Revolut secures French banking license from ACPR, sets Paris hub
Revolut, the UK fintech giant, now has an official banking license in France from the ACPR. This means they can finally offer things like loans and savings accounts directly to French users.
Paris is set to become their main base for western Europe as they ramp up expansion across the continent.
Revolut invests $1.1 billion in France
Revolut is putting $1.1 billion into growing its French business and plans to hire more than 600 people in western Europe (400 of those jobs are coming to France).
They'll start shifting customers from their Lithuanian entity over to the new French setup, then do the same for Germany, Ireland, Italy, Portugal, and Spain.
With a 10-year lease in Paris and former Societe Generale CEO Frederic Oudea as their western Europe chairman, Revolut is clearly aiming to shake up traditional banking for good.