Revolut secures French banking license, targets 100M customers by 2027

Revolut's full French banking license, approved by the ACPR and the European Central Bank, gives the fintech a second EU hub to serve 30 million Western European customers across six markets. The license, granted to Revolut Bank SA, was formally adopted by the ECB Governing Council after a joint assessment with France's Autorité de Contrôle Prudentiel et de Résolution.

"This license gives us the foundation to build the next generation of banking for more than 30 million customers across Western Europe," Nik Storonsky, founder and CEO of Revolut, said. He called France "the ideal platform to accelerate Revolut's next phase of growth."

The French entity will begin serving customers in France before progressively expanding to Germany, Ireland, Italy, Portugal, and Spain. Revolut's Lithuanian unit, Revolut Bank UAB, remains the hub for the rest of the European Economic Area under a dual-hub model, with both entities supervised by local regulators and the ECB. Western Europe is Revolut's largest and fastest-growing region, adding nearly 8 million customers in the past year. The company has committed more than 1 billion euros ($1.16 billion) to the region and hired over 600 employees, with a new Western European headquarters in Paris slated for 2027.

The approval strengthens Revolut's position as Europe's most valuable fintech, currently valued at $115 billion through a secondary share sale, up from $75 billion late last year. The company reported $6 billion in 2025 revenue, up 46 percent, marking its fifth consecutive year of profitability, and is reportedly preparing for a public listing around 2028 at a valuation between $150 billion and $200 billion.

The French license follows a year of regulatory friction. In 2025, the ECB temporarily suspended Revolut's ability to launch new products across the European Economic Area, citing concerns about the pace of its product approval processes. The company has since overhauled its internal procedures, adding expert reviews and strengthening governance around new product launches. Revolut has continued to roll out new services over the past year, including mortgages and accounts for teenagers.

The license also extends a run of regulatory wins. Revolut secured its full UK banking license in March after a five-year wait, filed for a US national bank charter, and launched its first Asia-Pacific banking entity in Australia in July. The company now operates across 40 markets and serves more than 75 million customers globally, with a target of 100 million by mid-2027.

Dual-hub model pressures European incumbents

The dual-hub structure gives Revolut a distinct advantage over many European neobanks that rely on partner banks for lending and deposit products. With full banking authorization in both Lithuania and France, Revolut can offer lending and regulated savings accounts directly to retail and business customers across the EEA, bypassing the partnership arrangements that cap margins for competitors like N26 and Monzo in certain markets.

Béatrice Cossa-Dumurgier, CEO of Western Europe at Revolut, said the company will "begin by serving customers in France before progressively expanding across Western Europe, while accelerating the localisation of our products and services to better meet the needs of retail and business customers in each market."

The company has also appointed former Société Générale chief executive Frederic Oudea as chair for the Western Europe region, a move that builds credibility with French regulators and traditional banking partners. Ireland accounts for more than 3.4 million of Revolut's Western European customers.

For investors, the French license removes a key regulatory overhang that had weighed on Revolut's European growth trajectory. The company's path to a 2028 IPO at a potential $150-200 billion valuation depends on sustaining the 46 percent revenue growth it posted in 2025, and the expanded product suite enabled by the French license is central to that math. Traditional French banks — BNP Paribas, Société Générale, and Crédit Agricole — now face a well-capitalized digital competitor with 30 million regional customers and the regulatory standing to compete directly on deposits and lending.

This article is for informational purposes only and does not constitute investment advice.