Revolut opens bank in Portugal

The fintech Revolut launched its first bank in Portugal yesterday with the goal of becoming a benchmark operator in the Portuguese banking sector.

Revolut launched itself as a bank in May 2020 in Lithuania and since then now has banking licences in 18 European countries, including Portugal, Italy and France.
Revolut bank will not have physical branches but will operate as a purely digital online bank.
The President of Revolut, Joe Heneghan, said that the company has 500,000 customers in Portugal and confirmed that “all those who wanted to transfer their funds to Revolut Bank would have their deposits protected by the deposit guarantee fund”.
Heneghan said that a survey completed by Portuguese customers indicated that 56% are available to have their salaries paid into a Revolut account and use more Revolut services if their deposits were protected.
“This is why we’re bringing this product (to Portugal) and why we will continue range of banking services”, he told the Lusa.
According to the president of the financial services technology company, “Revolut aims to become a key banking sector operator and Portugal is no exception”.
“To achieve this we will meet the expectations of our customers when offering financial services that are quick, transparent and efficient”.
As to the new financial services that the bank will make available, he said that Revolut would release news on these soon.
Revolut also did not divulge its financial results in Portugal or its medium to long-term objectives.
As to criticism that the banks operating in the Portuguese market aim at wholly virtual internet banks, accusing new fintech operators of not meeting the same standards and regulations, Joe Heneghan said that Revolut Bank is a specialised bank licensed by the European Central Bank and regulated by the Central Bank of Lithuania so it “meets all the same regulatory requirements as any other bank”.
The British-born startup and financial app has been operating as a bank in Poland and Lithuania since last year, while maintaining its services in other European countries using its e-money licence. In the UK its supports current accounts from the following banks NatWest. Halifax and Lloyds.
Revolut started 15 years ago as a service for withdrawing money outside the users’ home country without commissions, exchanging currencies at a more favourable exchange rate than with standard high street banks, and making payments between friends.