Revolut Secures French Banking Licence Amid Western Europe Expansion Plans

Revolut has secured a French banking licence from the ACPR and European Central Bank.

The move is part of Revolut's effort to strengthen its regulatory standards in Western Europe, its fastest-growing region with over 30 million customers.

Revolut already holds a European banking licence thanks to approval from Lithuania, but believes having an additional French licence will enable it to offer tailored services and loans to local customers.

The company plans to invest more than €1 billion in Western Europe and hire over 600 people as part of its expansion efforts.

Nik Storonsky, Revolut's founder and CEO, commented: 'France has become a leading financial hub... It is the ideal platform to accelerate Revolut's next phase of growth.'