Revolut makes $1.1B play to expand into European mainstream banking through France

Revolut plans to expand into mainstream banking in Europe through France, earmarking €1.1B in investments into the venture over the next three years. The company intends to become Europe’s largest banking group.

Revolut has announced that it is chasing global expansion ambitions, starting with France, with plans to expand into Mexico and India.

Revolut commits $1.1B to France for its European expansion

Revolut, the UK-based financial tech giant, is making a bold €1.1B, which is about $1.12B, investment to expand into mainstream European banking. The company has chosen France as its entry point.

The neobank announced Monday that it will invest €1.1B over the next three years to establish Paris as its Western European headquarters. In these three years, the company also intends to deepen its presence in Europe and grow its user base across the continent.

Revolut’s Chief Growth and Marketing Officer, Antoine Le Nel commented: “Our ambition is clear: [we] want to become the largest banking group in Europe.”

The billion-euro investment will allow Revolut to formally apply for a French banking license with local regulators. Before the company upgraded to a full license in 2021, it operated under a banking license granted by the European Central Bank through its Lithuanian entity in 2018.

Getting the French banking license would allow Revolut to offer more tailored services and expand its operations in one of the continent’s biggest financial markets. The Paris headquarters would also act as a central hub for operations in Ireland, Germany, Italy, Portugal, and Spain.

Revolut’s Western European base will work alongside the company’s existing operational center in Vilnius, Lithuania, which will continue serving other markets in the European Economic Area.

As part of the expansion, Revolut plans to hire over 200 employees in France across various departments, such as compliance, engineering, customer support and product development.

The company aims to double its customer base in France to 10 million by the end of 2026 and reach 20 million by 2030.

Revolut still has global expansion plans

Revolut was founded in 2015 and has since evolved to become a popular money transfer app among young customers and frequent travelers across Europe due to its low fees and user interface.

The company also offered its customers trading, savings, and lending services. In a secondary share sale in November 2024, the company was valued at $45B, making it Europe’s most valuable startup. Financially, the company was on par with traditional banking institutions like Societe Generale and Nordea.

Revolut intends to become a leading European bank through its expansion into France and is also simultaneously laying the groundwork for a future IPO. Though no official listing plans have been confirmed, insiders have noted that the company is on track for a public offering in the near future.

The company also announced plans to formally launch its banking services in Mexico this year. It is actively working to secure 10 new banking licenses worldwide to expand into high-growth markets such as Brazil and India.

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