Litecoin, Polygon, Cardano, Solana, and Polkadot, operating under EU's MiCA regulatory framework.
- Robo-Advisor Management Fees: Annual management fees on automated investment portfolios ranging from 0.42% to 1.03% IVA included depending on investment size (lower fees for larger balances). Fees calculated on daily average assets under management with implicit fund costs additional.
- Prepaid Card and E-commerce Services: Free prepaid eCommerce card generating revenue through transaction interchange fees and partnerships with merchants for the Descuentos Open discount program. The virtual card supports online purchases up to 3,000 EUR.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Current and Savings Account - Fee-Free Banking |
| Subscription | Monthly | Mortgage Products - Home Loans |
| Usage-based | Monthly | Overdraft Protection Credit - Unexpected Expenses |
| Subscription | Monthly | Robo-Advisor Investment Management - Invertimos Por Ti |
| Freemium | Pay-as-you-go | Prepaid eCommerce Card - Virtual Card |
| Transaction based/ take rate | Pay-as-you-go | Cryptocurrency Trading - Retail Crypto Services |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
OpenBank product offering
Product offeringCore offering
OpenBank operates as a fully digital bank offering fee-free current and savings accounts, salary accounts, mortgages (fixed, mixed, and variable rate), credit cards, overdraft protection, automated discretionary portfolio management (RoboAdvisor / Invertimos por Ti), and MiCA-regulated cryptocurrency trading for retail customers. The platform also provides instant peer-to-peer payments via Bizum and is accessible through mobile app, website, and 24/7 telephone banking across Spain, Germany, Mexico, and the United States.
Product overview
OpenBank is a digital banking platform and subsidiary of Grupo Santander offering a comprehensive suite of banking products. The core offering centers on fee-free current and savings accounts (Cuenta Corriente Open, Cuenta Nómina Open, Cuenta Remunerada Openbank), credit products including mortgages (Hipoteca Open in fixed, mixed, and variable formats), credit cards (Open Credit), and overdraft protection. Investment services include the RoboAdvisor automated portfolio management (Invertimos por Ti) with ESG-focused fund selection and cryptocurrency trading for Bitcoin, Ether, and other major cryptocurrencies under MiCA regulation. Payment services include integrated Bizum for instant transfers and a virtual prepaid eCommerce card. The platform is available across Spain, Germany, Mexico, and the United States, with the US launch combining Gravity core banking infrastructure with the ODS customer interface.
Differentiator
Problem solved
Functional benefit
Products and services
- Cuenta Corriente Open Fee-free current account with 0% TAE interest, no maintenance, administration, or cancellation fees. Includes a free Open Debit card for the primary holder. Targeted at Spanish retail consumers seeking everyday banking without charges.
- Cuenta Nómina Open Salary account providing benefits for direct-deposit payroll customers, including cashback promotions (e.g., €200 across 10 months for bringing two direct debits) and rewards. Targets Spanish consumers receiving regular salary income.
- Cuenta Remunerada Openbank Interest-bearing savings account offering 2.50% TAE (2.47% TIN) with no amount limit for the first year and monthly interest settlement. Targeted at retail customers seeking competitive returns on deposits without a balance cap.
- Hipoteca Open (Fija, Mixta, Variable) Home mortgage product offered in fixed-rate (from 2.80% TIN), mixed-rate (5 years fixed then variable), and variable-rate (Euribor + 0.65%) options. Includes pre-approval in minutes, a dedicated personal manager, and up to 0.50% bonification for salary direct deposit, home insurance, and life insurance. Targets Spanish residents financing primary or secondary homes.
- Tarjeta Prepago eCommerce Virtual Mastercard prepaid card for online shopping. Free issuance, maintenance, cancellation, and reload (€0.01–€3,000). Includes free travel accident insurance (up to €120,202) and daily accident insurance (up to €6,010), plus discounts through the Descuentos Open program. Targets consumers seeking secure online payment.
- Tarjeta de Crédito Open Credit Credit card allowing buy-now-choose-when-to-pay flexibility, with cashback benefits and discounts through the Descuentos Open program. Targets retail consumers wanting revolving credit and rewards.
- Protección de Descubierto Overdraft protection providing a €300–€12,000 credit line for unexpected expenses. No opening or study fees; interest charged only on the amount used for the days utilized at 7.72% TIN (8.00% TAE). Requires minimum €900 salary deposit or €6,000 investments to qualify. Targets retail customers needing short-term liquidity.
- RoboAdvisor (Invertimos por Ti) Automated discretionary portfolio management service investing in funds, with management fees from 0.42% (for balances over €1M) to 1.03% IVA included (under €25,000). Minimum investment €500; additional contributions from €1. Features five risk profiles (Conservative to Aggressive), automatic rebalancing, and ESG-focused fund selection with minimum 50% ESG exposure. Targets retail investors seeking diversified, automated portfolio management.
- Cryptocurrency Trading Cryptocurrency trading service enabling retail customers to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, Cardano, Solana, and Polkadot. Operates under the EU MiCA regulatory framework with a 1.49% transaction fee (€1 minimum) and no custody fees. Targets retail consumers in Spain and Germany seeking regulated crypto access from a bank.
- Bizum Instant Payments Instant mobile payment service for peer-to-peer transfers, online shopping payments, and charitable donations. Free for OpenBank customers, with limits of €0.50–€1,000 per operation, €2,000 daily maximum, and €5,000 monthly maximum. Includes international cross-border capabilities via MB WAY (Portugal) and BancoMat Pay (Italy). Targets retail customers needing fast payments.
Quantifiable outcome
- Best telephone customer service in Spain (NPS Benchmarking Stiga, second semester 2025)
- +3 more outcomes
Companies that use OpenBank
Customer profileSegments4 records
Ideal customer profiles5 records
OpenBank technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability7 records
Feature6 records
OpenBank partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- VerizonminorVerizon partnered with OpenBank (Santander) to offer high-yield savings account promotions to Verizon customers, leveraging telecommunications company's customer base for digital banking acquisition in the US market.
- Crypto Asset Infrastructure ProviderscoreOpenBank launched cryptocurrency trading services in Spain and Germany under MiCA regulation, partnering with infrastructure providers to enable retail customers to buy, sell, and hold Bitcoin, Ether, Litecoin, Polygon, Cardano, Solana, and Polkadot.
- Santander Asset ManagementcoreSantander Asset Management provides market vision, optimal asset allocation recommendations, and fund selection expertise for OpenBank's Robo-advisor (Invertimos Por Ti) investment management service, advising the OpenBank Investment Committee.
- Zurich Insurance GroupcoreZurich Insurance Europe AG and Zurich Vida provide home insurance and life insurance products for OpenBank's mortgage bonification program, distributed through OpenBank as tied insurance operator (OV-0089) with bundled pricing benefits for mortgage customers.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
OpenBank competitors and assessment
Company assessmentDirect peers
- Revolut: UK-based global digital bank offering fee-free retail accounts, crypto trading, investments and multi-currency cards. Directly comparable as a multi-market digital challenger with built-in crypto execution and aggressive deposit-rate acquisition, competing head-to-head with OpenBank in Spain, Germany and the broader EU.
- Bunq: Netherlands-based digital-only bank offering multi-currency accounts, savings, investments and Business banking across Europe. Comparable in fee-free retail proposition and European multi-market regulatory footprint, competing for the same digitally native EU customer.
- Monzo: UK mobile-first challenger bank with fee-free current accounts, savings, investments and consumer credit. Mirrors OpenBank's full-stack digital retail proposition on a different geography and provides a useful template for digital deposit growth trajectory and credit cross-sell.
- N26: Berlin-headquartered mobile-first challenger bank with retail accounts, savings, investments and overdraft across most EU markets. Direct competitor in Germany and Spain with similar target customer and product mix, including Bizum-equivalent instant transfer integrations.
- SoFi: US digital financial services platform combining banking (checking, savings, CDs), lending (mortgages, personal, student refi) and brokerage/investing under a single app. Matches OpenBank's full-service, single-app ambition and competes on US savings rate plus brokerage/investment breadth.
- Starling Bank: UK digital challenger bank with personal, business and joint accounts plus lending and savings. Comparable as a fully licensed digital-only bank operating across multiple customer segments, mirroring OpenBank's strategy of combining everyday banking with mortgages and investment products.
- Chime: US's largest pure-play digital bank with high-yield savings, fee-free checking and early direct deposit as acquisition hooks. Closest analogue to OpenBank in the US market — same deposit-rate-led acquisition playbook and digital-only model, competing for the same American mass-affluent customer.
Regional players
- ImaginBank (CaixaBank): Spain-focused digital subsidiary of CaixaBank offering mobile-first accounts and lifestyle rewards. The most direct Spanish-headquartered competitor to OpenBank in its home market, competing on similar target customer, brand recognition and ecosystem partnerships.
Emerging players
- Trade Republic: German-headquartered mobile broker with EU banking license offering savings, crypto and brokerage. Direct competitor in OpenBank's German footprint and adjacent in Spain for the invest-and-save customer segment.
- Wise: UK-listed cross-border money movement specialist with multi-currency accounts, consumer debit card and savings/payments integrations. Comparable to OpenBank in cross-border P2P and EU payment integration (Bizum/Bizum-international, open banking APIs) and competitive where EU customers need cross-border account capability.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
OpenBank social profiles
Digital presenceOpenBank compliance and trust
Trust signalCompliance5 records
OpenBank financial estimates
Financial estimateRevenue estimate
Valuation estimate
OpenBank leadership team
Management profileNumber of profiles
Profiles2 records
OpenBank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OpenBank M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OpenBank
What does OpenBank do?
OpenBank operates as a fully digital bank offering fee-free current and savings accounts, salary accounts, mortgages (fixed, mixed, and variable rate), credit cards, overdraft protection, automated discretionary portfolio management (RoboAdvisor / Invertimos por Ti), and MiCA-regulated cryptocurrency trading for retail customers. The platform also provides instant peer-to-peer payments via Bizum and is accessible through mobile app, website, and 24/7 telephone banking across Spain, Germany, Mexico, and the United States.
Is OpenBank a public or private company?
OpenBank is a private company. It is classified as corporate owned and is currently operating.
When was OpenBank founded?
OpenBank was founded in 2019. It employs 501 to 1,000 people.
Where is OpenBank based?
OpenBank is headquartered in Madrid, Spain, in the Europe region.
How does OpenBank make money?
Five revenue lines are on record. Net Interest Income is the primary driver. The others are mortgage Lending, cryptocurrency Trading Fees, robo-Advisor Management Fees and prepaid Card and E-commerce Services.
Who are OpenBank's main competitors?
Direct peers on record are Revolut, Bunq, Monzo, N26, SoFi, Starling Bank and Chime. ImaginBank (CaixaBank) is listed as a regional player. Emerging players are Trade Republic and Wise.
Does OpenBank have an API?
Yes. OpenBank operates under Santander Group's open banking infrastructure, providing PSD2 (Payment Services Directive 2) compliant API access for Third Party Providers (TPPs). The PSD2 interface enables payment initiation, account information access, and funds confirmation consent management. A dedicated TPP space is available at Redsys for Spanish market PSD2 access. Quarterly statistics on API availability and performance are published. For cryptocurrency services under MiCA regulation, OpenBank publishes policy documentation including custody and administration policies, order execution policies, asset return procedures, pricing and commission policies, and conflict of interest disclosures. Developer documentation is at market.apis-i.redsys.es/psd2/xs2a/nodos/openbank.
What industry is OpenBank in?
OpenBank's product category is Digital Retail Banking. Its primary akta.pro industry code is BPAMAFAJ, Open Banking, Account Aggregation & Payment Initiation APIs, with a secondary code of FSAGALAD, Embedded Lending & Credit (POS, Working Capital, Credit Lines). Its NAICS code is 52211 and its SIC code is 6021.