Revolut Secures Full Banking License in France
Revolut has secured a full banking license in France, allowing it to consolidate its Western European markets under one umbrella. The license was granted after a joint evaluation by the European Central Bank (ECB) and the French Prudential Supervision and Resolution Authority (ACPR).
The move is twofold: Revolut aims to group all its Western European operations through France, starting with French customers and later incorporating other markets such as Spain, Germany, Ireland, Italy, or Portugal.
By obtaining the full banking license, Revolut adds an extra layer of security and protection to its model, according to company sources. This achievement strengthens the platform's relationship with local and European regulators.
Revolut was born in the UK in 2015 but didn't start operating within the European Economic Area (EEA) until 2018 under the regulatory umbrella of the Bank of Lithuania and the ECB. The Lithuanian subsidiary, Revolut Bank UAB, provided deposit protection similar to that of all EU banks.
Revolut has committed an investment of over €1 billion in Europe over the last year, aiming to consolidate itself as one of the largest retail banks in the region with a portfolio of nearly 30 million customers.