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Revolut to Begin Offering Loans in France

Revolut announced plans to expand activities in France over the next two years.

Revolut to Begin Offering Loans in France

Source: Pixabay.com

The program of activity of this company in the French financial market provides, among other things, the introduction of credit products for local customers. The firm informs that the service will be launched before the end of this month.

At a face-to-face press conference in Paris, organized by Antoine Le Nel, Revolut’s vice president for Development, he said that from May 30, consumer loans will be available to more than 2 million French users.

Revolut has already launched this service in several other markets, including Ireland, Lithuania, and Romania.

The Revolut Loans offer will be available only to residents of France. In this case, there will be no commission fee for opening an account. Through the use of Revolut open banking, the process of applying for a loan is carried out without the need for paper documents. Users will receive instant feedback on their requests.

The amount of loans that will be available to French consumers will vary in the range from 1 thousand to 50 thousand euros. The period of payment of funds by the company’s clients will be from 3 to 84 months. The interest rate will range from 3.9% to 21.12%.

During a press conference in Paris, Le Nel announced Revolut’s desire to be the number one bank for customers and about plans to have a client base of 100 million people by 2025. The financial institution is currently developing proposals related to mortgage lending.

Revolut wants to compete with large online banks and traditional financial institutions such as Boursorama or Credit Agricole. These intentions are followed by the concept of moving away from the status of a creditor that exists only in virtual space.

The results of Revolut’s activities are impressive. Since 2019, the company’s customer base has tripled and currently stands at about 30 million people. Revolut provides services in 31 countries.

The company’s strategy of turning its banking app into a super app is one of the levers for success in creating an increasing number of acquisitions modeled on Chinese apps, including WeChat or Alipay.

As we have reported earlier, Revolut Reports First Annual Profit.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.