Revolut has started offering Portuguese IBANs after waiting for more than two years. They got approval from the Bank of Portugal to begin this August. This allows the fintech company, which is licensed in Lithuania, to accept deposits in Portugal. They already have almost 1. 9 million customers in the country.
Even though deposits are still covered by Lithuania’s Deposit Guarantee Fund, up to €100,000, Revolut is trying to attract more customers by offering better interest rates.
The new Portuguese IBAN is expected to help Revolut grow in the Portuguese market and become a stronger choice as a neobank.
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