Revolut picks Paris as Western Europe HQ, applies for French banking licence

Revolut says it will invest over €1 billion in France, where it will apply for a banking licence, and that Paris will be its new Western European headquarters. 

Europe’s most valuable private tech firm said the investment in France indicated its ambition of wanting to become the biggest banking group in Europe.

Revolut, which has over 55m customers, will now have two EEA (European Economic Area) HQs- Paris, France and Lithuania, which it says is a “strategic move” which will enable Revolut to “scale faster, deepen regulatory cooperation, and bring better, more locally aligned financial services” to the market.

Revolut, which reported revenues of over £3bn in 2024, says that France is its fastest-growing market in the EU, where it has over five million customers.

The Paris HQ will oversee Revolut’s operations in France, Spain, Italy, Portugal, Ireland and Germany. 

Revolut says it will invest more than €1bn over the next three years in France, and is targeting the creation of more than 200 jobs. Revolut currently employs around 300 people in France.

Revolut also said it was applying for a French banking licence with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the regulator responsible for overseeing the French banking sector. 

Revolut already has a European banking licence, thanks to approval from authorities in Lithuania, allowing it to offer personal loans in France, Germany and Spain.

But it believes that garnering a second EU banking licence will be prudent, given it has over 40m customers in the region and is expanding its products and services. 

Revolut recently secured a banking licence in Mexico and is aiming to secure a full authorisation for a banking licence in the UK.

Revolut made the announcement to coincide with the Choose France business summit hosted by president Emmanuel Macron, which is expected to pull in 20 billion euros of new investment.

Antoine Le Nel, chief growth and marketing officer, Revolut, said: “Our ambition is clear: want to become the largest 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. This strategic move will enable us to offer an extended range of products and services, all within one of the most secure and protective banking structures established in the region.”