Revolut clinches French banking licence
Revolut today said it had secured a French banking licence, as it looks to beef up its regulatory standards across Western Europe, its fastest-growing region. Europe’s most valuable tech firm said it ...
Revolut, the tech giant, has obtained a French banking licence, strengthening its regulatory standards across Western Europe, its fastest-growing region. The approval came from France's banking regulator, the ACPR, and the European Central Bank. The move follows past restrictions imposed by the European Central Bank on Revolut due to concerns over its rapid product approvals.
Revolut, currently valued at $115bn, already holds a European banking licence from Lithuania, enabling it to offer loans in France, Germany, and Spain. However, it believes securing an additional French banking licence is a wise decision, given its substantial customer base of 30 million in Western Europe and its expansion of products and services in the region.
The additional French licence will also allow Revolut to offer services tailored to local customers, such as loans. The company, preparing to open its new Western European headquarters in Paris next year, plans to invest over €1bn in the region and hire over 600 people. Revolut will start transitioning customers to the new licence, beginning with France, followed by Germany, Ireland, Spain, and other markets.
With this achievement, Revolut's founder and CEO, Nik Storonsky, emphasized that France, known for its robust financial ecosystem and regulatory framework, is the perfect platform to accelerate its growth, bringing the company closer to its goal of becoming one of Europe's largest and most trusted banks.
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