Source: Cointelegraph
Original: (Revolut targets French license and $1.1 billion expansion to accelerate EU business growth)
The 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) magazine 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 applying to the French banking regulator for prudential supervision and resolution. According to an anonymous source quoted by (Fortune) magazine, due to Revolut's popularity in France, regulators have been urging the digital bank to obtain a license to enhance oversight.
Revolut currently employs about 300 people in France, serving 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 loans, trading, and cryptocurrency support services on its mobile-first banking platform.
Since its establishment in 2015, this digital bank has experienced rapid growth. The company recently achieved a valuation of $45 billion and reportedly served over 55 million customers as of the end of May.
Revolut's annual report for 2024 reveals that the company's revenue for 2024 is £3.1 billion ($4 billion). A recent article in (Financial News) also noted that as of December 31, 2024, the company had 10,133 employees.
Revolut obtained its 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 underway.
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 foreign exchange cards and cross-border remittance services in India.
Revolut customers in the EU can now benefit from 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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