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Revolut has just revealed part of its plan to expand its presence on the French market. With a goal of going from 2.5 million to 20 million customers in just five years, Revolut is embarking on a bold and innovative strategy in a saturated market for online banking services.
Nik Storonsky, co-founder and CEO of Revolut, made some confidences to journalists from Le Monde. The company's goal is to “build a global bank that is as local as local banks” he explains to the French daily. This ambition is part of Revolut's broader strategy to extend its influence and services beyond its traditional bases. Nik Storonsky recognizes that, despite a presence in France, Revolut still needs to localize further to meet the specific needs of the French market.
Soon a mortgage
Adapt. This is the leitmotif of Revolut, which very quickly understood the challenges of a local strategy. In France, to achieve its ambitious objectives, the bank plans to introduce products specifically adapted to the local market. Thus, the bank plans to launch a real estate loan offer as well as a Livret A. Two products very popular with the French and currently absent from its offer.
« We want to become the main bank for our customers and we know that, to achieve this, there are product must-haves » underlines Antoine Le Nel, Revolut vice-president responsible for growth.
Focus on innovation
To continue its insolent breakthrough, Revolut must prevail in the face of fierce competition. With players like BoursoBank, the challenges are enormous. Revolut relies on its unique strategy, not relying on expensive promotional offers but rather on the quality of its product. “We reached 2.5 million customers without an offer like this: we don't give money, we give a good product” welcomes Antoine Le Nel.
Revolut therefore intends to rely on innovation, its DNA. Despite the narrowing technological gap between online and traditional banks, Revolut is betting on its ability to offer distinct and high-quality services. A daring project that the bank has taken on with flying colors for several years.
But to continue its growth in France Revolut must, like any traditional bank, comply with regulationsinto force with, firstly, obtaining local banking licenses. A major challenge that doesn't seem to scare him.
- Revolut plans to go from 2.5 million to 20 million customers in France by 2028.
- The online bank will adapt its offering to the specificities of the French market, including the launch of products such as real estate credit and the Booklet A.
- Despite a competitive market, Revolut is banking on technological innovation and the extension of its range of products to stand out.
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