Revolut exceeds 3 million users in France… and intends to overshadow Crédit Agricole

After BoursoBank a few weeks ago, it is Revolut’s turn to reveal its number of customers in France. If it is not yet at the level of its rival, the British neobank still boasts a nice score of three million users in France. Remember that Revolut is targeting fifty million customers globally by the end of 2024, which would mark growth of 40% compared to 2023. An ambitious goal, but not unachievable since the neobank already has more than 40 million customers. customers around the world. The company is still lagging behind its objectives, to the extent that it hoped to reach 40 million customers by the end of 2023. The milestone of 100 million customers in 2025, however, seems too ambitious to be reached so quickly. .

Increasing marketing investments

To achieve these figures, Revolut says it will continue to apply the recipe that has been successful so far, by developing services that meet the needs of an increasingly mobile and connected population. In 2023, Revolut managed to stand out on the French market by becoming the second most downloaded banking application. The app notably benefited from a significant Revolut 10 update last October. According to the brand, this success is the result of a strategy of sharply increasing local investments in marketing activities in France. The press release thus mentions a 388% increase compared to 2022, without specifying any figures. All these actions are undoubtedly aimed at convincing users to use their Revolut account to make it a deposit account, and no longer just a flow account.

100,000 new French customers per month

Following this announcement, Antoine Le Nel, Global VP Growth & Partner at Revolut, gave an interview to MoneyVox. It highlights the company’s ability to generate profits, with net profit of around €6.7 million in 2022, marking the second consecutive year of positive results. Despite a decrease compared to the net profit of around thirty million euros recorded in 2021, supported by trading activities and the cryptocurrency market, Revolut continues to grow at an impressive pace in France, welcoming more than 100,000 new customers per month. And the goal is to double this figure.

Overdraft approaching

But above all, Antoine Le Nel revealed during this interview that Revolut planned to (finally) introduce services such as overdraft, deferred debit cards and real estate credit, while recognizing that the launch of Livret A would be postponed until benefit from these priority innovations. Finally, he ends by specifying that the company aims to compete with Crédit Agricole in France, with an ambitious objective of 20 million French customers over time. Until this is achieved, BoursoBank is initially in the sights. Revolut hopes to surpass its rival’s growth rate in the next 12 to 18 months and reach 2 million new customers per year.