Crypto neobank Revolut to invest $1.1B in France, apply for license

Revolut, a European neobank with integrated crypto services, is significantly expanding its presence in France. The company announced a planned investment exceeding €1 billion ($1.1 billion) and the application for a French banking license during the Choose France summit on May 19th. This investment will establish a new EU headquarters in Paris and create at least 200 jobs within three years. The move is partly driven by the French banking regulator’s push for improved supervision given Revolut’s substantial French customer base—currently five million, making France its largest EU market. Revolut’s application is currently under review by the Prudential Supervision and Resolution Authority.

This expansion reflects Revolut’s ambitious growth strategy. The company aims to reach 10 million users in France by the end of 2026 and double that figure by 2030. Its mobile-first platform already provides a range of financial services including loans, trading, and cryptocurrency support. Revolut’s rapid growth since its 2015 founding is evident in its recent $45 billion valuation and over 55 million customers (as of late May 2025). Its 2024 annual report revealed revenue of £3.1 billion ($4 billion), and as of December 31, 2024, the company employed 10,133 people.

Regulatory compliance is a key focus for Revolut. After securing a UK banking license in July 2024, the company is actively pursuing similar licenses in other regions, with ten applications currently pending. Recently, it obtained a Prepaid Payment Instruments license in India, enabling the offering of multi-currency forex cards and remittance services. EU customers are currently served through its Lithuanian operations, licensed since late 2018. This strategic pursuit of banking licenses across various jurisdictions underscores Revolut’s commitment to becoming a fully regulated and established financial institution, mirroring a global trend of crypto companies increasingly aligning with traditional banking structures.