Revolut To Invest Over $1.1 Billion In France In An Expansionary Move
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London-based fintech firm Revolut has set its eyes on an expansionary move that will see the neobank invest over $1.1 billion in France. The company is planning to apply for a French banking license. President Macron announced this development at the Choose France summit in Paris.
Revolut, when looking at it from a retail angle, wants to improve its relationship with French customers by enhancing user experience and expanding product offerings in the region.
Revolut Plans To Hire 200 Employees In France
According to the announcement, Revolut will hire more than 200 employees within three years of setting up its EU headquarters in Paris. Revolut says there is a high demand for its trading and crypto services in France, its biggest EU market. Due to this massive interest, the platform wants to bring its services closer by launching its EU headquarters in Paris.
The neobank specifically discused the importance of local banking authorization when it comes to meeting regulatory expectations and building trust. The firm will be seeking license to support sustainable growth in the region while enhancing the trading needs of customers in the region.
Revolut Seeks More Regulatory License In The EU
Presently, Revolut is serving 5 million customers and employs about 300 people in France. This makes France the platform’s largest market in Europe. The company has reiterated its goal of growing its customer base by 10 million before the end of next year, and 20 million by 2030.
Revolut has been making steady progress in customer growth over the past few years. The company says it has an impressive 55 million global customers and is now valued at a whooping $45 billion. Last year, the neobank hit $4 billion in revenue, with more than 10,000 workers globally.
The company is still making move to expand operations. It recently received a UK banking license and plans to receive more licenses from multiple countries. The firm uses its Lithuanian banking license it received in 2028 to serve its EU customers. It’s also making moves in Asia, with plans to obtain the Prepaid Payment Instruments license in India.
Revolut currently has 11 million customers in the UK. The bank has already submitted 10 applications to gain similar licenses across other regions. Revolut is also sealing partnership deals as it continues to expand its operations. Last week, the neobank collaborated with Lightspark for Bitcoin network integration. The partnership aims to reduce high network fees and waiting times for customers.
