Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of Revolut planning to invest $1.1 Billion in France as they prepare to apply for a French banking licence.
Revolut to Invest $1.1B in France
The UK-based digital banking giant Revolut Ltd have announced their plans to invest $1.1 billion in France over the coming three years. They are also planning to apply for a French banking licence as the company aims to strengthen their presence within Europe as part of their broader fintech strategy. The announcement was made as part of a Choose France business summit in Paris on May 19, which was hosted by President Emmanuel Macron.
Revolut said it will establish its new Western European headquarters in the French capital, committing to hire at least 200 additional employees over the investment period.
The company is in the process of submitting an application to France’s banking regulator, the Prudential Supervision and Resolution Authority (ACPR).
The watchdog has encouraged the move to improve regulatory oversight, especially given that France now represents the firm’s largest user base within the EU.
Currently, Revolut has around 300 employees and 5 million users in France, with targets to grow that to 10 million by 2026 and 20 million by 2030.
The company already offers loans, cryptocurrency services, and trading products to its French customers.
Founded in 2015, Revolut has grown into one of the largest fintech firms globally, with 55 million customers and a workforce of roughly 10,000.
It reported $4.1 billion in revenue last year and was last valued at approximately $45 billion.
Much of this growth occurred despite a lack of full banking licenses in major markets, something CEO Nik Storonsky has acknowledged as a strategic oversight.
While Revolut holds a restricted licence in the UK and a full European banking licence through Lithuania, the company is now pursuing banking permissions in 10 additional countries.
It recently secured a Prepaid Payment Instruments licence in India and plans to launch operations in Mexico soon.
Beyond Europe, Revolut is expanding across southern Europe, the Nordics, the Middle East, and Asia-Pacific, aiming to solidify its position as a global financial platform.
Revolut Launches Crypto Trading Platform Revolut X
In May last year, Revolut introduced its standalone crypto trading platform called Revolut X, catering to UK retail customers.
At the time, the company said it designed the new platform to compete with leading crypto exchanges by providing easy on/off-ramping and low fees.
Although initially targeted at professional traders, Revolut X is accessible on desktop for all UK users with a Revolut retail account.
Traders on Revolut X can engage in more than 100 token trades with fixed fees of 0% for makers and 0.09% for takers, irrespective of trading volume.
Revolut’s introduction of Revolut X came after the launch of Revolut Ramp in March, which enables users to purchase crypto directly in their Web3 wallets through a partnership with MetaMask developer Consensys.
In November, the firm expanded its crypto exchange Revolut X to serve customers in 30 additional European countries.
Have a great day.
Peace. CryptoGod-1.
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