Revolut launches branch in Portugal with Portuguese IBAN

In a bid to consolidate its position in the Portuguese market, the digital neo bank fintech Revolut is to open a branch in Lisbon offering Multibanco, IBAN PT services and interest on deposits.

Having a Portuguese IBAN will also enable customers to easily make direct debits and payments (including to the State), and after a long negotiation with SIBS – the Portuguese electronic systems payments company – Revolut will also join MB Way and Multibanco while not having to place accounts on IRS.

At present, Portugal’s 1.8 million customers in Portugal will receive their new account with a Portuguese IBAN starting with the prefix PT50, replacing a Lithuanian account number that had been given to all Portuguese account holders. (The bank is registered in that Baltic country although it is British in origin)

Revolut made its debut in the Portuguese market in 2017 and said it had over 1.5 million customers.

According to the news source ECO, the process of setting up a branch bank in Portugal had taken time despite announcing that it would launch a Portuguese IBAN back in early 2023.

“We have a banking licence in Lithuania and through the banking licence we operate in several countries. Over the past two years we have created seven branches in Europe.

“This quarter we’re launching in Belgium and Portugal and in Portugal we’ll start migrating customers to this branch”, said the Managing Director of Revolut Portugal, Rúben Germano to ECO.

Revolut Group Holdings Ltd, doing business as Revolut, is a British multinational neobank and fintech company that offers banking services for individuals and businesses. 

It was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko. 

As of 2025, the company operates in over 48 countries and caters to over 60 million retail customers globally.