According to a Fortune report, fintech firm Revolut plans to invest 1 billion euros ($1.1 billion) and apply for a license in France to expand its presence in the European region. The announcement was made at the Choose France business summit hosted by President Emmanuel Macron.
The London-based fintech said it plans to set up a European headquarters in Paris. Revolut pledged to bring this investment within three years and hire 200 workers in the same period.
Revolut offers multiple financial products such as banking services, debit cards, credit cards, stock trading, crypto trading, and P2P payments. It was launched in 2015 by co-founders Nik Storonsky and Vlad Yatsenko. The company raised a total of $15 million in its Series A funding and $66 million in its Series B funding, as reported earlier by Coin Headlines.
France is a key area for the company as it has 300 workers and 5 million customers in the country. This makes it the largest region by customer base in the European Union. Revolut is targeting multiple markets with 10 more applications in progress to secure permits for expansion purposes. The company received a restricted license in the U.K., where it has 11 million customers.
