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Revolut Names Former SocGen CEO Frederic Oudea as Chairman of Western Europe

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Revolut has appointed Frederic Oudea, the former CEO of Societe Generale (SOGN.PA), as chairman of its Western Europe hub in Paris, strengthening its leadership team as it prepares to apply for a French banking licence. Oudea, who also serves as chairman of Sanofi, brings significant credibility to the London-based fintech as it accelerates expansion in the region.

The move comes after Revolut announced plans in May to invest €1 billion ($1.2 billion) over the next three years to grow its presence in France, including opening a new Paris office to oversee Western Europe operations. The company, which has more than 60 million customers worldwide but no physical branches, is Europe’s largest fintech challenger bank.

Revolut recently launched a share sale valuing the company at $75 billion, up from $45 billion in August 2024. It secured a restricted UK banking licence in 2024 after a lengthy three-year process and plans to begin operations as a UK bank this year. The company also holds a Lithuanian banking licence, which allows it to sell products across the EU. Gaining a second licence in France would help Revolut build closer ties with regulators and tailor services more specifically for French customers.

The fintech is also reported to be exploring the purchase of a U.S. lender to obtain an American banking licence, though it has declined to comment on those reports. Oudea’s appointment follows a broader trend of established banking executives moving into digital finance. In August, N26 appointed Andreas Dombret, a former Bundesbank board member, as chair of its supervisory board.

OpenAI’s Sam Altman Proposes Stargate-like AI Program for Europe

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OpenAI CEO Sam Altman expressed interest in creating a Stargate-like AI initiative for Europe, similar to the U.S. version backed by President Donald Trump. The U.S. venture, which includes major backers like OpenAI, Softbank, and Oracle, plans to invest up to $500 billion in AI infrastructure over the next five years. During a panel discussion at the Technical University of Berlin, Altman stated that his company would be eager to bring a similar program to Europe, but emphasized that Europeans should determine the rules and regulations for AI technology. Altman further stressed the importance of Europe embracing AI to stay competitive globally.

As part of OpenAI’s expansion in Europe, the company also announced plans to open a new office in Munich, Germany. Altman highlighted that this would enable OpenAI to help more individuals, businesses, and institutions harness the potential of AI. This new office follows the opening of OpenAI offices in Dublin and London in 2023 and plans for further expansion in Paris and Brussels in 2024. Altman is also set to attend an AI summit in Paris on Monday, which will be attended by European leaders and other officials.

Waymo to Expand Autonomous Driving Tests to Over 10 New Cities

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Alphabet’s self-driving unit, Waymo, announced plans on Wednesday to expand its autonomous driving technology testing to over 10 new cities in 2025. Following successful trials of its Waymo Driver in various locations, the company is now preparing to test its technology in additional urban environments, including San Diego and Las Vegas, among other cities to be revealed later.

Waymo has already conducted trials in regions such as Truckee, Michigan’s Upper Peninsula, Upstate New York, and Tokyo, and reports that its technology has successfully adapted to these diverse settings. The new expansion will involve a limited fleet of vehicles, with trained human specialists behind the wheel at all times. Testing will begin with manual driving through the most complex areas of each city, such as city centers and freeways.

Initially, fewer than 10 vehicles will be deployed to each location, where they will be manually driven for a few months to evaluate the technology’s performance. This marks a strategic move as Waymo aims to strengthen its autonomous ride-hailing services, having already expanded to Miami, Florida, in December. The company is under close scrutiny from safety regulators, following several incidents involving autonomous driving technology.

In October, Waymo closed a $5.6 billion funding round led by its parent company, Google, as part of its efforts to scale its autonomous services in an increasingly competitive market.