Revolut wants to offer real estate loans

Revolut wants to offer real estate loans
Revolut wants to offer real estate loans

British neobank Revolut plans to invest 100 million euros in France over two years in 2024 and 2025 and hopes to start selling home loans and A-notes next year, one of its executives said on Monday, quoted by Le Figaro.


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“We have a good product, we have a good dynamic (…) Our objective is really to focus strongly on France”, said Antoine Le Nel, on the sidelines of the 7th “Choose France” summit, chaired by Emmanuel Macron at the Palace of Versailles.

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With three million customers, France is currently Revolut’s second largest market after the UK. The British fintech is gaining around 100,000 customers a month in France. To continue this development, it has allocated an amount of approximately 100 million euros, which covers the recruitment of several dozen employees, investments in advertising and the expansion of the product range, reports.

Revolut is working on launching next year France’s favorite savings product, Livret A, as well as a fully online and automated home loan, which is currently being tested in Ireland and Lithuania. “We want to get closer to France,” said Antoine Le Nel. But does that mean it should be planning a future IPO in Paris? The global growth director declined to comment.

The regulator in its home country, the UK, has yet to issue a banking license to it. Revolut is present in Europe thanks to the authorization obtained in Lithuania and branches in its main countries, such as France, which allow it to issue accounts with local Iban. It recorded sales of more than 1 billion euros for one year in 2022 (+45%) and remained above the break-even point (7 million euros net profit).

However, the company has been slow to release its figures. Last year’s net profit, which has not yet been published, should be more than 300 million euros, and that for 2024 “even higher”, according to Antoine Le Nel. The online banking market is highly contested in France, where there are many branches of traditional banks such as Boursorama (Société Générale) and Fortuneo (Arkéa).

The article is in Romanian

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