The digital banking giant based in the United Kingdom, Revolut LTD, announced its intention to invest more than 1 billion euros ($ 1.1 billion) in France over the next three years, while preparing to request a French banking license.
This decision is part of the wider strategy of Fintech to strengthen its presence through Europe and build deeper roots in its fastest growth markets.
The announcement came at the Choose France business summit in Paris on Monday, organized by President Emmanuel Macron, according to a Reuters report.
Revolt to establish a headquarters in France
Revolut said that he will establish his new head office of Western Europe in the French capital, committing to hire at least 200 additional employees during the investment period.
The company is in the process of submitting a request to the French banking regulator, the prudential supervision and resolution authority (ACPR).
The guard dog has encouraged the decision to improve regulatory surveillance, especially since France now represents the largest user base in the EU.
Currently, Revolut has around 300 employees and 5 million users in France, with objectives to reach 10 million by 2026 and 20 million by 2030.
The company already offers loans, cryptocurrency services and commercial products to its French customers.
Founded in 2015, Revolut has become one of the largest fintech companies in the world, with 55 million customers and a workforce of around 10,000.
He said $ 4.1 billion in revenues last year and was last time at around $ 45 billion.
Much of this growth has occurred despite the lack of complete banking licenses on the main markets, which CEO Nik Storonsky recognized as strategic surveillance.
While Revolut has a limited license in the United Kingdom and a complete European banking license through Lithuania, the company is currently pursuing banking authorizations in 10 additional countries.
He recently obtained a license of prepaid payment instruments in India and plans to launch operations soon in Mexico.
Beyond Europe, Revolut develops in southern Europe, the Nordic, the Middle East and Asia-Pacific, aimed at consolidating its position as a global financial platform.
Revolut launches the Crypto Revolut X trading platform
In May of last year, Revolut introduced its autonomous crypto trading platform called Revolut X, addressing British retail customers.
At the time, the company said it has designed the new platform to compete with the main exchanges of cryptography by providing easy highlighting and landing costs.
Although initially intended for professional merchants, Revolut X is accessible on the desktop for all British users with a Revolut retail account.
Merchants on Revolut X can engage in more than 100 tokens transactions with fixed costs of 0% for manufacturers and 0.09% for takers, regardless of the volume of exchanges.
The introduction of Revolut de Revolut X intervened after the launch of Revolut Ramp in March, which allows users to buy the crypto directly in their web 3 portfolios via a partnership with the developer Metamask Rsensys.
In November, the company expanded its exchange of Crypto Revolut X to serve customers in 30 other European countries.
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