With three million customers, France is now Revolut’s second largest market, behind the UK.
British online bank Revolut plans to invest 100 million euros in France in two years, in 2024 and 2025, and we want to sell real estate loans and accounts Livret A next year, announced one of its managers to AFP. “We have a good product, we have a good dynamic (…) Our goal is really to bet a lot on France,” said its director in charge of growth, Antoine Le Nel, on the French side . 7th edition of the Choose France summitchaired by Emmanuel Macron at the Palace of Versailles.
Future IPO?
Revolut is indeed working on the launch next year to its customers of the savings product favored by the French, the Livret A, but also of a fully online and automated real estate loan, currently being tested in Ireland and in Lithuania.
“We want to get closer to France,” stressed Antoine Le Nel.
From here to planning a future IPO in Paris? The director of global growth prefers not to comment. The regulator in its home country, the United Kingdom, has not yet exempted it from a banking license. Revolut has activities in Europe thanks to this precious sesame obtained in Lithuania and branches in its main countries, such as in France, which allow to issue accounts with the local Iban.
It saw its turnover more than one billion euros in one year in 2022 (+45%) and remains above the break-even point (7 million euros of net profit). The company, however, was slow to release its figures. Last year’s net profit, not yet published, should be more than 300 million euros, and that of 2024 “even more important”, according to Antoine Le Nel.
The online banking market is highly contested in France, with many branches of traditional banks such as Boursorama (Société Générale) or Fortuneo (Arkéa).