Key facts
- Revolut has obtained a full banking license from the European Central Bank and French regulators.
- The license allows Revolut to operate as a bank across the EU and develop tailored products for French customers.
- Revolut plans to make Paris its Western Europe headquarters, hiring over 600 employees in the region.
- Customer migration to the French entity will commence in France, followed by other European countries.
- The fintech has committed $1.1 billion to its French expansion.
Revolut has secured a new full banking license from the European Central Bank and French regulators, enabling its European arm to expand services and products across the EU. The fintech plans to begin serving customers in France, with subsequent rollouts planned for Germany, Ireland, Italy, Portugal, and Spain. Paris will serve as the main base for Revolut’s Western European operations, with plans to hire over 600 employees in the region and a commitment of $1.1 billion to its French expansion.
This development follows previous regulatory hurdles, including restrictions from the ECB on new product launches due to deficiencies in Revolut's approval processes. The company has reportedly made significant improvements to its internal risk, compliance, and legal functions. Revolut initially obtained a specialized banking license from Lithuania in 2018, later upgrading to a full European banking license in 2021.
The company has been expanding its financial services beyond payments and cryptocurrency, with lending and other banking products forming part of its broader growth strategy. Revolut has also been valued at approximately $115 billion in a reported secondary share sale.