Revolut, Europe's largest digital bank with Ukrainian roots, plans to invest more than 1 billion euros ($1.1 billion) in France and apply for a local banking license as the company seeks to expand across Europe.
Revolut, Europe's largest digital bank with Ukrainian roots, plans to invest more than 1 billion euros ($1.1 billion) in France and apply for a local banking license as the company seeks to expand across Europe.
The company announced this during today's Choose France business summit in Paris, Bloomberg reports .
Revolut, whose founders include Ukrainian Vlad Yatsenko, is creating a new headquarters in the French capital. The company has committed to implementing the investment within 3 years and hiring at least 200 employees during that time.
Additionally, the company is in the process of submitting an application to the French banking regulator, the Prudential Supervision and Regulation Authority, known as the ACPR.
The regulator is pushing for the company to obtain a license for better oversight because a significant portion of its European retail clients are located in France, a source told Bloomberg.
Revolut has around 300 employees in France and 5 million customers, making the country the company’s largest market in the EU. It aims to reach 10 million users by the end of 2026 and double that number by 2030. The company already offers loans, cryptocurrency and trading in the French market.
In Europe, the French license will be in addition to Revolut’s existing permission to operate across the continent from the central bank of Lithuania. The company confirmed that Vilnius will remain a key base for Revolut’s European expansion, with growth plans and product portfolios still focused on its Baltic hub. The company’s global headquarters will remain in London.
The company is also eyeing the Asia-Pacific region and the Middle East.
Recall that Revolut's net profit more than doubled in a year and reached $1 billion in 2024 , and its customer base grew by 38% to 52.5 million.
