London, Oct. 6, 2025 (Lusa) - Digital bank Revolut announced on Monday that it has reached two million private customers in Portugal and will be offering savings accounts and access to Multibanco services.
"Two million customers in Portugal represent almost 20% market penetration. I would say that Portugal is one of the markets with the highest penetration and with the best adoption in the market," Ignacio Zunzunegui, Growth Director for Southern Europe, told Lusa news agency during an event in London in September.
The bank claimed in July, when it started operating its Portuguese branch, that its ambition was to reach the top three nationally in terms of number of customers, led by Caixa Geral de Depositos, followed by Banco Comercial Português and Santander.
At the time, Revolut had 1.8 million private customers. Santander revealed in June that it had 1.91 million customers.
He emphasised that, despite being a small country, Portugal could be "a very strategic market due to Revolut's maturity as a bank and as an entity".
According to Zunzunegui, company data suggests that “70% of Portuguese people know Revolut”, a level of awareness that is “unprecedented” in several other markets.
Since July, Revolut has been operating as a branch in Portugal, although it continues to rely on its parent bank, Revolut Bank UAB, registered in Lithuania, for deposit guarantees.
At the time, it started offering a Portuguese IBAN to customers, a process that is still in the migration phase.
'We hope to be able to migrate 100% of customers or offer the option to migrate by the end of the year,' Zunzunegui told Lusa.
Having a Portuguese IBAN makes it easier to access services such as salary domiciliation and direct debits (there are currently companies that don't allow these services on accounts with a foreign IBAN) and allows integration into the Portuguese payment system, in particular Multibanco and MB Way.
And from today, Revolut customers in Portugal with a Portuguese IBAN will be able to make instant MB Way transfers, pay with QR codes in-store and online, pay taxes and invoices using Multibanco references, and withdraw cash from ATMs using MB Way codes.
"We've removed what I consider to be one of the biggest obstacles to becoming the main account (for customers). We're already the third-largest bank in terms of customer base. Now we're really well positioned to compete directly with the traditional banks," Zunzunegui emphasised.
Another new feature announced today is the offer of instant-access savings accounts that are remunerated daily.
Zunzunegui said that the instant savings account had been "a total success" in Spain, attracting millions of deposits due to the novelty of daily interest payments and no penalties on movements.
The bank warned today that access to ATM services and savings accounts will be implemented gradually.
Concerning other services to be introduced in Portugal, Zunzunegui said that the installation of Revolut ATMs in 2026 will depend on the results of the pilot programme underway in Spain and that the launch of mortgage loans does not have a set date because the product is still being tested in Lithuania, where it was launched on a limited basis this year.
BM/ADB // ADB.
Lusa