Expanding Footprint: Revolut Secures French Banking License, Plans 600 New Jobs in Western Europe
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Revolut, a prominent fintech company, has received a full banking license in France, as authorized by the country’s banking regulator, ACPR, and the European Central Bank (ECB). Prior to obtaining this license, Revolut conducted its EU operations under a Lithuanian banking license.
Transitioning Customers to French Entity
The company plans to gradually transition its Western European customers to the French entity, commencing with France and subsequently extending to other nations such as Germany, Ireland, Italy, Portugal, and Spain. Revolut’s approximately 1.2 million Swiss customers will not be impacted by this change.
Last year, Revolut pledged to invest over 1 billion euros in Western Europe. In line with this commitment, the company has revealed plans to recruit over 600 additional staff members. Four hundred of these new hires will be stationed at the company’s forthcoming Western European headquarters in Paris, which is anticipated to begin operations next year.
Despite a protracted approval process, Revolut obtained a UK banking license just last year. The company is recognized as one of the most valuable fintech businesses globally, standing at a valuation of 115 billion dollars following a recent secondary share sale to investors. This valuation is notable given the company’s reported profit of 1.5 billion dollars for 2025.
Rapid Expansion and Customer Base
Revolut currently caters to 75 million customers worldwide, with Western Europe – home to around 30 million customers – representing its largest and most swiftly expanding region. The past year has seen the bank gain almost eight million customers across these markets.
According to a report released in June, the ECB had previously voiced concerns about Revolut’s rapid expansion, urging improvements to the company’s internal procedures for introducing new products.
Questions & Answers
What does the new banking license mean for Revolut’s operations in France?
The full banking license granted by France’s ACPR and the ECB allows Revolut to operate under a French banking license, replacing its previous Lithuanian banking license.
How many new employees does Revolut plan to recruit, and where will they be based?
Revolut aims to hire over 600 new employees, with 400 of them set to be based at its upcoming Western European headquarters in Paris.
What is the significance of the concerns raised by the ECB in relation to Revolut’s rapid expansion?
The ECB’s concerns highlight potential issues associated with Revolut’s rapid growth, particularly calling attention to the need for improvements in the company’s internal processes when launching new products.