Lisbon, July 24, 2025 (Lusa) - Revolut's branch in Portugal launches on Thursday, offering Portuguese IBANs to customers, the head of the Portuguese operation told Lusa, adding that Revolut wants to be the third largest bank in terms of customers within three years.
“We want to be in the national top three, that is our ambition,” Rúben Germano told Lusa, believing that Revolut will become the third largest bank in Portugal in terms of customer numbers within three years.
Until today, Revolut operated in Portugal under the freedom to provide services regime from Lithuania. From now on, it will have a branch in Portugal, which will continue to be dependent on the Lithuanian bank (Revolut Bank UAB, which is why deposits remain protected by the Lithuanian guarantee fund).
Revolut currently has 1.8 million private customers in Portugal and, according to Rúben Germano, with the Portuguese IBAN (bank account number) and new associated services, “the pace will accelerate”.
The head of Revolut in Portugal explained that with the Portuguese branch and Portuguese IBAN, access to services such as direct debit and direct debit for salaries will be easier (currently there are companies that do not allow these services on accounts with foreign IBANs), services that he identifies as fundamental for Portuguese bank customers.
With these changes, Revolut will now be part of the Portuguese payment system, integrating with Multibanco and MB Way systems.
“This is extremely important. With the Portuguese IBAN, we will be able to be part of more moments in our customers’ daily lives and become their main account,” he said, considering that until now, without these financial products, Revolut was unable to do so.
Revolut will also launch a deposit account with daily interest.
However, for now, the process of migrating existing customers to the Portuguese branch will be gradual over the coming weeks and some features (such as Multibanco) will only be available after the migration is complete, Revolut said.
Asked about mortgage loans, Rúben Germano said that there are no plans for Revolut to offer such loans in Portugal. The group is only granting such loans in Ireland and Lithuania, assessing how the market behaves before deciding whether to expand to other countries.
"At the moment, we are still learning about the product. We have no plans [for Portugal] yet. But we know that it is a very important product in the Portuguese market. I think that when we have all the products that we are going to launch in the next month and a half, that [mortgage lending] will be the only thing missing," he said.
Revolut does not yet work with corporate customers in Portugal.
Revolut does not disclose its turnover or net income from its operations in Portugal, nor the investment made in Portugal.
The Revolut group made a profit of €934 million in 2024, more than double the €395 million in 2023.
The bank, which defines itself as a “financial superapp”, has more than 55 million customers and more than 10,000 employees worldwide.
In Portugal, Revolut has 1,300 employees.
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