Revolut to invest €1 billion in France and apply for banking licence

Revolut is to invest more than $1 billion to expand its operations in France over the next three years as it prepares to apply for a French banking licence.

Revolut says it will establish its new western European headquarters in Paris and create at least 200 new jobs in France during the investment period.

France represents Revolut’s largest market in the European Union, with approximately 5 million customers and around 300 existing employees. The company is targeting 10 million users by the end of 2026, with a goal of doubling that figure to 20 million by 2030.

Revolut already holds a banking licence granted by Lithuanian regulators to passport its services across the EU. The firm reiterated that Vilnius will remain a key base for its European expansion, with growth plans and product development still anchored in its Baltic operations centre.

But Revolut CEO Nik Storonsky has acknowledged that failing to push for regulatory oversight in key markets has been a strategic mistake. The company currently has 10 licence applications underway globally and recently obtained a Prepaid Payment Instruments licence from India’s central bank.

Credit source: This article was originally published on Finextra