Revolut Invests $1.1 Billion in France to Expand EU Presence

Revolut, a leading European neobank with cryptocurrency support, has announced plans to invest over $1.1 billion in France. This substantial investment is part of a broader strategy to establish a new European Union headquarters in Paris and apply for a local banking license. The announcement was made during the Choose France business summit, hosted by President Emmanuel Macron in Paris. This move highlights Revolut's commitment to expanding its presence in its largest European market, where it currently serves five million customers and employs around 300 people.

The neobank is in the process of submitting an application to the French banking regulator, Prudential Supervision and Resolution Authority. This step is seen as a response to the regulator's push for improved supervision due to Revolut's growing popularity in France. The application for a local banking license is a crucial step in Revolut's expansion plans, as it aims to onboard 10 million users by the end of next year and double that number by 2030. The firm already offers a range of financial services, including loans, trading, and cryptocurrency support, through its mobile-first banking platform.

Revolut's rapid growth since its founding in 2015 has been remarkable. The company recently received a $45 billion valuation and serves over 55 million customers globally. The neobank's 2024 annual report indicates that its revenue for the year was $4 billion, with a headcount of 10,133 employees as of December 31, 2024. This expansion in France is part of a broader strategy to obtain similar banking licenses across various jurisdictions. Revolut has already secured a UK banking license and has 10 applications underway in other regions. Additionally, the neobank received a Prepaid Payment Instruments license from India’s central bank, 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 more effectively.

Revolut's investment in France is a strategic move to strengthen its position in the European market. By establishing a new headquarters in Paris and applying for a local banking license, the neobank aims to enhance its regulatory compliance and operational efficiency. This move is expected to attract more customers and partners, further solidifying Revolut's presence in the region. The investment also underscores the neobank's commitment to innovation and customer satisfaction, as it continues to expand its range of financial services and improve its mobile-first banking platform.

Revolut's expansion in France is part of a broader strategy to obtain similar banking licenses across various jurisdictions. The neobank has already secured a UK banking license and has 10 applications underway in other regions. Additionally, the neobank received a Prepaid Payment Instruments license from India’s central bank, 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 more effectively. This move is expected to attract more customers and partners, further solidifying Revolut's presence in the region. The investment also underscores the neobank's commitment to innovation and customer satisfaction, as it continues to expand its range of financial services and improve its mobile-first banking platform.