Revolut to Invest 1 Billion Euro in France, Apply for Local Banking License

Revolut, a European neobank with crypto support, has announced plans to invest over 1 billion euro ($1.1 billion) in France and apply for a local banking license. This initiative was revealed during the Choose France business summit hosted by President Emmanuel Macron in Paris on May 19. The London-based neobank also intends to establish its new European Union-serving headquarters in Paris, with a commitment to invest 1 billion euro and hire at least 200 people within three years.

Revolut is currently in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source, the regulator has been urging the neobank to obtain a license to enhance supervision due to its significant presence in France. Revolut currently employs about 300 people and serves five million customers in France, making it the neobank’s top European Union market.

Revolut aims to onboard 10 million users by the end of next year and double that number by 2030. The firm offers a range of services, including loans, trading, and cryptocurrency support, through its mobile-first banking platform. Since its founding in 2015, Revolut has experienced rapid growth, with a recent valuation of $45 billion and over 55 million customers as of late May.

Revolut’s 2024 annual report indicates that the firm’s 2024 revenue was 3.1 billion British pounds ($4 billion). As of Dec. 31, 2024, the company’s headcount was 10,133 employees. The neobank has been expanding its services, recently adding a crypto exchange to 30 new markets in Europe.

Revolut obtained its UK banking license in late July 2024, where 11 million of its customers are located. The neobank is now aggressively seeking similar permits across other jurisdictions, with 10 applications underway. Additionally, Revolut received the Prepaid Payment Instruments license from India’s central bank earlier this month, allowing it to offer multi-currency forex cards and cross-border remittance services in India. EU-based Revolut customers currently leverage its Lithuania operations, where the firm received a banking license at the end of 2018, enabling it to serve customers across the European Economic Area better.