Revolut Wins Second EU Banking Licence with French Approval

Revolut, the fintech company, has received a full French banking licence from the European Central Bank. This gives Revolut its second EU bank and enables it to serve its approximately 30 million Western European customers more directly.

The new bank will be headquartered in France and will operate independently of Revolut's existing Lithuanian bank. Béatrice Cossa-Dumurgier, CEO of Revolut for Western Europe, stated that the company's focus is now on execution, with the goal of serving French customers first before expanding to other countries.

The dual-bank model allows Revolut to have more local control and create a separate balance sheet from which it can build savings and lending products. However, this also creates operational duplication and requires Revolut to allocate resources between France and Lithuania.