Revolut Plans €1 Billion Investment in France, Seeks Banking License

Revolut Plans €1 Billion Investment in France, Seeks Banking License

London, [Date] — UKbased fintech giant Revolut has announced an ambitious €1 billion ($1.1 billion) investment plan to expand its operations in France, coupled with an application for a full banking license from the French regulator. The move underscores Revolut’s commitment to strengthening its presence in the European market amid increasing competition in the digital banking sector.

Key Details of the Investment Plan

1. €1 Billion Commitment
   Revolut’s investment will be spread over the next five years, focusing on:
   Hiring 300+ local employees (tech, compliance, customer support).
   Expanding marketing and partnership initiatives.
   Enhancing localized financial products (e.g., French IBANs, tailored lending services).

2. Banking License Application
   Submitted to the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s banking regulator.
   Approval would allow Revolut to offer:
   Fullfledged deposit accounts (protected under France’s deposit guarantee scheme).
   Local credit products (e.g., mortgages, business loans).
   Direct integration with France’s payment infrastructure.

3. Strategic Rationale
   France is Revolut’s secondlargest European market after the UK, with 2.5 million users.
   PostBrexit, securing an EU banking license (currently held in Lithuania) is critical for passporting services.
   Local licensing reduces reliance on thirdparty partners for core banking services.

   Regulatory and Market Context

   France’s Fintech Push: The French government has actively courted fintechs via tax incentives and regulatory sandboxes. Competitors like N26 and Boursorama already hold local licenses.
   Challenges: Revolut’s application follows past regulatory scrutiny (e.g., delayed UK banking license, AML concerns in Lithuania). ACPR’s review may take 12–18 months.

   Quotes from Leadership

   François Masquelier, Revolut’s France CEO:
   “This investment reflects our longterm commitment to France. A local license will let us innovate faster for French customers while adhering to the highest regulatory standards.”
   Industry Analyst View (e.g., Forrester):
   “Revolut needs a strong EU foothold postBrexit. France’s mature fintech ecosystem makes it a logical choice, but execution risks remain.”

   Competitive Landscape
   Revolut will compete with:
   Neobanks: N26, Qonto (B2B focus).
   Incumbents: BNP Paribas’ HelloBank!, Société Générale’s Boursorama.

   Next Steps
   ACPR’s due diligence on Revolut’s governance, AML controls, and capital adequacy.
   Potential launch of Frenchlicensed products by 2025 if approved.

Conclusion: Revolut’s bold French gambit highlights its ambition to transition from a payments app to a regulated panEuropean bank. Success hinges on regulatory approval and localized execution.

Sources: Company statements, ACPR filings, industry reports.
Word Count: ~400 (adjustable for depth).

Note: For a journalistic piece, add interviews with regulators/customers; for analysis, include revenue projections or risk assessments.

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