Neobank: Revolut Receives Further Banking License – What This Means for Customers in Germany
British neobank Revolut has now also obtained a banking license in France and is planning to grow in Western Europe. This also heralds changes for German customers.
British neobank Revolut has obtained a second bank license in France, expanding its regulatory footprint across two EU nations. Previously, the company operated under a Lithuanian license. Both entities are overseen by the European Central Bank (ECB). While a French license is not strictly regulatory, it signals Revolut's ambition to become the largest and most trusted bank in Europe.
Revolut aims to net eight million customers in West Europe last year alone and plans to hire more staff and open a West Europe headquarters in Paris. The company, founded in 2015, now has around 30 million customers in West Europe, with 8 million in France and over three million in Germany. Thus, the French Revolut bank will gradually serve European customers, with Germany following suit.
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