Less than a month after reporting its record $1.4 billion profit in 2024, UK Fintech Unicorn Revolut has doubled Europe’s expansion.
On Monday, the company announced plans to invest 1 billion euros ($1.1 billion) in France over the next three years as part of a broader effort to strengthen its presence in the region. The news came Monday at the French Choice Summit, hosted by Versailles President Emmanuel Macron.
“In an announcement as part of the ‘French Choice’ investment summit hosted by French President Emmanuel Macron at the Palace of Versailles 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,” Reuters reported.
Revolut also announced that he would apply for a French banking license and open a new Paris office to support operations across Western Europe. The expansion is expected to create at least 200 new jobs in France.
Revolut already has a Lithuanian banking license that provides access to the EU market, but the second license says it will work closer to regulators and provide services that are more suitable for French customers. A spokesperson said the move would allow the company to “build close ties with regulators and provide more coordinated services for French customers.”
Founded in 2015 by former Credit Suisse trader Nikolay Storonsky (CEO) and former Duce Bank developer Vlad Yatsenko, Revolut started with a simple goal. It’s about removing hidden fees and making financial services easier to use. Everything is handled through that app. There is no printed form, not a branch.
France is not the new territory of Revolut. The company already has around 300 employees across the country and sees new investments as a way to deepen its footprint. Meanwhile, Lithuania remains the “key base” of its EU business.
Without over 55 million customers and a physical branch, Revolut received his UK banking license last year after a long wait. The company is currently established as the dominant player in Europe’s finances, combining aggressive expansion with increased profitability.
According to Macron’s office, the “French Choice” summit is expected to bring new investment commitments worth 20 billion euros to the entire sector, including defense, energy and manufacturing.
Revolut was last valued at $33 billion in 2021 and is preparing to launch a full bank in the UK later this year. After the secondary stock sale in August 2024, the startup was later valued at $45 billion.
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