Revolut secures full banking licence in France

In a significant development for the fintech sector, Revolut Bank SA has been awarded a full banking licence by French and EU regulators, marking a pivotal moment in its expansion strategy across Europe. This licence, granted after a thorough assessment by the Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank, establishes France as Revolut's second full EU banking hub, complementing its existing operations in Lithuania. The company, which boasts over 75 million customers globally, aims to leverage this new licence to enhance its services and deepen its presence in Western Europe, where it has approximately 30 million customers, including 8 million who joined in the past year alone. The approval comes as part of Revolut's broader ambition to become a leading global bank, with plans to progressively serve customers in France before expanding to Germany, Ireland, Italy, Portugal, and Spain. The CEO of Revolut, Nik Storonsky, emphasized the importance of France's robust financial ecosystem and regulatory framework in supporting the company's growth. This achievement follows a series of regulatory successes for Revolut, including the acquisition of a full UK banking licence earlier in the year and the establishment of a banking entity in Australia. With a commitment of over €1 billion in regional investment and the hiring of more than 600 employees, Revolut is poised to accelerate its growth trajectory in the European market, aiming for a public listing by 2028 at a valuation between $150 billion and $200 billion.