Fintech company, Revolut, expands its operations by establishing a new branch in Portugal
Revolut Expands to Portugal, Aims to Compete with Traditional Banks
Revolut, the digital banking app, has made a significant move into Portugal by launching a full branch in the country. The new branch, which opened on July 24, will offer local PT50 IBANs, full integration with the Portuguese payments system Multibanco and MB Way, and interest-bearing accounts.
This development marks a key phase in Revolut's expansion plans, positioning it to compete more directly with traditional banks in Portugal. The integration with Multibanco and MB Way is especially important because these systems are widely used in Portugal for everyday payments and transfers. This integration will help Revolut provide seamless local banking services and attract more customers.
Rúben Germano, head of the Portuguese operation, stated that Revolut aims to become the third-largest bank in Portugal by number of customers within three years. With the Portuguese IBAN and the new associated services, the pace of customer growth is expected to accelerate. As of now, Revolut has 1.8 million individual customers in Portugal.
The new branch in Portugal is part of Revolut's broader expansion plans in Western Europe. The company has announced a $1.1 billion investment over three years starting in 2025 to strengthen its presence in France and other markets. Although Portugal is not explicitly singled out in these plans, it forms part of Revolut’s wider expansion strategy to embed deeper in European banking markets.
Revolut's ambition to operate as a full bank rather than just a fintech is underpinned by the regulatory milestones it has achieved. The European Central Bank (ECB) has granted a banking license to Revolut Bank UAB, and Revolut holds a full British banking license. These licenses will support Revolut's expansion and eventual goal to become a top-tier banking institution in countries like Portugal.
Despite not disclosing revenue and net income from its operations in Portugal, or its investments in the country, the Revolut group posted profits of €934 million in 2024, more than double the €395 million in 2023. Revolut currently has 1,300 employees in Portugal.
It's worth noting that the new branch in Portugal will remain dependent on the Lithuanian bank (Revolut Bank UAB). Some features, such as Multibanco, will only be available after the migration is complete. The migration process for existing customers to the Portuguese branch will be gradual over the next few weeks.
One feature that customers can look forward to is the launch of a deposit account with daily interest. However, Revolut currently has no plans to offer mortgage loans in Portugal. Deposits are still protected by the Lithuanian guarantee fund.
In summary, Revolut's launch of a full Portuguese branch with local IBANs and full integration into Multibanco and MB Way as of August 2025 marks a key phase in its expansion plans. This infrastructure upgrade is fundamental for Revolut’s ambition to become one of Portugal’s leading banks, although a precise timeline towards achieving a top-three position has not been publicly specified.
Technology will play a crucial role in Revolut's business operations in Portugal, as the new branch integrates with Multibanco and MB Way for seamless local banking services. Endorsing its commitment to Portugal's financial market, Revolut aims to leverage technology to attract more customers, with Rúben Germano, head of the Portuguese operation, targeting three million customers within three years.
