Revolut Powers Up with Full French Banking License
Revolut has obtained a full banking license in France, marking a significant milestone for the fintech firm. This comes after a joint assessment by the ACPR and the European Central Bank, with the decision adopted by the ECB Governing Council.
The license allows Revolut to 'progressively begin serving customers' across Europe, starting with France and followed by other markets including Germany, Ireland, Italy, Portugal, and Spain. The company will also maintain its Lithuanian entity as a cornerstone of operations for the rest of the EEA.
Nik Storonsky, founder and CEO of Revolut, said that this license 'gives us the foundation to build the next generation of banking' for over 30 million customers across Western Europe. He added that France is an ideal platform to accelerate Revolut's growth, with its 'dynamic financial ecosystem and robust regulatory framework.'
Revolut has hired over 600 people in its Western European markets and will open a new HQ in Paris, where its senior leadership team will be based.