Revolut announced its strategy for France over the next few years, including the launch of customer credit products towards the end of May 2023.
At a recent press conference held in Paris hosted by Antoine Le Nel, VP of growth at Revolut, Le Nel said that consumer loans should be available to its two million+ French customers from the 30th of this month.
Revolut has introduced this offering in several other markets, including Ireland, Lithuania, and Romania. But Revolut Loans will be a new feature in France, the firm revealed.
The Revolut Loans offering should be available only to French residents with zero opening charges, and due to Revolut’s use of open banking, hardcopy paperwork is not going to be needed in order to turn in loan applications. And clients will have almost instant feedback on their applications, according to the firm.
Loans size will reportedly include amounts ranging from €1000 to €50 000, with a duration of 3 to 84 months at interest rates from 3.90% to 21.12%.
According to Frandroid, Le Nel informed a room of French reporters that they want to be “the number one bank for their customers [and…] are aiming for 100 million customers by 2025.”
Although mortgage payments are not a current offering, Le Nel said that this was something that is being considered for the foreseeable future.
As reported recently, Mikko Salovaara has quit Revolut. Salovaara, who was the Chief Financial Officer (CFO), has exited the digital bank after just two years in the leadership post, according to multiple reports.
While Salovaara has attributed his exit from the Fintech due to personal reasons, Revolut has hit a rough patch in recent months.
Revolut has been in pursuit of various regulatory authorizations in a growing number of jurisdictions. In the European Union, Revolut holds a full banking license – received in 2021. But in the UK, its home market, which is also its largest, Revolut has struggled to receive approval from regulators and thus continues to operate as a Neobank.
