Revolut has appointed Frédéric Oudéa, the former CEO of France’s Société Générale, as chairman of its Western Europe hub in Paris, as it prepares to apply for a banking license in the country.

The hire highlights Revolut’s aggressive expansion and brings a heavyweight from France’s corporate establishment on board.

A spokesperson for the challenger bank told Reuters that Oudéa, who also chairs pharmaceuticals giant Sanofi, adds credibility as the fast-growing firm seeks to scale its services.

Revolut announced in May that it plans to invest €1 billion over the next three years to expand in France, opening a new office in Paris for its Western Europe operations.

The company, founded less than a decade ago, has more than 60 million customers worldwide but no physical branches.

It is currently conducting a share sale that values the business at us$75 billion, up from US$45 billion in August 2024.

Revolut gained a banking license with restrictions in the UK in 2024, after a three-year process, and expects to start operating as a UK bank this year.

It also holds a Lithuanian banking license, which can be used as a passport to operate across the European Union.

A spokesperson previously told Reuters that obtaining a second EU banking license would allow Revolut to build closer relationships with regulators and offer services better tailored to its customers in France.

The company is also reportedly considering acquiring a US lender to gain a license in the US, though a spokesperson declined to comment.

Oudéa is not the first banking executive to move to a challenger bank.

In August, German online bank N26 appointed former Bundesbank executive board member Andreas Dombret as chair of its supervisory board.

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