Revolut wins French banking licence after ECB crackdown
The $75bn fintech can now accelerate its European rollout after satisfying regulators it has fixed product-launch weaknesses.
Revolut has secured a full European banking licence from the European Central Bank via the French prudential supervisor, the ACPR, clearing the way for a phased expansion across the continent after a year of regulatory friction.
The licence, granted to the group's French entity Revolut Bank S.A., allows the company to begin onboarding customers in France immediately, with Germany, Ireland, Italy, Portugal and Spain to follow in later stages. The fintech already serves more than 30 million customers in Western Europe through its Lithuanian arm, Revolut Bank UAB, which held the previous full licence issued in 2021.
Regulatory reset
The restrictions imposed in 2024 were a public setback for a company that had moved fast since obtaining a specialised Lithuanian licence in 2018. The ECB cited "deficiencies" in the approval process for new products and demanded stronger oversight from internal experts and governing bodies. Revolut says it has since beefed up those controls, a claim the ECB has now accepted.
"This licence gives us the foundation to build the next generation of banking… France has become a leading financial hub, supported by a dynamic financial ecosystem and a robust regulatory framework."
Nik Storonsky, Revolut's founder, said in a statement accompanying the announcement.
Paris push
The French licence aligns with a strategic shift announced last year when Revolut named Paris its Western European headquarters, committing €1bn of investment and more than 200 new jobs. London remains the group's global base, but the centre of gravity for EU operations has moved decisively to the eurozone.
Valuation milestone
The regulatory green light arrives as the company conducts a secondary share sale expected to value it at $115bn, up from the $75bn valuation at its last primary round. Investors will view the licence as de-risking the European growth story that underpins that premium.
Revolut's spokesperson said the group remains in "continuous and constructive dialogue" with its regulators as it prepares for the next phase of product rollouts across the newly authorised markets.
