Revolut granted French banking licence

Revolut, the London-based fintech company, has been awarded a French banking licence as it strives to expand its operations in Europe. The approval was a result of a joint evaluation by French authorities and the European Central Bank, part of Revolut's €1 billion investment in Western Europe. In April, the company also signed a 10-year lease for its new Western Europe headquarters in Paris, which is set to open early next year and cover 2,417 square meters across six floors.

The newly granted license will enable Revolut to provide a broader range of loans, mortgages, and savings products to its customers. Speaking about the news, Revolut's co-founder and CEO Nik Storonsky said, "France has become a leading financial hub, supported by a dynamic financial ecosystem and a robust regulatory framework. It is the ideal platform to accelerate Revolut's next phase of growth — bringing us one step closer to our ambition of becoming one of Europe's largest and most trusted banks."

Previously, Revolut obtained a European banking licence from Lithuania in 2018. The French entity will cater to customers in France, with Germany, Ireland, Italy, Portugal, and Spain following. A "dual-hub" model is being implemented to support Revolut's expansion across the continent, with both entities being supervised by their local authorities and the ECB.

This comes after reports in June that the ECB had placed restrictions on Revolut's European business in 2021 due to concerns regarding the risks in its product approval process.