Source: Cointelegraph
Original: “Revolut Targets French License and $1 Billion Expansion to Accelerate EU Business Growth”
European digital bank Revolut, which supports cryptocurrencies, plans to invest over €1 billion (approximately $1.1 billion) in France and apply for a local banking license.
According to a report by Fortune on May 19, a representative from Revolut announced this 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 over three years and hire at least 200 employees.
A spokesperson for Revolut also stated that the company is submitting an application to the French banking regulatory authority for prudent regulation and disposal. An anonymous source quoted by Fortune mentioned that due to Revolut's popularity in France, regulators have been urging the digital bank to obtain a license to strengthen oversight.
Revolut currently employs about 300 people in France and serves 5 million customers, making 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 already offers loan, trading, and cryptocurrency support services on its mobile-first banking platform.
Since its establishment in 2015, the digital bank has experienced rapid growth. The company was recently valued at $45 billion and reportedly served over 55 million customers as of the end of May.
Revolut's 2024 annual report indicates that the company's revenue for 2024 is projected to be £3.1 billion ($4 billion). A recent article from Financial News also noted that as of December 31, 2024, the company had 10,133 employees.
Revolut obtained a UK banking license at the end of July 2024, with 11 million customers located in the UK. The digital bank is now actively seeking similar licenses in other jurisdictions, with 10 applications currently in progress.
Earlier this month, Revolut received a prepaid payment instrument license issued by the Reserve Bank of India. 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 utilize its Lithuanian operations. The company obtained a banking license in Lithuania at the end of 2018, enabling it to better serve customers in the European Economic Area.
Related: Franklin Templeton Introduces Blockchain Technology to Monetize Idle Payroll Funds
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