Revolut’s French Expansion: A Billion-Dollar Bet on Banking
European neobank Revolut, known for its crypto-friendly approach, is doubling down on its European ambitions with a major investment in France. The company plans to pour over 1 billion euro ($1.1 billion) into the French market and is actively seeking a local banking license. This ambitious strategy was announced during the Choose France business summit in Paris, hosted by President Emmanuel Macron.
The move marks a significant step for Revolut, which already boasts a strong presence in France. The country is currently Revolut’s largest European Union market, with over 5 million customers. The company currently employs about 300 people in France. With this new investment, Revolut aims to establish its new European Union headquarters in Paris, creating at least 200 new jobs within the next three years.
Regulatory Push and a Growing Footprint
Revolut’s decision to seek a French banking license comes amidst growing regulatory scrutiny. According to sources, French regulators have been urging the company to obtain a license to enhance supervision, given its rising popularity in the country. Obtaining the license would subject Revolut to more stringent regulations, but it also signifies a significant step towards legitimacy and trust.
This move is part of a broader strategy by Revolut to secure banking licenses across key markets. The company recently received a UK banking license in July 2024, where it has 11 million customers. Revolut is currently pursuing banking licenses in 10 additional jurisdictions, highlighting its commitment to becoming a fully regulated financial institution.
Crypto-Friendly Expansion and Ambitious Growth Targets
Revolut’s expansion strategy is underpinned by its commitment to offering cryptocurrency services alongside traditional banking features. The company provides crypto trading, loans, and other services through its mobile-first banking platform, appealing to a growing base of crypto-savvy users. Revolut is aggressively targeting user growth, aiming to reach 10 million users by the end of next year and double that number by 2030.
Revolut’s ambitious growth plan is fueled by its recent success. The company boasts a valuation of $45 billion and has reportedly served over 55 million customers. Its revenue reached 3.1 billion British pounds ($4 billion) in 2024, demonstrating its rapid financial growth and strategic success. With its foray into France and its pursuit of banking licenses across Europe, Revolut is positioning itself as a major force in the future of financial services.
