Revolut will offer savings accounts and access to Multibanco and MB WAY

Revolut, the digital banking platform, is expanding its services in Portugal, a move signaling increased competition in the European fintech market. The company plans to introduce savings accounts and provide access to the Multibanco network, Portugal's primary ATM and payment system, directly impacting consumer banking options. This expansion, building on its existing user base, marks a significant development for Revolut. The digital bank, which already boasts "two million customers in Portugal," is leveraging its established presence to offer new financial products. This expansion includes providing access to Multibanco services and savings accounts, potentially challenging traditional Portuguese banks. These new features aim to broaden Revolut's appeal and solidify its position in the competitive fintech landscape. This move directly affects Portuguese consumers by providing more choices for managing their finances. By offering savings accounts and linking to the Multibanco network, Revolut is streamlining access to essential banking services, intensifying pressure on established banks to innovate. The increased competition driven by Revolut's expansion could lead to better services and more favorable terms for consumers.