EuPago doubles business in 2020

Fintech EuPago ended 2019 to lead the Payment Institutions business in Portugal for the first time (now that the sector companies’ R&C have been released), after registering a turnover that amounted to € 3.3m and around of 7,000 open accounts, a record amount after being the last Payment Institution to start operating in the country.

In 2020, the company led by José Veiga and Telmo Santos opened 2 thousand accounts during the months of March and April (period of the State of Emergency), estimates 3 thousand new ones in the next 2 months, and expects to end the year with 10,000 open accounts. , which should allow a doubling of turnover to € 6m.

“In the Covid period, we helped around 2,000 companies in difficulty who want to join digital,” says Telmo Santos, co-CEO of EuPago.

Very soon, the company will increase its own funds by half a million euros, making it also the largest payment institution operating in Portugal.

“We do not distribute dividends to the partners and we put all the capital in the company”, assures the person in charge.

This month, EuPago launched a new backoffice service to support small retailers – the ‘E-Shop’, which corresponds to a mini shopping cart to support restaurants, grocery stores, drugstores, mini-markets, among others.

“It is a service for those who still process orders manually, that is, all orders that process by phone, can now be managed in our back office, with a link being issued to the customer for payment of the order and subsequent collection”, explains Telmo Santos.

With the E-Shop, EuPago expects to close the year 2020 with 500 customers, which should represent € 1M in turnover.


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