Revolut obtains its banking license in France and is now taking on the industry giants

Revolut has reached a major milestone in its development in France. The British fintech company announced on Monday, August 10, that Revolut Bank SA had obtained a full banking license in France, following a process conducted with the European Central Bank (ECB) and the Prudential Control and Resolution Authority (ACPR). Until now, French customers were primarily served by Revolut Bank UAB, the group's Lithuanian banking entity.

This French license could profoundly alter Revolut's ambitions in France. The company will be able to develop a much wider range of banking services locally and accelerate its growth, particularly in credit and savings, with the prospect of gradually expanding its offering. The challenge now is to move beyond its image as a secondary account or a card used for travel and become the primary bank for a growing number of French people.

Revolut now wants to compete directly with French banks

The threat is therefore becoming much more direct for major traditional French banks. BNP Paribas, Société Générale, Crédit Agricole, and BPCE will have to contend with a digital competitor that already boasts a large customer base and significant investment capacity. Revolut claims over 75 million customers worldwide and 30 million in Western Europe, including 8 million acquired in the past year alone.

France will play a central role in this new European strategy. Revolut plans to invest there as part of a program of over one billion euros dedicated to Western Europe and to recruit more than 600 people in these markets. The group also announced the opening, in 2027, of its new Western European headquarters in Paris. After France, the new structure will gradually serve other important markets, including Germany, Italy, Spain, Ireland, and Portugal.

For its founder and CEO, Nik Storonsky, this license should provide Revolut with "the necessary foundations to build the next generation of banking services" in Western Europe. For the French market, the stakes are considerable: after disrupting banking practices with mobile banking, Revolut now has the regulatory means to compete much more directly with established banks. The battle to become the primary bank for the French could thus enter a new phase.