Revolut plans $1.1 billion French expansion
FILE PHOTO: Revolut logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration/ File Photo
PARIS :British finance company Revolut said on Monday it plans to invest 1 billion euros ($1.1 billion) over the next three years on expanding in France and will soon apply for a French banking licence.
In an announcement as part of the "Choose France" investment summit, hosted by French President Emmanuel Macron at Versailles Palace near Paris, Revolut said it would open a new office in Paris for its operations in Western Europe and create at least 200 new jobs in France.
Revolut is the biggest of a number of European financial services apps founded in the past decade, with more than 55 million customers but no physical branches. It gained a banking licence in Britain in 2024, after a three-year wait.
Revolut already has around 300 employees in France.
The company said that Lithuania would still be a "key base" for Revolut's growth in Europe.
Revolut already has a Lithuanian banking licence, which it can use as a passport into the European Union, and enables it to sell products to French customers. A spokesperson for Revolut said that having a second banking licence in the bloc would allow it to build closer relationships with regulators and offer services that are more tailored for its customers in France.
This year's "Choose France" business summit is expected to secure 20 billion euros of new investment, Macron's office said on Monday, announcing projects in the defence, energy and industrial sectors.
($1 = 0.8941 euros)
