Revolut unveils €1B French expansion, setting Paris as new EU banking hub

Revolut announced an expansion into France with a €1 billion investment plan — one of the largest foreign investments in the country’s financial sector in over a decade — establishing a new Western European headquarters in Paris and applying for a French banking license. The announcement came during President Emmanuel Macron’s Choose France summit at Versailles Palace, an event aimed at attracting over €20 billion in foreign investments.
The expansion will create at least 200 new jobs in France, adding to Revolut’s 300-person workforce. The new Western European headquarters in Paris marks a significant strategic shift in the company’s European operations.
Founded in 2015 by Nik Storonsky, Revolut has grown into one of Europe’s largest digital banks, serving 55 million customers worldwide. The companygenerated£3.1 billion in revenue last year and employed about 10,000 people by the end of 2024. Current valuationsestimatethe company’s worth at $45-48 billion.
Revolut is adopting a dual-headquarters model for its European operations. While keeping its existing European banking hub in Lithuania, established in 2018, the new Paris office will manage operations across France, Spain, Italy, Portugal, Ireland, and Germany.
Antoine Le Nel, Revolut’s Chief Growth and Marketing Officer, explained the strategy: “Our ambition is clear: we want to become the first banking group in Europe, revolutionising banking and offering cutting-edge financial services to customers across all 30 EEA countries. To bring this vision to life, we’re introducing an innovative dual-HQ operating model in the EU”
France represents Revolut’s largest EU market with 5 million customers. The company’s growth there has been remarkable, adding 1.6 million new users in 2024 alone. Building on this momentum, Revolut aims to reach 10 million French users by 2026 and 20 million by 2030.
Pierre Décoté, Revolut’s Chief Risk & Compliance Officer, emphasised the strategic significance of the French market: “France is Revolut’s largest market with 5 million customers and the fastest-growing EU market (+1.6M customers in 2024), offering significant opportunities for expansion and innovation. Paris is an ideal hub to enhance Revolut’s growth trajectory across Europe and beyond.”
A key part of Revolut’s French expansion includes applying for a banking license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s banking regulator. This follows Revolut’s successful acquisition of a UK banking license in July 2024 after a three-year wait.
While Revolut currently operates under a European banking license from Lithuanian regulators, which allows it to provide services across the EU, including personal loans in France, Germany, and Spain, a French banking license would enable the company to offer more regulated products tailored to the French market.
CEO Nik Storonsky acknowledged the company’s reluctance to seek regulatory oversight in key markets was a strategic error. Revolut is pursuing licenses in multiple jurisdictions, with 10 applications pending worldwide. The company recently secured a Prepaid Payment Instruments license in India and plans to launch banking operations in Mexico.
French banking regulators have encouraged Revolut to obtain a local license for better oversight, given France’s large share of the company’s European retail customers. This push also follows concerns about fraud and impersonation scams targeting French customers, leading Revolut to increase investment in compliance and anti-fraud measures.
In 2025, Revolut plans to expand its French product lineup to include mortgages, business loans, Livret A (a regulated savings account), PEA (an equity savings plan), overdrafts, and mobile phone plans. The Livret A integration is significant as a popular, government-regulated savings product that challenges traditional French banks. The PEA offering will enable tax-advantaged investments in EU-listed stocks, while the mortgage product promises faster approvals through digital processing.
The French banking license will speed up access to these regulated products, strengthening Revolut’s position against traditional banks.
Revolut’s expansion aligns with President Macron’s strategy to attract foreign investment. The Choose France summit targets over €20 billion in assets.
Éric Lombard, French Minister of the Economy, Finance, and Industrial and Digital Sovereignty, welcomed the decision: “Revolut’s decision to establish its Western European headquarters in Paris is excellent news, and a clear reflection of international investors’ confidence in the attractiveness of France. This decision — one of France’s largest foreign investments in the financial sector in the past ten years — further strengthens Paris’ position as the leading financial hub in Europe.”
This move exemplifies broader trends in European fintech, as companies seek stronger regulatory ties in key markets while customising products for local needs. For Revolut, the French expansion represents customer growth and evolution from digital challenger to comprehensive banking group.
As Revolut grows globally, its French operations may become a model for expansion in other major markets, potentially transforming European banking.