Revolut said it received a full banking license in France from the local regulator and the European Central Bank, as the digital bank looks to continue to expand across Europe.
The fintech company, Europe's most valuable startup, is making a push to expand its banking products and services for customers in its core European markets, while seeking regulatory approvals to enter new markets elsewhere.
Revolut secured a U.K. banking license in March after a yearslong wait and also filed an application for a national bank charter in the U.S., in an effort to compete with traditional financial institutions.
After receiving the full banking license in France, the French unit of the British company, Revolut Bank SA, will start to serve local customers, Revolut said Monday. Customers in Germany, Ireland, Italy, Portugal and Spain will gradually move to the licensed French entity.
The company will also continue to operate its Lithuanian entity, Revolut Bank UAB, which will cover the rest of Europe in a dual hub structure, it said.
Revolut has in western Europe its largest and fastest-growing region, with around 30 million customers, including 8 million that joined in 2025. The company has more than 75 million customers globally, and has set a target to increase its customer base to 100 million by mid-2027.
It has also committed to invest more than 1 billion euros ($1.16 billion) in the region, and to hire over 600 people in the western European market.
Revolut plans to open its western European headquarters in Paris next year, and last year appointed former Societe Generale chief executive Frederic Oudea as its chair for the region.
"France has become a leading financial hub, supported by a dynamic financial ecosystem and a robust regulatory framework," Revolut Chief Executive Nik Storonsky said. "It is the ideal platform to accelerate Revolut's next phase of growth--bringing us one step closer to our ambition of becoming one of Europe's largest and most trusted banks."
Revolut recently launched a secondary share sale that boosts its valuation to $115 billion, up from $75 billion late last year, The Wall Street Journal reported last month.