British neobank Revolut has announced the appointment of Frédéric Oudéa, former CEO of Société Générale, as chairman of its soon-to-be-launched Western Europe subsidiary, which will be headquartered in Paris. This move comes as Revolut prepares to apply for a banking license in France.
The appointment, announced Thursday evening, underscores Revolut's aggressive expansion strategy from its London base, as it brings on board a heavyweight from the French banking sector.
The former SocGen chief, who also chairs pharmaceutical giant Sanofi, will lend his influence to the fast-growing neobank as it seeks to expand its services and enhance its credibility.
In May, Revolut revealed plans to invest €1 billion over the next three years to grow its presence in France, including opening a new Paris office to serve its Western European operations.
With over 60 million customers worldwide, Revolut has established itself as Europe's leading online bank, notably operating without any physical branches.
The company recently launched a secondary share sale that raised its valuation to $75 billion (€64.06 billion), up from $45 billion in August 2024.
Revolut secured a "restricted" banking license in the UK in 2024, following a three-year process, and plans to launch its local operations later this year. The company already holds a Lithuanian banking license, allowing it to operate and sell products across the European Union.
A Revolut spokesperson previously told Reuters that obtaining a second EU banking license would enable the company to forge closer relationships with regulators and offer more tailored services to its customers in France.
Media reports have also suggested the company is considering acquiring a US bank to secure a license in the United States. When contacted by Reuters, a spokesperson declined to comment on the matter.
Frédéric Oudéa is not the first senior banker to join a neobank. In August, German online bank N26 announced the appointment of Andreas Dombret, a former Bundesbank board member, as chairman of its supervisory board.
(Reporting by Elizabeth Howcroft, with Mathieu Rosemain; French version by Kate Entringer)
