TAP Air Portugal
“Can a state-owned flag carrier turn its loyalty program into a financial-services distribution channel without owning a bank?”
Founded1945
HQLisbon, Portugal
IndustryAirline / Flag Carrier
The story
TAP Air Portugal is Portugal's state-owned flag carrier focused on Atlantic connectivity (Europe-Brazil-Africa-North America) via its Lisbon hub. Beyond air transport, TAP has built a meaningful embedded-finance footprint: a registered credit intermediary in Portugal partnering with Millennium BCP and UNICRE to issue TAP-branded credit cards, a co-branded Amex card with Cardless in the US, BNPL via Klarna, Revolut Pay integration, and Chubb-underwritten travel insurance at checkout. The strategy is loyalty-led — every embedded financial product feeds Miles&Go.
Product timeline
0
Launched TAP Miles&Go American Express co-branded credit card with Cardless in the US.· card
1945
Founded as Portugal's flag carrier (Transportes Aéreos Portugueses).· founding
2025
Partnered with Klarna to offer Buy Now, Pay Later at flight checkout.· lending
2025
Integrated Revolut Pay as one-click checkout option for Portuguese and UK customers.· payments
2025
Became first airline in Portugal to integrate with Samsung Wallet for boarding passes and Miles&Go loyalty cards.· wallet
Regulated entities
1
regulatory licence held by TAP Air Portugal
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in TAP Air Portugal’s embedded-finance stack
Payments / PSP
KlarnaRevolut Pay
Card issuing
in the full report
Lending
in the full report
Accounting gap: none
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.