Revolut aims for a French license and $1.1 billion expansion, accelerating its business rise in the EU.
Source: Cointelegraph Original: “Revolut aims for a French license and $1.1 billion expansion, accelerating EU business growth”
The European digital bank Revolut, which supports cryptocurrencies, plans to invest over 1 billion euros in France, approximately 1.1 billion dollars, and apply for a local banking license.
According to a report by Fortune magazine on May 19, a representative from Revolut announced the plan at the “Choose France” business summit hosted by President Macron in Paris. The London-based digital bank also plans to establish its new EU service headquarters in Paris, committing to invest 1 billion euros over the next three years and hire at least 200 employees.
A spokesperson for Revolut also stated that the company is applying to the French banking regulator, the Prudential Control and Resolution Authority. According to an anonymous source cited by Fortune magazine, the regulator has been urging the digital bank to obtain a license to enhance oversight due to Revolut’s popularity in France.
Revolut currently employs about 300 people in France and serves 5 million customers. This makes France the largest market for the digital bank in the EU.
Revolut aims to attract 10 million users by the end of next year and double that number by 2030. The company has already offered loan, trading, and cryptocurrency support services on its mobile-first banking platform.
Since its establishment in 2015, this digital bank has achieved rapid growth. The company recently attained a valuation of $45 billion and reportedly served over 55 million customers as of the end of May.
Revolut’s annual report for 2024 shows that the company’s revenue for 2024 is £3.1 billion (40 million dollars ). A recent article in Financial News also pointed out that as of December 31, 2024, the company had 10,133 employees.
Revolut obtained a banking license in the UK at the end of July 2024, with 11 million customers located in the UK. Now, this digital bank is actively seeking to obtain similar licenses in other jurisdictions, with 10 applications currently underway.
Revolut obtained a prepaid payment instrument license issued by the Reserve Bank of India earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.
Revolut customers in the EU can now take advantage of its Lithuanian operations. The company obtained a banking license in Lithuania at the end of 2018, allowing it to better serve customers in the European Economic Area.
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