UK-based fintech giant Revolut has reached a major milestone in France, with 5 million users now using the app, according to the company’s report today (Wednesday). “5 million people, or 1 in 10 adults, in France now use Revolut France,” the company wrote.
The milestone was achieved nearly a year after the fintech firm partnered with the publicly listed brokerage CMC Markets to bring access to FX, index, commodities, treasuries, and equity CFDs, among its users.
On Track for 10 Million Users by 2026
“France is one of our fastest-growing markets, with 200,000 new customers joining every month. We're on track to hit 10 million by the end of 2026, and 20 million by 2030,” Commented French-born Chief Growth & Marketing Officer, Antoine Le Nel.
In a report by FinanceMagnates.com, Revolut shared the details of its agreement with CMC Markets, saying that under the collaboration, CMC Markets Connect will offer the back-end infrastructure, including trading, pricing, account systems, execution , and clearing.
Additionally, users will reportedly have access to FX, index, commodities, treasuries, and equity CFDs, initially under the deal, potentially expanding into other asset classes as the relationship evolves.
“The partnership facilitates back-to-back trading with Revolut, along with a complete back-end integration,” commented Lord Cruddas, CEO of CMC Markets. “We look forward to supporting Revolut's customers with access to our extensive trading universe.”
Expanding Presence in Europe
As early as 2021, Revolut had expanded its presence in continental Europe by launching banking services in France, Italy, and Portugal. The expansion followed another roll-out in ten other European countries, including Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia.
Meanwhile, after launching a dedicated crypto trading platform for UK users last year, Revolut expanded the offering with a new trading app, Revolut X. This addition positioned the fintech giant as a direct competitor to major exchanges like Binance and Coinbase.
