Revolut, a European neobank with crypto support, is planning to invest more than 1 billion euros ($ 1.1 billion) in France and apply for a local banking license.
According to In a May 19 Fortune report, Revolut representatives announced the initiative during the Select France Business Summit that was posted to President Emmanuel Macron in Paris. The London-based neobank also plans to set up the new European Union’s new headquarters in Paris, which promises to invest 1 billion euros and hire at least 200 people in three years.
The revolut spokesman also said the firm was in the process of submitting an application to the French Banking Regulator Prudential Supervision and Resolution Authority. According to an anonymous source mentioned by Fortune, the regulator pushed the neobank to obtain a license to improve administration because of its popularity in France.
The Revolut currently uses about 300 people and serves five million customers in France. It makes the country the leading market of the European Union of Neobank.
Related: Revolut Doubles the income to $ 1.3B in user growth, crypto trading boom
Aimed at the stars
Revolut hopes to kill 10 million users by the end of next year and then double that number by 2030. The firm offers loans, trade and cryptocurrency support on the mobile-first banking platform.
Neobank has seen a rapid growth since it was established in 2015. The company recently received A $ 45 billion appreciation and reported served More than 55 million customers in late May.
2024 Revolut’s annual report Release It is shown that the company’s 2024 revenue is 3.1 billion British pounds ($ 4 billion). A recent financial news article The company’s headcount is also placed at 10,133 employees on December 31, 2024.
Related: Revolut expands a crypto exchange in 30 new European markets
An increasingly regulated institution
Revolut got a banking license in the UK In late July 2024, where 11 million of its customers are located. Today, the neobank is aggressively looking to obtain similar permits to other constituents, with 10 applications conducted.
Revolut received The License of Prepaid Payment Instruments from India’s Central Bank earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.
EU -based EU -based customers now use operations in Lithuania. The firm received A Lithuanian banking license at the end of 2018, which provides to deliver customers throughout the European Economic Area.
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