French telecom operator Orange is set to launch Orange Bank, its mobile-only bank in July this year, following a soft-launch with employees in mid-May.

The new venture follows Orange’s acquisition of a 65% stake in Groupama Banque last year.

The bank will offer a bank account, a debit card, overdraft protection and an interest-bearing savings account with additional offers, including credit and insurance services.

The company is also planning to integrate contactless mobile payments, sending money by SMS, instant bank balances, temporary freezing of the debit card and access to a bank advisory service.

It aims to reach EUR400 million in revenues in 2018, and to have more than two million customers in France alone.

Orange chairman and CEO Stephane Richard said: “With the commercial launch of Orange Bank for the general public on 6 July, we are writing an important new chapter in the Group’s history.

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“Orange Bank will build on the professional skills of its banking experts, the disruptive capability of its partnerships with start-ups and of course the traditional assets of Orange: its distribution network, its expertise in digital services as well as its financial strength.”

Orange said that customers can subscribe directly from the mobile application, online or its certified stores.