Revolut Secures Full Banking License in France, Expanding EU Reach
Revolut has received a full banking license in France, allowing it to expand its operations in the European Union.
The French subsidiary of Revolut, Revolut Bank S.A. (RBSA), underwent an assessment by the French regulator ACPR and the European Central Bank, resulting in formal approval from the ECB's governing body.
With this license, Revolut will gradually transfer its customer services to a French banking structure, initially operating in France before expanding to other European countries such as Germany, Ireland, Italy, Portugal, and Spain.
The company has already gained over 30 million customers in Western Europe, with nearly 8 million signing up in the past year. Revolut serves more than 75 million customers worldwide.
Revolut's CEO had previously faced criticism for attempting to enter the Ukrainian market through unapproved means, but the French license will complement its existing banking structure in Lithuania and allow for quicker adaptation of products and services to individual European markets.