Fintech Giant Establishes Second EU Banking Entity to Serve Over 30 Million Regional Customers
Fintech major Revolut has secured a full banking licence in France, creating its second full banking entity within the European Union. Approved by the European Central Bank’s Governing Council following a joint review with France’s Autorité de Contrôle Prudentiel et de Résolution, the Paris-based operation will allow Revolut Bank S.A. to work alongside the company’s existing Lithuanian banking entity.
Initially, the new French unit will serve customers in France before progressively migrating users in Germany, Ireland, Italy, Portugal, and Spain onto the platform. Lithuania will continue to support customers across the remaining European Economic Area (EEA) markets.
Expanding Local Banking Products and Regional Infrastructure
Previously, Revolut served its French customer base through its Lithuanian banking passport. With the new French licence, the company can deploy locally regulated banking products, such as personal loans, mortgages, and regulated savings accounts, including options comparable to France’s Livret A.
This regulatory milestone arrives on the heels of rapid growth in France, which has become Revolut’s largest Western European market. By early 2026, the company surpassed seven million customers in the country, an increase of approximately 2.5 million from 2025, and holds a target of reaching 10 million users by 2027. Furthermore, Revolut has committed over €1 billion to its French operations, hired more than 600 employees, and scheduled a new Western European headquarters to open in Paris in 2027.
Executive Commentary
Nik Storonsky, Revolut Founder and CEO, stated:
“The licence gives us a base from which to serve more than 30 million customers across Western Europe.” He highlighted France as a vital financial hub for the company’s next stage of banking expansion.
Béatrice Cossa-Dumurgier, Revolut’s CEO for Western Europe, added that the rollout will begin with French consumers before expanding regionally with customized retail and business product localization.
Frédéric Oudéa, former Société Générale CEO and chair of Revolut Western Europe’s board, noted that the approval reflects extensive enhancements to the company’s governance, compliance, and regulatory standards alongside ongoing dialogue with European and French regulators.
While the licence unlocks lending and savings capabilities, reports from Bloomberg in July indicate that regulatory conditions—similar to measures previously applied to Revolut’s Lithuanian entity by the ECB—could potentially influence the speed at which specific services launch.
