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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.

Italy probes Revolut over alleged unfair practices in investment services

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Italy’s competition authority (AGCM) has launched an investigation into British fintech giant Revolut, focusing on allegations of unfair commercial practices related to its investment and banking services. The watchdog claims Revolut misled users by promoting zero-commission investments without clearly disclosing additional costs and limitations.

According to AGCM, Revolut failed to inform customers that its zero-fee products involve fractional shares, which differ significantly from whole stocks in voting and transfer rights. The regulator also highlighted that Revolut did not clearly warn crypto asset investors that stop-loss and take-profit settings—tools typically used to manage investment risks—could not be modified.

AGCM further accused Revolut of adopting an aggressive stance by suspending and blocking financial accounts without sufficient notice or assistance, restricting customer access to cash and related services for prolonged periods.

Inspections were carried out at Revolut Bank UAB’s Italian offices by AGCM and Italy’s finance police. Revolut said it is fully cooperating with the probe and remains committed to compliance and customer protection but declined to comment on specific details as the investigation is ongoing.

Revolut, valued at $45 billion last year, is one of the most successful European digital-only fintechs. The company aims to expand into mortgages and consumer lending to compete with traditional banks and grow its presence in the U.S.

Under Italian law, violations of consumer rights can result in fines ranging from €5,000 to €10 million.

Wise Shifts Primary Listing to U.S., Delivering Fresh Blow to London’s Financial Market

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Money transfer company Wise announced Thursday that it plans to move its primary stock market listing from London to the United States, marking another significant setback for London’s efforts to maintain its position as a leading global financial center. The company’s shares surged more than 8% following the announcement, bringing its market capitalization to over £12 billion ($16.28 billion).

Wise, which first listed in London in 2021, had signaled in April that it was exploring its listing options, but the decision to move to the U.S. surprised many analysts. The shift underscores the growing appeal of American capital markets for global companies seeking higher valuations, deeper liquidity, and broader investor access.

CEO and co-founder Kristo Kaarmann cited the depth and liquidity of U.S. markets as the primary reasons for the move. “The U.S. has the world’s deepest and most liquid capital markets, which will make it easier for investors globally to buy shares in Wise,” Kaarmann said.

Despite the relocation, Wise plans to maintain a secondary listing in London, signaling continued ties to its home market where roughly 20% of its staff and most of its executive team remain based.

Another Blow to London’s IPO Ambitions

Wise’s departure is the latest in a string of high-profile companies abandoning or bypassing London in favor of other markets. In recent months:

  • Unilever selected Amsterdam over London or New York for its ice cream division’s primary listing.

  • Shein, the Singapore-based fast-fashion giant, is reportedly leaning towards a Hong Kong IPO after regulatory challenges for a London listing.

  • Cobalt Holdings, a metals investor backed by Glencore, scrapped its London IPO plans entirely this week.

These developments highlight the ongoing difficulties London faces in attracting and retaining major listings, despite recent reforms aimed at modernizing and liberalizing its capital markets to compete with global peers.

London Reforms Not Enough

Kaarmann emphasized that the U.K. government has made meaningful efforts to modernize its capital market regulations, aligning them more closely with U.S. standards. However, he acknowledged that companies ultimately need to follow the global flow of capital.

“The government has definitely made an effort… but we have to accept the reality of where the world’s capital is concentrated,” he said.

A Wise spokesperson declined to say whether other international listing venues were considered.

Solid Financial Performance

Alongside the listing news, Wise reported strong annual earnings. Underlying pretax profit rose 17% to £282.1 million for the year ending March 31, 2025. Shares of the company are up nearly 40% over the past year, though they remain below their 2021 IPO levels.

Wise’s British competitor, Revolut, which offers similar financial services, has also been expanding aggressively in the U.S., underlining the growing importance of American markets to European fintech companies.