The technology is still in testing, and it was developed as Revolut is focused on its goal to adopt AI to assist users with their finances. The company mentioned that increased competition is shaping the landscape and pushing the unification of digital startups and traditional banking players as big fintech scales up in operating peer-to-peer.
This move comes as Revolut eyes global expansion, including in Israel, where the company reportedly wants to acquire a lean bank licence in order to receive deposits and offer credit for customers in the region.
As part of Revolut’s growth strategy, it aims to scale its banking operations in the UK and have 200 bank staff in place by the end of 2025. The company representatives note that Revolut is getting closer to becoming a fully licenced bank in its home market.
Additionally, Revolut comments on the regulatory disparity between the UK and Europe in account of Brexit, especially when it comes to stablecoins, crypto, and fraud regulation. The company believes that the differences in regulation should be solved, pushing for convergence.
Regarding its European expansion, Revolut invested EUR 1 billion in France as it looks to gain a local banking licence, establishing its Western Europe headquarters in Paris and planning to hire at least 200 staff over the next three years. The company is also aiming for worldwide expansion with ten banking licence applications in progress at the moment, while retaining its global headquarters in London.
Revolut has grown significantly since its inception, reaching 2,5 million customers in 2023 and increasing its annual revenue by 72% to GBP 3.1 billion, while growing profits.
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