British fintech startup Revolut to invest €1B in France, eyes French banking license amid major EU push

Less than a month after reporting a record $1.4 billion profit for 2024, British fintech unicorn Revolut is doubling down on European expansion.

The company announced on Monday plans to invest €1 billion ($1.1 billion) in France over the next three years as part of a broader effort to strengthen its presence in the region. The news came Monday at the “Choose France” summit, hosted by President Emmanuel Macron at Versailles.

“In an announcement as part of the “Choose France” investment summit, hosted by French President Emmanuel Macron at Versailles Palace near Paris, Revolut said it would open a new office in Paris for its operations in Western Europe and create at least 200 new jobs in France,” Reuters reported.

Revolut also revealed that it is applying for a French banking license and opening a new Paris office to support operations across Western Europe. The expansion is expected to create at least 200 new jobs in France.

Although Revolut already holds a Lithuanian banking license that gives it access to EU markets, the company says a second license would help it work more closely with regulators and better serve French customers. A spokesperson said the move would allow the company to “build closer relationships with regulators and offer services that are more tailored for its customers in France.”

Founded in 2015 by former Credit Suisse trader Nikolay Storonsky (CEO) and ex-Deutsche Bank developer Vlad Yatsenko, Revolut started with a simple goal: to strip away hidden fees and make financial services easier to use. Everything is handled through its app—no branches, no printed forms.

France isn’t new territory for Revolut. The company already has around 300 employees in the country and sees the new investment as a way to deepen that footprint. Lithuania, meanwhile, will remain a “key base” for its EU operations.

Revolut, which has more than 55 million customers and no physical branches, received its U.K. banking license last year after a long wait. The company is now positioning itself as a dominant player in European finance, combining aggressive expansion with growing profitability.

The “Choose France” summit is expected to bring in €20 billion worth of new investment commitments across sectors like defense, energy, and manufacturing, according to Macron’s office.

Revolut was last valued at $33 billion in 2021, and it’s now gearing up to launch a full bank in the U.K. later this year. After a secondary share sale in August 2024, the startup was later valued at $45 billion.