Revolut ever more ambitious in France

“Build a global bank that is as local as local banks. » This is how Nik Storonsky, co-founder and CEO of Revolut, summed up his strategy during his visit to Paris to attend the NBA Paris Game, the American basketball championship match between the Brooklyn Nets and the Cleveland Cavaliers. . , a relocated event in the French capital, Thursday January 11, of which the British online bank is an official partner.

But “in France, we are not yet very localhe admitted. We have a local subsidiary but not yet all the products we need”. The group’s objectives for the French market are nevertheless ambitious: Revolut wants to increase from 2.5 to 5 million customers in 2024 and is targeting 20 million in 2028, i.e. more than the Savings Banks network today and almost twice as much as La Banque Postale.

To achieve the scale of these historic players, the proposed recipe is therefore simple: become as French a bank as possible. After consumer credit, Revolut’s French teams (232 people today, 280 expected at the end of 2024) are working on launching a real estate loan offer and Livret A, hoping to be able to market them at the end of 2024 or early 2025. All this while relying on a regularly enriched mobile application.

Status change

“We want to become the main bank for our customers and we know that, to achieve this, there are product musts”explains Antoine Le Nel, Revolut vice-president of growth.

So that customers use Revolut to domicile their income, pay their expenses, borrow and invest, it is therefore a question of putting an end to the image of a “bridging” bank for traveling abroad, which has long been contributed to the growth of the company, thanks to a very advantageous pricing offer in terms of changes and then to investment tools in cryptoassets.

This change of status is essential so that the group, which today has more than thirty-five million customers in thirty-eight countries, can remain profitable, as it has been since 2021, despite the significant commercial investments made and the sharp increase in global workforce, from 2,800 people in 2021 to eight thousand today.

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The ambition displayed on the French market may come as a surprise, as Orange Bank is preparing to lower the curtain, La Banque Postale announced in December that it was considering closing Ma French Bank, and BoursoBank has gone on the offensive again in 2023 to attempt to gain three million additional customers in three years, the new objective set by its parent company, the Société Générale group.

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