Startup Rebellion Pay, backed by Gala Capital, has achieved a groundbreaking milestone in Spain’s financial sector: becoming the first national fintech to obtain a banking license. Specifically, the company secured an Electronic Money Institution (EMI) license issued in Lithuania in just ten months, allowing it to operate across the European Union. While not a traditional banking license, it enables Rebellion to offer key services such as cards, transfers, and direct debits, with the distinction that user funds are fully segregated and cannot be invested or lent out.
An ambitious, well-backed startup
Led by founder and CEO Sergio Cerro, Rebellion has already received more than €4 million in initial investment from Gala Capital. The company’s headquarters is located in the same building as the investment firm, at Serrano 57 in Madrid. Elena de Benavides, Gala’s second-in-command, also sits on Rebellion’s board of directors.
Cerro explains that the idea behind the company arose from a market gap: young people and minors lacked access to financial tools like cards for online use without depending on their parents or traditional banks. “Rebellion was born to give them financial independence,” he says.
A different model
Unlike traditional banks, Rebellion does not use client deposits to invest or issue loans, eliminating financial risk. Instead, its business model is based on a €3 monthly subscription fee, which gives users access to an unlimited account, a physical card, and other benefits.
Lithuania was strategically chosen for the license due to its faster and more accessible regulatory process compared to other jurisdictions. As part of the licensing requirements, Rebellion has established a local office staffed with Lithuanian professionals specialized in finance, compliance, and management.
Regulated operations and international ambitions
Cerro emphasizes that the company operates under strict supervision by the Bank of Lithuania, which must approve all strategic decisions, capital increases, and shareholder changes. Rebellion’s team of 16 people from various nationalities is currently building the minimum infrastructure required to begin operations this summer.
Today, the fintech has 15,000 users and is growing rapidly, attracting up to 500 new customers per day through social media campaigns on Instagram and Facebook. The company plans to expand next into Portugal, with Mexico and Argentina as medium-term targets.
A different approach from traditional banking
Rather than emulate large banks or other fintechs like Revolut or Monzo (which also hold EMI licenses), Rebellion draws inspiration from Pedro Serrahima, former director of Pepephone, known for his leadership style and user-focused approach. “We want Rebellion’s growth to be guided by what our customers think,” Cerro concludes.
