British FinTech company Revolut announced on Monday it will invest more than €1 billion in France over the next three years and apply for a French banking licence as part of its European expansion strategy.

The announcement was made at the Choose France business summit hosted by President Emmanuel Macron at Versailles Palace near Paris. Revolut said it would establish its new western European headquarters in Paris and create at least 200 new jobs in France during the investment period.

The London-based digital bank is also in the process of submitting an application to France's banking regulator, the Prudential Supervision and Resolution Authority (ACPR). According to a person with knowledge of the matter, the regulator has been pushing the company to obtain a licence to enable better supervision, given that a large proportion of its European retail customers are located in France.

France represents Revolut's largest market in the European Union, with approximately 5 million customers and around 300 existing employees. The company is targeting 10 million users by the end of 2026, with a goal of doubling that figure to 20 million by 2030. Revolut already offers loans, cryptocurrency services and trading in the French market.

Founded in 2015 and recently valued at approximately $45 billion, Revolut has become one of Europe's largest digital banks with 55 million customers worldwide. The company reported £3.1 billion in total revenue last year and employed about 10,000 people at the end of 2024.

Most of Revolut's growth has occurred despite lacking full banking licences in many jurisdictions. Chief executive officer Nik Storonsky has previously acknowledged this lack of licensing as a strategic mistake.

After securing a restricted banking licence in the UK last year, where it serves 11 million customers, Revolut is now aggressively pursuing permits across multiple geographies. The company currently has 10 licence applications underway globally and recently obtained a Prepaid Payment Instruments licence from India's central bank. It plans to launch its Mexican banking operations in the coming months.

A French licence would complement Revolut's existing continent-wide banking permit from Lithuania's central bank. The company confirmed that Vilnius will remain a key base for its European expansion, with growth plans and product development still anchored in its Baltic operations centre.

While Revolut's global headquarters will stay in London, executives including Storonsky have repeatedly expressed concerns about UK regulations making the City less competitive. They have indicated a preference for New York for a potential public listing.

Beyond France, Revolut has been expanding its user base across southern Europe and the Nordic countries. Outside the continent, the company is eyeing opportunities in the Asia-Pacific region and the Middle East.

President Macron said the Choose France summit is expected to attract more than €20 billion worth of investments, according to an interview published by Ouest-France newspaper on Friday.

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