Revolut, the neobank with 35 million customers worldwide, has big ambitions in France, where it already has more than 2.5 million customers. The British neobank is currently releasing new products at the rate of one per week. Here are the most recent ones.
A Robo-Advisor for beginner investors
Do you want to invest in the stock market, but you don’t know anything about it or don’t have the time to take an interest in it? Revolut launches its Robo-Advisor service in France. It allows you to build a automated securities portfoliodesigned to automatically rebalance the investment based on asset performance, and personalizeddepending on your financial situation, your objectives and your risk tolerance.
Revolut makes this product very accessible: the minimum investment amount is 100 euros. You can set up recurring transfers to gradually increase your investment. It offers access to more than 2,200 US stocks, 220 European stocks and 270 ETFs.
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AI to fight scams
Like all new banking players, security is a particularly sensitive issue for Revolut, which must convince users that they are not taking risks by entrusting their money to it. The neobank has just revealed a advanced credit card scam detection function following manipulation, which is sometimes called a fake advisor scam.
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Powered by algorithms, “the new anti-scam feature uses advanced machine learning to detect whether a customer is being scammed, breaking the scammer’s hold on the customer before the customer sends his money to the criminal,” explains the Revolut press release. Since its launch, Revolut announces that it has observed a 30% reduction in losses linked to bank card scams.
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French IBANs for Revolut Business
Like many banks, both new and old, Revolut is interested in the clientele of micro-entrepreneurs, self-employed workers and small businesses. Its offer, Revolut Business, however, suffered from a weak point: its French customers until now received Lithuanian IBANs (the country where Revolut holds its banking license), which could lead to complications. Certain French administrations, in particular, continue to refuse foreign IBANseven though the law forces them, in theory, to accept all account numbers held in the European Union.
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The problem is about to be resolved. Revolut has, in fact, just announced the launch of French IBANs for its Business offer. Existing business customers will receive one automatically, while new customers already benefit from it when they open their account.
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