Revolut Secures French Banking Licence to Expand European Hub

The European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution have granted Revolut a full banking licence in France. This regulatory approval establishes a second European Union hub for the fintech company, which intends to move its Western Europe headquarters to Paris by 2027.

Revolut plans to migrate customers from its Lithuanian entity to the new French entity, beginning with users in France before expanding to Germany, Ireland, Italy, Portugal, and Spain. The company will use the licence to offer localized regulated savings and loans. To support this growth, Revolut has committed over €1 billion to regional investment and plans to hire more than 600 people across Western Europe, including 400 based in France.

This development follows a period of friction with the European Central Bank, which had previously suspended the company's ability to launch new products in the European Economic Area due to approval process deficiencies. The company is currently valued between $115 billion and $200 billion.