UK-based fintech giant Revolut is doubling down on its European expansion with plans to invest €1 billion (US$1.1 billion) in France over the next three years. The announcement, made at the prestigious Choose France summit held at Versailles Palace, marks a major step in Revolut’s transformation from a borderless currency exchange app into a full-service digital banking platform.
As part of the move, Revolut will open a new Paris office to oversee its Western European operations, aiming to create 200 new jobs in France—boosting its local workforce from 300 to 500. It also confirmed plans to apply for a French banking license, a strategic step to solidify its standing as a comprehensive financial institution within the eurozone.
From Fintech Challenger to Full-Service Bank
Founded in 2015, Revolut began as a niche startup offering fee-free foreign exchange to travelers and expats. With only 800,000 users across Europe by early 2017, its offerings were modest—limited to currency exchange across 25 currencies. But rapid product innovation and a digitally savvy customer base helped Revolut scale fast.
By 2019, it had 5 million users and a $1.7 billion valuation, having added features like multi-currency accounts, budgeting tools, stock trading, and crypto access. Fast forward to 2024, and Revolut boasts more than 55 million users globally and has secured a European banking license, after a lengthy three-year application process.
Its new focus on France, combined with existing operations in Lithuania, signals a broader shift: Revolut isn’t just targeting tech-savvy travelers anymore—it’s positioning itself to compete head-on with legacy banks across Europe.
Why Digital-First Still Needs Local Roots
While Revolut’s rise was powered by a digital-only model—no branches, low overhead, rapid scaling—the company’s Paris office move shows a key evolution in strategy. Even the most ambitious fintech firms are realizing that local presence matters, especially in highly regulated financial markets.
By establishing physical teams in key markets like France, Revolut can better meet compliance standards, engage with regulators, and localize services. The expansion will also help it grow its presence in Western Europe, enabling smoother integration into national financial ecosystems, particularly as it seeks to offer full banking services like deposits, loans, and insurance.
This mirrors a broader trend among global fintechs: despite being born in the cloud, physical infrastructure is increasingly part of the playbook for serious financial contenders.
As Revolut builds its physical footprint, France emerges not only as a symbolic milestone but a critical growth engine. With one of the eurozone’s largest markets and an increasingly digital-savvy population, Revolut’s investment may prove to be a cornerstone of its European banking ambitions.
