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Revolut just got its second full banking license inside the European Union. The European Central Bank’s Governing Council confirmed the approval, following a joint assessment with France’s Autorité de Contrôle Prudentiel et de Résolution — known as the ACPR.
The new entity, Revolut Bank S.A., will operate out of France and eventually cover Germany, Ireland, Italy, Portugal, and Spain. Its Lithuanian arm, Revolut Bank UAB, keeps serving the rest of the European Economic Area. So the company now runs what it calls a dual-hub structure — two licensed banks, two regulatory relationships, one neobank trying to cover a continent. That’s pretty unusual for a fintech. Most digital-first banks lean on a single regulatory base and passport their services outward. Revolut’s doing it differently, and it’s a bet that local licensing builds more durable market positions than a single-hub model ever could.
Frédéric Oudéa chairs the French entity’s board. Béatrice Cossa-Dumurgier runs Western Europe as chief executive.
EUR 1 Billion Committed, Paris HQ Coming
The numbers behind the French push are big. Revolut has committed more than EUR 1 billion across Western Europe and plans to bring on over 600 employees across the region. A new Paris headquarters is in the works. The company filed its French banking application with the ACPR back in July 2025, and while discussions were reportedly already advanced by April of that year, no specific date for those early talks was disclosed publicly.
Revolut counts about 30 million customers across Western Europe. Nearly 8 million of those joined in the past year alone. Globally, the customer base sits above 75 million. Those are retail banking numbers, not fintech-startup numbers — and the French license is basically Revolut telling the market it wants to be treated like a bank, not a payments app that got lucky.
The company already offers CFD trading across 29 countries, plus stocks, ETFs, and cryptocurrencies. A full banking license in France means it can go deeper — deposits, lending, a broader product suite — in markets where it previously operated with more limited permissions.
ECB Restrictions Still Linger
Not everything’s clean, though. The ECB had previously ordered Revolut’s European board to stop launching new products across the European Economic Area. The directive covered new product introductions, acquisitions, and customer onboarding outside Europe. An independent review of the company’s risk, compliance, and legal functions was also mandated.
Whether any of those restrictions have actually been lifted? Unclear. The ECB hasn’t said. Revolut’s position is that it’s in “continuous and constructive dialogue with our regulators” — which is the kind of phrase companies use when they can’t say much more than that. It’s not a denial that the restrictions exist. It’s not a confirmation they’ve been resolved. It’s basically the diplomatic middle ground.
That ambiguity matters. Revolut’s expansion plans across Germany, Ireland, Italy, Portugal, and Spain are tied to Revolut Bank S.A. rolling out services beyond France. If product restrictions remain in place, the pace of that rollout could be slower than the headline suggests. No details on the current status of those ECB conditions were provided.
The broader regulatory picture for large neobanks in Europe has gotten more complicated in recent years. Regulators across the bloc have pushed harder on product governance, risk frameworks, and compliance infrastructure — especially for fast-growing firms that scaled customer numbers faster than their internal controls. Revolut isn’t alone in facing that kind of scrutiny, but it’s been one of the more prominent cases.
What the French License Actually Changes
Practically speaking, the French license lets Revolut compete more directly with traditional retail banks on their home turf. France is one of Europe’s largest retail banking markets, and Revolut’s 30 million Western European customers represent serious commercial weight. The ability to offer locally licensed banking products — rather than relying on passported services from Lithuania — probably matters more to corporate clients and regulators than to most retail users, but it opens doors.
The company’s public listing plans sit on a longer timeline. Per the source, those are set for 2028. No additional details were given on structure or venue.
Revolut’s dual-hub model — Lithuania for the broader EEA, France for Western Europe — is now a live operational reality, not just a strategic intention. The company spent years building toward a UK banking license, which it secured in 2024, and the French license follows that pattern: long regulatory process, eventual approval, then a push to scale. It’s a slow game for a company that built its reputation on moving fast.
The EUR 1 billion commitment across Western Europe and the 600-plus hiring plan are the clearest signals of where Revolut thinks the growth is. France, Germany, Italy, Spain — these aren’t emerging markets for fintech. They’re established, competitive, heavily regulated. Revolut’s going in anyway.
The Paris headquarters is slated to open in 2027.
Frequently Asked Questions
What banking license did Revolut receive in France?
Revolut secured a full French banking license through its new entity, Revolut Bank S.A., approved by the European Central Bank following a joint assessment with France’s ACPR.
How many customers does Revolut have in Western Europe?
Revolut has approximately 30 million customers in Western Europe, with close to 8 million added over the past year, out of a global base of over 75 million.
