Revolut to Invest Over €1 Billion in France as European Expansion Grows

Revolut, the fintech giant based in London, has announced plans to invest more than €1 billion in France over the next three years. This significant expansion will establish Paris as its head office for operations across Western Europe, further enhancing the French capital’s standing as a leading financial hub.

The move comes with the creation of over 200 new jobs in Paris, adding to the 300 already employed by Revolut in the city. The financial technology company, founded a decade ago by Nik Storonsky and Vlad Yatsenko, is also in the process of applying for a banking licence with French regulators. This development represents one of the biggest foreign investments in the French financial services industry in the past decade.

Currently valued at a staggering $45 billion, Revolut offers a wide range of financial services, from cross-border payments to cryptocurrency trading. With over 55 million customers worldwide and over 40 million in Europe alone, the company has aggressive growth plans, aiming to eventually serve 100 million users globally. By expanding its banking services, Revolut is solidifying its position as a major player in financial technology.

Although Revolut already provides banking products to European customers through a licence in Lithuania, obtaining regulatory approval in France signals its further commitment to penetrating the EU market. The company has emphasised that this strategy will not diminish its focus on the UK market. London will remain its global headquarters, and Revolut plans to continue investing, innovating, and expanding its presence in the United Kingdom.

This ambitious expansion takes place at a sensitive time for London, which faces mounting competition from global financial hubs such as New York, Paris, and Amsterdam. Éric Lombard, France’s finance minister, has welcomed Revolut’s investment, describing it as a boost to Paris’s growing reputation in the financial services sector.

Revolut’s growth has been remarkable. The company reported pre-tax profits of £1.1 billion last year and now employs over 10,000 staff globally, including 1,300 based in the UK. Amidst speculation of a potential stock market flotation, analysts expect the fintech giant may seek to list in the United States rather than the UK, a move that could further challenge London’s position in the financial industry.

As Revolut continues to push its boundaries across Europe, its latest move underlines the company’s determination to remain at the forefront of financial innovation, signalling its intent to redefine the global fintech landscape.