Revolut Expands EU Reach with French Banking License
Revolut has secured its second full European Union banking hub after receiving a license in France. The fintech company, which claims over 75 million customers worldwide, said this milestone marks a 'historic' step in its European expansion.
The French entity of Revolut, called Revolut Bank SA (RBSA), was granted the license following a joint assessment by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the European Central Bank. This allows Revolut to progressively serve customers across Europe, starting with France before expanding to Germany, Ireland, Italy, Portugal, and Spain.
Nik Storonsky, founder and CEO of Revolut, said this license gives the company 'the foundation to build the next generation of banking for more than 30 million customers across western Europe.' Béatrice Cossa-Dumurgier, CEO for western Europe at Revolut, added that the company will begin serving customers in France before expanding across western Europe.