Revolut plans $1.1 billion French expansion
By Elizabeth Howcroft
PARIS (Reuters) -British finance company Revolut said on Monday it plans to invest 1 billion euros ($1.1 billion) over the next three years on expanding in France and will soon apply for a French banking licence.
In an announcement as part of the "Choose France" investment summit, hosted by French President Emmanuel Macron at Versailles Palace near Paris, Revolut said it would open a new office in Paris for its operations in Western Europe and create at least 200 new jobs in France.
Revolut is the biggest of a number of European financial services apps founded in the past decade, with more than 55 million customers but no physical branches. It gained a banking licence in Britain in 2024, after a three-year wait.
Revolut already has around 300 employees in France.
The company said that Lithuania would still be a "key base" for Revolut's growth in Europe.
Revolut already has a Lithuanian banking licence, which it can use as a passport into the European Union, and enables it to sell products to French customers. A spokesperson for Revolut said that having a second banking licence in the bloc would allow it to build closer relationships with regulators and offer services that are more tailored for its customers in France.
This year's "Choose France" business summit is expected to secure 20 billion euros of new investment, Macron's office said on Monday, announcing projects in the defence, energy and industrial sectors.
($1 = 0.8941 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Russian billionaire and Putin critic launches AI data centres in the UK
A Russian billionaire and critic of Vladimir Putin is preparing to invest hundreds of millions of pounds in artificial intelligence (AI) data centres in the UK. Nebius, a technology company headquartered in the Netherlands, will invest £200m to establish an 'AI factory' in Britain, deploying 4,000 graphics-processing chips designed to power the latest generation of machine-learning technology. The $12bn (£9bn) business is assessing potential data centre sites in the South East. Nebius was formed as part of a carve-up of Yandex, a company known as 'Russia's Google'. Arkady Volozh, a Russian entrepreneur worth a reported $2bn, founded Yandex in 1997 as a Russian rival to the US search engine. The business later listed in New York and in 2021 was valued at more than $30bn. However, its shares were suspended in 2022 after Russia's invasion of Ukraine and Mr Volozh was sanctioned by the European Union. Over the years Yandex faced growing pressure from the Kremlin to censor online news and search results, and the company was accused by Brussels of helping to spread Kremlin propaganda. In 2023, Mr Volozh labelled Putin's invasion 'barbaric' and said he was 'horrified' by the war. He said: 'I am categorically against it. Although I moved to Israel in 2014, I have to take my share of responsibility for the country's actions. 'There were reasons to stay silent during this long process. While there will anyway be questions about the timing of my statement today, there should be no questions about its essence. I am against the war.' The European Union removed its sanctions of Mr Volozh last year. Nebius was formed as part of a carve-up of Yandex, which spun off its Russian search division in a $5bn deal to Russian investors. Nebius, which is listed in the US, is made up of the remaining European, US and Israeli assets, including several data centres powered by Nvidia microchips and its self-driving car technology. Mr Volozh, Nebius's chief executive, said: 'The UK is where AI is being built, tested, and deployed at scale across industries from fintech to life sciences. Being here puts us closer to the start-ups, researchers, and enterprise leaders shaping what's next.' Nebius's UK investment comes after Sir Keir Starmer, the Prime Minister, announced plans to spend more than £1bn to boost the UK's computing power in a speech at London Tech Week alongside Jensen Huang, the Nvidia chief executive. On Monday, the Government announced a series of AI investments ahead of this week's Treasury spending review. These included £1bn for an AI research resource, made up of powerful AI data centres and supercomputers, as well as £187m to boost the technological skills of the UK workforce. On Tuesday, Peter Kyle, the Technology Secretary, also announced plans for a new Turing AI fellowship in a speech at London Tech Week. Backed by £25m, the programme will seek five AI experts who will be offered a substantial package to relocate to the UK and hire a team to conduct AI research. Mr Kyle said: 'We will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.'
Yahoo
16 minutes ago
- Yahoo
Syngenta group expects minimal impact from U.S tariffs in 2025, executive says
CAMPINAS, Brazil (Reuters) -Agrochemicals company Syngenta Group expects a minimal impact from tariffs imposed by U.S. President Donald Trump on its business in 2025, Steven Hawkins, global president of Syngenta's crop protection business, said on Tuesday. While the company is growing and investing in its portfolio of biological products, these are not a substitute for synthetic crop protections, Hawkins told journalists on the sidelines of Syngenta's One Agro event in Brazil's Campinas, a city in the state of Sao Paulo.
Yahoo
16 minutes ago
- Yahoo
Cost of Canada's new US-made fighter jet fleet set to rise, watchdog says
OTTAWA (Reuters) -Canada's planned purchase of 88 Lockheed Martin F-35 fighters will cost at least 45% more than initially estimated and the project is also threatened by a pilot shortage, the country's top watchdog reported on Tuesday. Canada, seeking to replace its antiquated fleet of CF-18 jets, announced the C$19-billion ($13.89 billion) deal in January 2023. But Auditor General Karen Hogan said the final bill would be at least C$27.7 billion and could go as high as C$33.2 billion, citing factors such as foreign-exchange fluctuations and rising facilities costs. The report is another blow to a 15-year, trouble-plagued attempt by successive administrations to replace the CF-18 jets, some of which have been flying for more than 40 years. Hogan, who reports to parliament, said the Defence Ministry approach "had weaknesses, lack(ed) proactive measures to minimize the impact of potential threats, and the project did not have robust contingency plans." A shortage of pilots that the Auditor General's Office identified in 2018 is still a significant risk, she said. The construction of special facilities for the jets is three years behind schedule. Prime Minister Mark Carney ordered a review in March of the contract, in part because he said Canada relied too much on the United States for security. Delivery of the jets is scheduled to occur between 2026 and 2032. In response, Defence Minister David McGuinty said Ottawa had put in place a plan to identify all potential risks associated with the deal. "We will continue to work closely with our partners to actively manage costs throughout the duration of this project," he said in a statement. Canada announced plans to buy the U.S.-made F-35 in 2010 but a switch in governments, rule changes for aircraft procurement, as well as challenges from the pandemic triggered major delays. ($1 = 1.3680 Canadian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
