Revolut Targets $1.1B Expansion in France, Eyes EU HQ and Local Banking License

Revolut Unveils Major Expansion Strategy in France

Revolut, the London-based digital banking platform known for its crypto offerings, has announced plans to invest over €1 billion ($1.1 billion) in France, signaling a bold commitment to its largest market within the European Union.

The announcement was made during the Choose France summit on May 19, an event hosted by President Emmanuel Macron to attract global investment. As part of the initiative, Revolut will also establish its European Union headquarters in Paris and plans to hire at least 200 new employees over the next three years.

The firm is also submitting an application for a local banking license with the French Prudential Supervision and Resolution Authority (ACPR), aiming to strengthen its position as a regulated institution in the region. According to sources familiar with the matter, French regulators have encouraged Revolut to secure a license to enhance oversight due to its surging popularity.

France: Revolut’s Top EU Market

Revolut currently serves over five million customers in France and employs approximately 300 staff in the country, making it the neobank’s largest EU market. The company has ambitious goals to double its French user base to 10 million by the end of 2026, and ultimately reach 20 million by 2030.

Founded in 2015, Revolut has expanded rapidly by offering a mobile-first banking platform that includes loans, trading, multi-currency accounts, and cryptocurrency services. Globally, the platform boasts over 55 million users, and its most recent valuation stands at $45 billion.

According to the company’s 2024 annual report, Revolut generated £3.1 billion ($4 billion) in revenue last year and ended 2024 with a headcount of 10,133 employees.

Push Toward Broader Regulatory Compliance

Revolut has been steadily aligning itself with regulatory frameworks across multiple jurisdictions. In July 2024, the company secured a UK banking license, enabling it to expand services for its 11 million UK-based users.

In the European Economic Area, Revolut has been operating under a Lithuanian banking license since 2018, which it uses to serve EU customers.

Most recently, Revolut obtained a Prepaid Payment Instruments license from India’s central bank, allowing it to offer multi-currency forex cards and cross-border remittance services in one of the world’s largest remittance markets.

Currently, Revolut is pursuing 10 additional licenses globally, further strengthening its ambition to become a fully regulated, borderless digital bank.

Final Thoughts

Revolut’s €1 billion investment in France is more than a regional expansion—it’s a strategic play to cement its presence in the EU, align with regulatory expectations, and tap deeper into Europe’s fintech and crypto-savvy consumer base. With a Paris headquarters on the horizon and a French banking license in the pipeline, the neobank is well-positioned to scale its services and influence across the continent.