Revolut has secured a full banking licence in France, creating its second banking entity in the European Union. The approval, granted after a joint review by the European Central Bank and France’s Autorité de Contrôle Prudentiel et de Résolution, allows Revolut Bank S.A. to operate alongside its existing Lithuanian bank. The French unit will initially serve customers in France before progressively expanding to Germany, Ireland, Italy, Portugal and Spain—covering more than 30 million Western European users. Revolut’s Lithuanian entity will continue serving the remaining European Economic Area markets.
CEO Nik Storonsky described France as a key financial hub for the company’s next stage of banking expansion. With over seven million customers in France by early 2026 and a target of 10 million by 2027, the licence unlocks local lending, mortgages, and regulated savings products such as ones similar to Livret A. The fintech has invested more than €1 billion in the country and plans to open its Western European headquarters in Paris in 2027, supported by over 600 local employees.
The approval process spanned months, with regulatory conditions that could shape the pace of product rollout. Reports suggest that some ECB-imposed restrictions from the Lithuanian operation may also apply in France, potentially delaying services like mortgages. Nevertheless, the licence represents a major step as Revolut reported $6 billion in group revenue in 2025, a 46% increase, with wealth revenue (including crypto) rising 31% to $876 million.
Beyond banking, Revolut continues to expand its regulatory footprint for digital assets. The company secured a Markets in Crypto-Assets (MiCA) licence in Cyprus in October 2025 and received in-principle approval from Dubai’s Virtual Assets Regulatory Authority. As part of MiCA compliance, it notified European customers that Tether’s USDT will be removed by August 31, requiring them to sell or transfer holdings before the delisting. The crypto trading platform Revolut X remains central to its offering, even as it builds out traditional banking services. A secondary share sale in July valued Revolut at $115 billion, but an IPO is not expected before 2028.
