A European Neobank Revolt with crypto support is planning to invest more than 1 billion euros ($ 1.1 billion) in France and apply for local banking licenses.
According For the Fortune report on May 19, Revollat representatives announced the initiative during the Selection France Business Summit organized by President Emmanuel Macron in Paris. London-based Neobank plans to set up its new European Union-Seva Headquarters in Paris, promising to invest 1 billion euros and rent at least 200 people within three years.
Revolute spokespersons also stated that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source quoted by Fortune, the regulator is carrying forward Neobank to obtain a license to improve supervision due to its popularity in France.
Revolt currently employs around 300 people and serves five million customers in France. This makes the nation the top European Union market of Neobank.
Connected: Revolt user growth doubles profits for $ 1.3B on Crypto Trading Boom
Target for stars
Revollat expects to onboard 10 million users by the end of next year and then doubles that number by 2030. The firm already provides loans, trading and cryptocurrency support in its mobile-first banking platform.
Neobank has seen a rapid growth since its establishment in 2015. Recently company get $ 45 billion evaluation and reportedly Serving More than 55 million customers by the end of May.
2024 annual report of rebellion release Shows that the firm had 2024 revenue of 3.1 billion British pounds ($ 4 billion). A recent financial news Article As of December 31, 2024, the company’s headcon also puts a headcon on 10,133 employees.
Connected: Revolut expands Crypto Exchange in 30 new markets in Europe
A fast regulated institute
Rebellion obtains its UK banking license In late July 2024, where its 11 million customers are located. Now, Neobank is aggressively looking at other courts to obtain similar permits, in which 10 applications are going on.
Rebellion get Prepaid payment instruments license from Central Bank of India earlier this month. This license allows the bank to offer multi-currency foreign exchange cards and cross-transmission services in India.
The European Union-based rebellion customers now take advantage of their Lithuania operations. Business – Union get A banking license in Lithuania at the end of 2018, enables it to serve customers in the European economic sector.
magazine: Crypto wanted to overthrow banks, now it is making them in Stabecoin fight
