Revolut is gearing up to challenge France's major financial institutions as it gets ready to enter the consumer loan market by the end of May. Vice President of Growth Antoine Le Nel unveiled Revolut's ambitious plans for the next two years during a conference in Paris. The company wants to be the leading bank for customers and is aiming to achieve an 100 million customers by 2025.
Revolut's foray into the consumer loan sector in France, as initially reported by Frandroid, will leverage open banking principles to streamline operations, reduce costs, and minimize delays. The loan program will cater to a wide range of needs, with amounts ranging from €1,000 to €50,000. Additionally, Revolut has future plans to extend its loan offerings to include mortgage loans, as revealed by Frandroid.
Le Nel emphasized that the landscape of competition has evolved, stating that neobanks are no longer their primary rivals. Instead, Revolut aims to directly compete with established players like Boursorama and Crédit Agricole, which currently holds the title of the largest bank in France with 22 million customers.
With approximately 30 million customers globally, including nearly 2.5 million in France, Revolut is already a significant player in the financial technology sector. The company has successfully introduced its loan services in multiple markets, such as Ireland, Romania, and Lithuania. Revolut's strategic move into the French consumer loan market demonstrates its commitment to expanding its services and challenging traditional banking norms.
As the company continues to grow its customer base and introduces innovative financial solutions, the future holds exciting possibilities for Revolut and its vision of transforming the banking industry.