Revolut will be opening a branch in Portugal and is currently working on obtaining a national IBAN, stated Rúben Germano, the person responsible for this project.

Rúben Germano considers it essential for Revolut – which currently operates with a Lithuanian IBAN - to obtain a Portuguese IBAN as it will be able to operate in a similar banking model to that of institutions in the national market and launch financial products such as personal credit.

“Our main objective is to comply with all regulatory requirements”, he indicated, highlighting the goal is to obtain the Portuguese IBAN this year. “We are looking through all the regulatory analysis’s and all the reports we will have to comply with”, he assured, adding that Revolut is working with the Banco de Portugal in this regard.

“We are going to launch personal credit, which is the largest segment in consumer credit”, he mentioned, therefore it is essential for the company to obtain the Portuguese IBAN to move forward with new products.

Upon obtaining the IBAN, Revolut will be able to move forward with “low-risk” investment products, and credit cards could be among these launches.

“We are aware of the products that are anchors in the market, such as mortgages, for example”, capturing maturity and term deposits are on the horizon of Revolut, maintained Rúben Germano.

It is “more difficult” to be distinguished in the market “without these products”, he said, adding that the bank is competitive in terms of prices and emphasised greater ease and speed as well as the institution’s transparency advantages.

When questioned about the doubts of traditional customers regarding this type of bank without branches and with great technological focus, Rúben Germano recalled Revolut is covered by the deposit guarantee with a banking license in Lithuania.

Revolut’s global revenue rose by 45 percent to €1.1 billion in 2022 and the company is expected to earn almost €2 billion this year. The company has 1,300 employees in Portugal and around 9,000 globally.