Revolut wins French banking licence, creates second EU banking hub

Revolut has secured a full banking licence in France, creating its second banking entity in the European Union as the fintech prepares to move more than 30 million Western European customers onto a Paris-based operation. Summary Revolut has secured a French banking licence, creating its second full banking entity in the EU. The French unit will initially serve France before expanding to Germany, Ireland, Italy, Portugal and Spain. The licence allows Revolut to add lending, mortgages and regulated savings products in France. Revolut has invested more than €1 billion in France and plans to open its Western Europe headquarters in Paris in 2027. The approval follows Revolut’s recent banking and crypto regulatory expansion across the UK, U.S., Australia and UAE. The European Central Bank’s Governing Council approved the licence following a joint review with France’s Autorité de Contrôle Prudentiel et de Résolution, according to Revolut, allowing Revolut Bank S.A. to operate alongside the company’s existing Lithuanian banking entity. The French operation will initially serve customers in France before Revolut progressively moves Germany, Ireland, Italy, Portugal and Spain onto the new en...