GlobalData
1 min read
UK-based neobank Revolut is set to invest €1bn ($1.12bn) in France over the next three years, with intentions to apply for a French banking licence.
The announcement was made during the "Choose France" investment summit, which took place at Versailles Palace in France and was hosted by President Emmanuel Macron.
As part of this expansion, Revolut will establish a new office in Paris, aiming to create a minimum of 200 jobs in the country, reported Reuters.
Revolut has indicated that Lithuania will continue to serve as a significant base for its operations in Europe.
The existing Lithuanian banking licence allows the company to operate across the European Union (EU), facilitating the sale of products to customers in France.
A spokesperson for Revolut was quoted by the news agency as saying that acquiring a second banking licence within the EU would enhance its ability to engage with regulators and provide services that are more specifically tailored to the French market.
The neobank, which is claimed to be one of the largest financial services applications in Europe with more than 55 million customers, currently operates without physical branches.
Revolut obtained a banking licence in the UK in 2024 after a three-year application process. The company has approximately 300 employees in France at present.
Earlier this month, Revolut selected Dutch identity services provider Fourthline as its strategic partner to support its expansion plans as well as “operational agility” and “scalability”.
"Revolut to create 200 jobs in France amid $1.12bn expansion" was originally created and published by Retail Banker International, a GlobalData owned brand.
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