Revolut Invests $1.1 Billion in France, Aims for Banking License

Revolut, a prominent European neobank known for its support of cryptocurrencies, has announced a significant investment in France. The company plans to invest over $1.1 billion and apply for a local banking license to expand its operations in the region. This move is part of Revolut's broader strategy to strengthen its presence in Europe and provide advanced financial services to a larger audience.

On May 19, at the Choose France business summit, Revolut declared its intention to establish France as a central hub for its activities. The company will open its European Union headquarters in Paris, complementing its existing office in Lithuania. This dual-headquarters model aims to serve over 40 million people in the European Economic Area, leveraging the strengths of both locations.

Revolut also announced plans to create 200 new jobs in France over the next three years, adding to its current workforce of approximately 300 employees in the country. Antoine Le Nel, Revolut’s Chief Growth and Marketing Officer, emphasized that this move reflects the company's ambition to become the leading European banking group, ensuring that all customers in the 30 EEA countries receive advanced financial services securely.

Revolut is one of the most highly valued private technology companies in Europe, with over 55 million customers worldwide and reported revenue of over €3.5 billion in 2024. The company has rapidly grown as a digital-focused bank, operating without physical branches. By applying for a banking license in France through the Autorité de Contrôle Prudentiel et de Résolution (ACPR), Revolut aims to comply with local regulations and build trust among French customers.

While Revolut's operations are shifting more towards France, Lithuania will remain a crucial contributor to its European growth. Both offices will collaborate to enhance the company's operations and growth strategy. The success of the Choose France summit is expected to result in over €20 billion worth of total investments from the companies in attendance, with Revolut's investment seen as a significant boost for the French economy and a vote of confidence in France's potential as a business center.

Overall, Revolut's $1.1 billion investment and pursuit of a banking license demonstrate its commitment to building a strong presence in Europe. By implementing this strategy, the company aims to become the top digital bank on the continent, providing innovative financial services to a broader customer base.