- Revolut will open a Western Europe headquarters in Paris under a dual-HQ model alongside its Lithuanian base while keeping London as global HQ.
- It plans to invest over €1 billion in France over three years, adding 200+ roles initially and scaling to about 1,500 staff in France/Western Europe by 2029.
- Revolut will apply for a French banking licence in mid-2025 to deepen regulated offerings such as mortgages and savings products under ACPR supervision.
- The move reflects France’s rapid customer growth for Revolut and highlights post-Brexit regulatory frictions raising questions over London’s fintech pull.
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Revolut’s decision to open its Western European headquarters in Paris, while maintaining its Lithuanian and London hubs, signals a strategic recalibration shaped by regulatory access, market growth, and political-economic positioning. By applying for a French banking licence under the Autorité de Contrôle Prudentiel et de Résolution (ACPR), Revolut seeks to localize regulatory oversight and product offerings in France and Western Europe—for example mortgages, overdrafts, and regulated savings products—rather than relying exclusively on its Lithuanian licence for EU passporting.
Investing over €1 billion in France and creating hundreds of new jobs reflects both confidence in France’s financial ecosystem and an operational commitment to scale. The ramp-up from ~200 new roles to 1,500 in France/Western Europe by 2029 evidences long-term localisation of core functions like risk, compliance, and product development.
Revolut’s market metrics support the timing: France is its fastest-growing EU market, with over 5 million customers and 1.6 million added in 2024. The plan to double users in France by end-2026 and reach 20 million by 2030 underpins the Paris HQ’s rationale as more than symbolic.
The move also responds to post-Brexit regulatory divergence: UK regulations have become distinct from EU norms, and Revolut’s UK banking licence (restricted) came only after protracted regulatory delays. Having a French banking licence complements the Lithuanian licence and may facilitate smoother regulatory relationships and product compatibility in continental EU jurisdictions.
Strategic implications include: France’s bid to become a stronger financial hub post-Brexit; increased scrutiny of London’s competitiveness for fintechs; potential tension between Revolut’s UK and EU operations; and the possible impact on its IPO and valuation if increasingly anchored in EU markets. Key open questions remain around the timing and conditions of French licence approval, the degree of product parity between the EU/France, the costs/risks of regulatory dualism, and how Revolut will balance its UK vs EU governance, capital allocation, and customer onboarding.
Supporting Notes
- Revolut will invest over €1 billion in France over three years, creating 200+ new jobs in Paris and more broadly in Western Europe; and in total plans to scale to 1,500 dedicated staff in France/Western Europe by 2029.
- Paris will host Revolut’s Western Europe HQ, overseeing operations in France, Germany, Spain, Italy, Portugal, and Ireland; Lithuania will continue to serve other European markets.
- The firm is applying for a French banking licence to gain the ability to offer regulated products (e.g., mortgages, savings accounts) under French supervision via ACPR.
- Revolut’s UK banking licence (granted with restrictions) came in 2024 after applying in 2021; regulatory delays stemmed from share-structure issues and accounting/ownership concerns.
- France is now Revolut’s fastest-growing market in the EU with over 5 million customers and added ~1.6 million in 2024; ambitions are to reach 10 million in France by end-2026 and 20 million by 2030.
- No jobs are officially being relocated from the UK; London remains its global HQ, though concern emerges about erosion of UK’s fintech competitiveness.