Revolut Secures French Banking Licence, Sets Sights on Western Europe Expansion

Revolut has secured a French banking licence after years of pursuit, marking a significant regulatory milestone for the UK-based neobank.

The licence was granted following a joint assessment by France's ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the European Central Bank. This will enable Revolut to offer local products such as country-specific savings and lending propositions, which are currently not available due to its Lithuanian banking licence.

Revolut has pledged to invest over one billion euros in Western Europe, where it serves around 30 million customers, and plans to open a new headquarters in Paris in 2027. The company's founder and CEO, Nik Storonsky, described France as an 'ideal environment' for the next phase of growth.

The move will see Revolut gradually migrate its European customers from its Lithuanian entity to the French one, starting with customers in France and later expanding to other markets such as Germany, Ireland, Italy, Portugal, and Spain. Revolut's dual-hub model will remain in place, with both banks answerable to their respective national supervisors and the ECB.