London-based fintech giant Revolut has obtained a French banking license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the European Central Bank (ECB), marking a major milestone in its European expansion strategy. The company plans to establish Paris as its Western European headquarters and migrate regional users away from its existing Lithuanian entity. CEO Nik Storonsky previously indicated that securing regulation in a key European market like France could strengthen the firm’s broader bid for a U.S. banking license.

While Revolut already operates across the European Union via passporting rights under its Lithuanian license, a full French license allows the digital bank to expand its suite of localized financial products, including consumer loans and regulated savings accounts. The strategic pivot toward interest-bearing products and credit expansion comes as the digital bank seeks to diversify revenue beyond its traditional fee income and cryptocurrency trading.

Revolut has committed $1.1 billion toward its French expansion, signed a 10-year lease in Paris, and appointed former Société Générale CEO Frédéric Oudéa as Chairman for Western Europe. To support its growth across Western Europe, the company plans to hire 600 employees, with 400 positions located in France. Customer migration to the new French entity will begin locally before extending to accounts in Germany, Ireland, Italy, Portugal, and Spain.

Operating without physical branch locations, the fintech company currently serves over 75 million customers globally. Following a UK banking license approval earlier in the year, Revolut recently initiated a share sale targeting a $115 billion valuation—a figure that would place its market capitalization ahead of established European banking groups such as Barclays and Société Générale.

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