Revolut makes a move in France with a €1 billion investment in pursuit of a banking license
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Revolut made a new move recently, seeking to expand its operations in the French market. The company is to invest over €1 billion over the next three years, as it prepares to apply for the banking license in the country.
Revolut is only the latest one in a long list of companies that have made moves in the French market recently, with XTB and eToro being other major examples. But, while the other two are just entering and targeting more passive, long-term investments, Revolut said it will establish its new Western European headquarters in Paris and create at least 200 jobs in France during the investment period.
France is Revolut’s largest market in the EU, with around 5 million customers and over 300 existing employees. In other words, Revolut already has an imposing presence in the country and is now looking to expand it and solidify it.
The firm is also targeting to hit a 10 million user count by the end of 2026, and then double that figure to 20 million by 2030.
Revolut will maintain its Lithuanian base, but it also seeks expansion
The company already holds one banking license, which was granted to it by Lithuanian regulators to passport its services across the EU. It noted that Vilnius will remain a key base for its EU expansion, with plenty of growth plans and product development initiatives still tied in the Baltic operations center.
However, Nik Storonsky, the company’s CEO, also acknowledged that it is important for the firm to push for regulatory oversight in key markets in the EU, and not doing so already has been a big strategic mistake.
For now, Revolut has 10 license applications around the world, and it recently obtained a Prepaid Payment Instruments license from the Central Bank of India.
