Revolut set to start offering loans in France

The digital banking app aims to reach 100 million customers by 2025 and become the number one bank.

Revolut is positioning itself to compete with France’s biggest banks as it sets out to start offering loans from the end of the month.

VP of growth Antoine Le Nel shared the company’s ambitions for the next two years at a conference in Paris, which included becoming the number one bank for customers and reaching 100 million customers by 2025.

The bank will be offering consumer loans to customers in France from 30 May, as first reported by Frandroid, making use of open banking to eliminate costs and reduce delays.

The loan program will range from €1,000 to €50,000, with mortgage loans in future development plans, according to Frandroid.

Le Nel reportedly told the publication that neobanks “are no longer our natural competitors”.

Now Revolut is hoping to take on the likes of Boursorama and Crédit Agricole, which, with 22 million customers is the leading bank in France by number of customers.

Revolut has around 30 million customers worldwide, including nearly 2.5 million in France, and already offers loans in several other markets, including Ireland, Romania and Lithuania.