REVOLUT GRANTED FRENCH BANKING LICENCE AS EXPANSION ACCELERATES

Revolut has been granted a full banking licence by French regulators and the European Central Bank, allowing the fintech to offer customers across France a wider range of loans, mortgages and savings products. The licence was awarded to Revolut Bank S.A., the group's European operating unit. Revolut said it plans to serve customers in other European markets including Germany, Ireland, Italy, Portugal and Spain in subsequent phases. The firm operates in Europe under two entities: Revolut Bank S.A. in France and Revolut Bank UAB in Lithuania.

The approval marks a significant step in Revolut's continental expansion and follows the fintech naming Paris as its Western European headquarters last year. The company announced a €1bn investment in France and pledged to create over 200 jobs in the country. According to the reports, Revolut currently serves over 30 million customers across Western Europe. London-based Revolut became a fully fledged UK bank in March following years of regulatory negotiations, and the firm secured a banking licence in Lithuania in 2018.

The licence comes after Revolut faced restrictions from the European Central Bank last year. The ECB temporarily suspended the company's permission to release new products across the 27 countries in the European Economic Area and ordered a third-party review of its risk, compliance and legal functions for new launches. Revolut was also blocked from making acquisitions or accepting new customers beyond the continent during that period. The firm is undergoing a secondary share sale that is expected to value it at $115bn, according to one report.