Today, Revolut established a new branch in Portugal with aspirations to establish itself as the third most significant bank in terms of clientele.
In a move that marks an important step in its Western Europe expansion, fintech giant Revolut has officially launched its operations in Portugal today [1][2]. The company, which offers IBANs in Portugal, is set to create over 400 new roles across Western Europe, including Portugal, France, Spain, Ireland, and Germany [1][2].
The positions will focus on areas such as risk management, compliance, customer support, credit, and product roles, as Revolut gears up for a larger presence in the region. This hiring drive is part of a broader strategy to establish a Western European headquarters in Paris, which will serve as a key operational hub alongside Revolut's Lithuanian HQ [1][4].
The Paris office will drive localised product development and regulatory compliance, particularly as Revolut seeks a French banking license to deepen its presence in EU markets [1][4]. This licence will enable a more tailored approach to the local conditions in EU countries, including Portugal, where Revolut is now offering Portuguese IBANs to customers [2][3].
The Portuguese branch of Revolut, under the leadership of its head, aims to build a significant customer base within three years, with the ambition to become the third-largest bank in terms of customers [3]. This growth strategy involves hiring new employees for key operational roles, integrating Portugal into its wider Western Europe hub strategy, and benefiting from a localised approach enabled by the French banking license application [1][2][4].
By 2025, Revolut had reached 60 million global users, growing steadily through market expansion [3][4]. The creation of jobs in Portugal is part of operational scaling to support customer service, credit, and product development for the EU market. This move positions Portugal as a significant operational node within Revolut's evolving European model, emphasising regulated banking services and regional product development [1][2][4].
Sources: [1] Finextra Research, (2022), Revolut to Create 400 New Jobs in Western Europe. [Online] Available at: https://www.finextra.com/pressarticle/89402/revolut-to-create-400-new-jobs-in-western-europe [2] Lusa, (2022), Revolut lança operação em Portugal. [Online] Available at: https://www.lusa.org/pt/noticias/economia/revolut-lanca-operacao-em-portugal,561010 [3] Revolut, (2022), Revolut's 2021 Year in Review. [Online] Available at: https://www.revolut.com/blog/2022/02/revoluts-2021-year-in-review [4] Reuters, (2022), Revolut to set up Paris hub to drive EU expansion. [Online] Available at: https://www.reuters.com/business/finance/revolut-set-up-paris-hub-drive-eu-expansion-2022-02-02/
- As part of its hiring drive, Revolut plans to fill roles in areas such as finance, risk management, and product development, aiming to integrate Portugal into its wider Western European hub strategy.
- The French banking license that Revolut is seeking will allow for a more tailored approach to local conditions, including Portugal, enabling the fintech giant to offer financial services that are better adapted to the region's culture and regulations.
