Revolut Gains French Banking Licence for Major Expansion

Revolut has made significant strides in expanding its services to French customers. The British neobank was granted a full banking licence by France's Prudential Supervision and Resolution Authority (ACPR) and the European Central Bank, allowing it to offer new financial products and expand its operations.

The new entity, Revolut Bank S.A., will initially serve customers in France before expanding to other European markets. This move follows similar full banking licences for Revolut in the UK, Australia, Mexico, and Lithuania in 2018.

With a French banking licence, Revolut can now offer services that were previously unavailable or limited in France, including mortgages and a wider range of savings products. Existing customers will be notified about changes to their accounts, including the possible move to French IBANs.

The bank plans to invest €1 billion in Western Europe, creating around 600 jobs, including 400 in Paris. Deposits will also benefit from France's deposit-guarantee scheme, which protects up to €100,000 per depositor.