Revolut Secures French Banking License Amid European Expansion
The fintech company has obtained a French banking license, allowing it to offer a broader range of financial products to its French customers as it continues its expansion across Europe and eyes the U.S. market.
Revolut has been granted a French banking license by the ACPR banking regulator and the European Central Bank, marking a significant step in its European expansion strategy. The license enables the London-based fintech company to offer French customers a wider array of financial services, including loans, mortgages, and savings products.
This development comes as Revolut continues to pursue expansion across Europe and also sets its sights on the U.S. market. The company is reportedly aiming to secure a U.S. license within the current year. In March, Revolut achieved full-fledged UK bank status following lengthy negotiations.
Revolut plans to establish Paris as its Western Europe headquarters, a move that involves shifting customers from its existing Eastern hub. The company has encountered scrutiny from European regulators since obtaining a banking license in Lithuania in 2018.