Latest news with #PierreDécoté
Yahoo
19-05-2025
- Business
- Yahoo
UK fintech firm Revolut to invest over €1 billion in France
British financial technology firm Revolut will invest more than €1 billion ($1.1 billion) in France over the next three years as it seeks to strengthen its foothold in continental Europe. The London-based digital bank, which offers app-based services for banking, payments, investing and currency exchange, announced plans on Monday to open a Western European headquarters in Paris, which will complement its existing EU hub in Lithuania. The investment was described as the largest foreign commitment to France's financial sector in a decade, and was unveiled at the Choose France summit, an annual event aimed at attracting international investment. Revolut said the move will create over 200 jobs and support its application for a French banking licence. "With our new headquarters in Paris, we aim to build closer relationships with regulators and our customers, while further establishing trust in the market," said Pierre Décoté, chief risk and compliance officer at the neo-bank. France has emerged as the fastest-growing market for Revolut in the EU, with more than 5 million customers. Globally, the company serves over 55 million users, including more than 40 million across Europe. 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
Irish Times
19-05-2025
- Business
- Irish Times
Revolut eyes western European HQ in Paris
Revolut, the global fintech with over 55 million customers, said on Monday it is planning to file for a banking licence in France as it aims to make Paris its western European headquarters. The group's Irish operation, with more than 3 million customers, will eventually move from falling under Revolut's existing euro-zone base in Lithuania to France. It will be joined the group's businesses across Spain, the Netherlands, Germany, Romania, Italy and branches are scheduled to open in the coming months in Europe. Lithuania will continue to serve other markets in the single currency region and the banking unit there will continue to be led by Irishman Joe Heneghan. READ MORE Planning around the transfers, subject to French regulators granting the licence in the coming years, will not have any impact on Revolut's product rollout in existing markets, including the mortgage business it on track to launch in Ireland in the second half of this year. 'France is Revolut's largest market with 5 million customers and fastest-growing EU market, offering significant opportunities for expansion and innovation,' said Pierre Décoté, group chief risk and compliance officer. 'Paris is a natural fit as a gateway to accelerate Revolut's growth trajectory in Europe and beyond, thanks to its dynamic banking ecosystem, strong regulatory framework, and rising prominence as a financial hub.' The move to a dual-HQ model in the euro zone is seen a way of spreading the load as Revolut targets a doubling of its existing European customer base from 40 million to 80 million. Revolut received its second banking licence in Mexico last month and is hoping to secure full authorisation in the UK – its main market, with more than 10 million customers – this year. UK regulators gave Revolut a restricted licence, following a three-year wait, last July, after the group managed to file its first annual report in years without needing a deadline extension. Revolut's net profit more than doubled last year to £790 million (€922 million), driven by card fees and interest earned on surplus deposits placed with central banks, as the London-based fintech prepares to boost its lending by launching mortgages this year. Profit for the year rose by 129 per cent, according to Revolut's latest annual report, published on last month. Group revenues rose by 72 per cent to £3.1 billion. The biggest contributor was $790 million of net interest income, which rose 58 per cent, as Revolut placed more of its growing excess deposits with central banks, including the European Central Bank, and 'reputable financial institutions'.
