Revolut to invest €1bn in growing market in France

The British online bank Revolut is to invest €1 billion in France over the next three years, including installing a second Western Europe headquarters office in Paris, amid growing popularity in the country.

The bank confirmed the investment of €1 billion (£841.9 million, or US$1.1 billion) at the 8th annual Choose France summit, which was chaired by Emmanuel Macron at the Palace of Versailles on May 19. 

Overall, the summit secured €20 billion of new investment in the country, Reuters reports.

Sid Jajodia, Revolut’s Chief Banking Officer, later said in a press release: “This marks a pivotal moment for Revolut’s European banking strategy. Establishing our Western Europe HQ in Paris and applying for a French banking licence positions us closer to our largest and fastest-growing customer base. 

“France’s dynamic banking ecosystem, robust regulatory environment, and strategic position as a financial hub provide the ideal foundation to accelerate our growth and deepen customer relationships.”

Revolut chief growth and marketing officer, Antoine Le Nel, said that the company’s plans will also permit the creation of 200 new jobs in France. 

“Our ambition is clear: want to become the largest banking group in Europe, revolutionising banking and offering cutting-edge financial services to customers across all 30 EEA countries,” he said.

There is a strong banking “talent pool” in France, said Pierre Décoté, the bank's director of risk and compliance, due to the country’s “pro-business environment” and “world-renowned education”.

Fast-growing France

Online-only (“neobank”) Revolut has five million customers in France, making the country its second-biggest customer base after the UK (where it has 10 million customers). Worldwide, it has more than 50 million customers, with 10 million of these joining in 2024 alone.

It states that France is its fastest-growing market, and it is aiming to acquire five million more customers here by the end of 2026. This would bring the number of customers in France to 10 million. In the longer-term, Revolut is aiming for 20 million customers in France.

“Revolut’s decision to establish its Western European headquarters in Paris is excellent news, and a clear reflection of international investors’ confidence in the attractiveness of France,” said France’s Economy Minister Eric Lombard, following Revolut’s announcement. 

“This decision - one of the largest foreign investments in the financial sector in France in the past ten years - further strengthens Paris’ position as the leading financial hub in Europe,” he said.

The Paris HQ will oversee operations in Italy, Spain, Germany, and Ireland - as well as France - while Revolut’s existing global HQ in London will continue to operate in the UK; and its Vilnius, Lithuania, HQ will continue to oversee its Eastern European markets.

Expansion of services

First launched in 2015, Revolut first made its name in low-cost international payments and strong foreign exchange rates, but has gradually expanded its services over the years. 

It is hoping to expand its mortgage loan services soon, having already successfully tested these in Lithuania. Eventually, it is aiming to offer regulated savings products in France, such as the Livret A savings account.

Read also: Livret A savings: Why are they so popular? How do I open an account? 
Read more: Do online ‘neobanks’ protect our money like ordinary French banks? 

The company is now set to apply for a credit institution licence from the French banking and insurance regulator, the Autorité de contrôle prudentiel et de résolution (ACPR). Currently, it only has a Lithuanian licence (which can be used in the European Union), as well as a ‘restricted’ banking licence in the UK from the Prudential Regulation Authority. 

In 2023, Revolut announced that group revenues had exceeded US$2.2 billion, with profits before tax of $545 million. In 2024, the company was valued at US$45 billion.