The literature on populist parties has tended to look at this new phenomenon as distinct from traditional party models. While there are a number of studies focusing on specific dimensions, there have been few attempts to systematically examine the features of these new players through the eyes of distinct party types. This work uses the case of Podemos to highlight what distinguished this new party from mainstream parties. We consider the following dimensions: the genetic model, ideological and programmatic stances, its organization, and the profile of its electoral base. It is shown that Podemos presents hybrid characteristics, combining those of traditional party models with the characteristics transposed from the digital culture. The findings also show that populist parties evolve similarly to mainstream parties and this evolution depends not only on electoral and strategic pressures, but also on the process of institutionalization. The lessons of Podemos will allow us to discuss comparable cases from contemporary democracies, thus strengthening our findings and generating more robust evidence about the (alleged) novelty of populist parties with regard to party models.