Revolut Secures French Banking Licence as Part of European Expansion

Revolut, a London-based fintech company, has secured a French banking licence, marking a significant step in its European expansion plans. The licence was granted by the ACPR banking regulator and the European Central Bank. This move allows Revolut to offer services tailored to local customers, including loans and regulated savings products.

Revolut can already offer banking services in the EU through 'passporting' of its Lithuanian licence but being regulated in France will provide greater flexibility. The company plans to hire more than 600 people across Western Europe, with 400 positions in France. Customers in France will be transferred to the French entity first.

Revolut has pledged to spend $1.1 billion on expanding in France and has already signed a 10-year lease in Paris. The company's profit so far has been driven by fee income and crypto, but it is looking to increase its lending and other products. Its valuation stands at $115 billion.