“Throughout the summer, we launched the banking license, and after that, our intention is to also roll out integration with the Multibanco network and, throughout 2026, other more traditional products that a customer expects from a bank, aiming to become the primary bank [for customers],” said Ignacio Zunzunegui on Tuesday in Barcelona.
The online bank Revolut announced on May 19 that it will establish a headquarters in France for Western European markets, which will also include the upcoming branch in Portugal.
The Portuguese branch of Revolut has been slated since March of last year, and the delay relative to the initial intention is not due to Portuguese regulatory authorities, with whom the bank has “a very good relationship and collaboration,” but rather “a matter of internal priorities,” according to Ignacio Zunzunegui.
“We are present in over 39 countries and want to launch a banking license in all main markets, which implies moving or delaying [launches] in some countries, considering various needs,” he stated.
In addition to the banking license in Portugal, which will allow customers to obtain a Portuguese IBAN, Revolut aims to “offer a more local product,” adapted to the national consumer, specifically integration in the Multibanco and MBWay networks.
“Then we will work to launch more conventional products in a bank,” said Ignacio Zunzunegui, mentioning more credit products or new savings products.
Revolut currently has more than 1.5 million customers in Portugal and intends to reach 2 million this year.
It also aims for the national market to become the one with the highest penetration of accounts with salary domiciliation once two significant “barriers” are overcome with the branch launch: lack of integration into the Multibanco network and absence of a local IBAN.
“We believe that by overcoming these barriers, we have many arguments to become the main account for customers. For me, Portugal, along with Ireland and one or two other countries, has the greatest potential to demonstrate that Revolut can be one of the ‘top 3’ financial entities in the market,” stated Ignacio Zunzunegui, speaking in terms of customer numbers, within three to four years.
“But also at the level of deposits, we will work in that direction,” he added.
Revolut has not disclosed estimated investment values for Portugal, nor forecasts for new job positions in the country.
The bank, which defines itself as a “financial superapp,” has over 55 million customers and more than 10,000 employees worldwide.
Revolut currently operates in Portugal through the Lithuanian branch, under the free provision of services regime.
According to Revolut on May 19, the Portuguese branch will initially depend on Revolut Bank UAB (Revolut’s bank in Lithuania), but the goal is for it to become dependent on the French bank when it becomes operational.
Besides Portugal, the markets of Italy, Spain, Ireland, and Germany will also depend on the French bank.
Client deposits of residents in Portugal at Revolut are currently covered by the Lithuanian deposit guarantee fund, and this will remain the case when Revolut opens its branch in Portugal, and it is dependent on Revolut Bank UAB, an official source of the financial entity informed in May.
