Revolut To Inject €1B In France Amid EU Expansion Move

Revolut is taking a major step in France by investing more than €1 billion over the next three years. With the investment, the digital banking company will set up its Western European headquarters in Paris, grow its workforce, and apply for a full banking licence in France. 

This marks a broader industry trend as many crypto firms like BitGo work to grow across Europe and build stronger local ties in big markets. 

Revolut Chooses France as Its Western European Hub

At the Choose France business summit in Paris, Revolut confirmed it will hire at least 200 more people in France, where it already employs around 300 staff and serves 5 million customers.

This move shows the firm’s intention to build a stronger and more stable presence in Europe. The company is also preparing to apply for a banking licence from France’s financial regulator, the Prudential Supervision and Resolution Authority (ACPR). 

This licence would allow Revolut to offer more banking services directly to French customers under local rules.

France Becomes a Core Market in the EU

France is Revolut’s largest European Union (EU) user base. The company aims to double its customer base in the country to 10 million by 2026, and grow to 20 million users by 2030. 

At the same time, the UK-based firm is working to fix what its CEO, Nik Storonsky, recently described as a strategic mistake. The company had been expanding its operations without securing full banking licences in important markets.

While the company holds a full European licence through Lithuania and a limited licence in the UK, it is now seeking new licences in 10 other countries.

Revolut’s Global Growth Strategy

Revolut is one of the largest fintech firms in the world. It has over 55 million customers and almost 10,000 workers. In 2023, its revenue topped $4.1 billion, valued at about $45 billion.

The company is also growing outside France. It now offers services across Europe, the Middle East, Asia-Pacific, and Latin America. Recently, it received a payment license in India, and approval to expand to Mexico is underway. This is part of its bigger plans to become a global financial company.

Revolut is also getting more involved in crypto. In March 2024, it launched Revolut Ramp, a platform that lets users buy digital coins directly into their Web3 wallets. This was made possible through a partnership with Consensys, the developer of MetaMask. 

The firm launched a new trading platform called Revolut X for UK customers in the same year. The platform, available to all Revolut retail account holders, allows users to trade over 100 crypto tokens with fixed low fees. Revolut X has now expanded to 30 more European countries.