Revolut, a prominent European neobank known for its support of cryptocurrencies, has revealed plans to invest over 1 billion euros ($1.1 billion) in France and has set its sights on acquiring a local banking license. This announcement was made during the Choose France business summit, which was hosted by French President Emmanuel Macron in Paris.

The London-based neobank has also announced its intentions to establish its new European Union-serving headquarters in Paris, with commitments to invest 1 billion euros and hire a minimum of 200 employees within the next three years. Representatives from Revolut have confirmed that they are in the process of submitting an application to the French banking regulator, the Prudential Supervision and Resolution Authority. This move comes as the regulator aims to enhance supervision of Revolut due to its significant popularity in France.

Currently employing around 300 people and serving five million customers in France, the nation stands as Revolut's top European Union market. The company has expressed ambitious growth targets, aiming to onboard 10 million users by the end of next year and doubling that number by 2030. Revolut's suite of services includes loans, trading, and support for cryptocurrencies within its mobile-first banking platform.

Since its inception in 2015, Revolut has experienced substantial growth, achieving a valuation of $45 billion and reportedly serving over 55 million customers as of late May. The firm's 2024 annual report indicates revenue of 3.1 billion British pounds ($4 billion) and a headcount of 10,133 employees as of December 31, 2024.

Having secured its UK banking license in July 2024, where 11 million of its customers are based, Revolut is aggressively pursuing similar licenses in other jurisdictions, with 10 applications currently in progress. The neobank recently obtained a Prepaid Payment Instruments license from India's central bank, enabling it to offer multi-currency forex cards and cross-border remittance services in India.

In the European Union, Revolut serves its customers through operations in Lithuania, where it obtained a banking license at the end of 2018. This license has allowed Revolut to cater to customers across the European Economic Area more efficiently.

As Revolut continues to expand its services and regulatory compliance efforts, it is evident that the neobank is positioning itself as a major player in the evolving landscape of digital banking and cryptocurrency services.

Source: https://cointelegraph.com/news/crypto-neobank-revolut-to-invest-1-billion-in-france-apply-for-license?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound