Revolut, a British multinational neobank and fintech company, has announced plans to invest €1 billion ($1.1 billion) in France over the next three years as part of a sweeping European growth strategy.
The move, revealed at the “Choose France” investment summit hosted by President Emmanuel Macron, underscores France’s growing importance to the neobank.
Revolut will establish a new office in Paris to serve as its hub for Western European operations and is set to create at least 200 new jobs in the country. France, with 5 million users, has emerged as Revolut’s largest and fastest-growing market within the EU.
“France offers significant opportunities for expansion and innovation,” said Pierre Décoté, Revolut’s Group Chief Risk and Compliance Officer. He added that Revolut will soon apply for a French banking license, a move that could bolster its ambition to operate with more autonomy across Europe.
The company, which already employs about 300 people in France, plans to maintain Lithuania as a strategic base for EU operations.
Launched in 2015 to transform the way people spend and transfer money abroad, Revolut is democratizing access to cross-border financial services, especially for younger and tech-savvy populations. Last year in the UK alone, it was the first financial institution to launch eSIM to help prevent high data roaming charges and added RevPoints, the first pan-European debit card loyalty program rewarding customers on their everyday spending. Revolut also introduced Mobile Wallets to allow for faster international transfers and bolstered its security measures with Wealth Protection, an additional biometric security layer protecting customers’ savings.
Globally, the neobank continues to chart an aggressive growth path. It added over 10 million customers in 2024 alone, bringing its total user base to over 55 million. Group revenues rose 72% to $4.0bn (£3.1bn), up from $2.2bn (£1.80bn) in 2023, driven by strong growth across all revenue streams.
Total customer balances expanded 66% to $38bn (£30bn), up from $23bn (£18bn) in 2023, primarily driven by strong growth in customer deposits and increased balances in our Savings products (including those held externally with Partners and Money Market Funds). Revolut maintained a prudent approach to balance sheet management, holding 62% of assets as Cash and Cash Equivalents. Simultaneously, the customer lending portfolio grew by 86% YoY to $1.2bn (£979m).
Notably, growth momentum was strong across Europe. Revolut is now the most downloaded app in the Finance category, ranking first in 19 countries and securing a spot in the top three in 26 countries across the continent.
The bank is actively securing over 10 global licenses, scaling recent market entries like Brazil, and preparing for its service launch in India (following recent PPI license approval), also seeking further opportunities across the Americas and Asia-Pacific. Last month, the company secured a second banking license in Mexico and is awaiting full authorization in the UK, its largest market with more than 10 million customers.
The expansion into France is part of a broader dual-HQ strategy in the Eurozone. Revolut’s Global Growth and Marketing Director, Antoine Le Nel, previously hinted at this shift in an April LinkedIn post celebrating the 5-million-customer milestone in France. The company aims to double its European customer base from 40 million to 80 million.
Co-founders Nik Storonsky and Vlad Yatsenko also unveiled Revolut’s forward-looking vision, including plans to launch innovative financial products and an AI-powered digital assistant in 2025. This AI tool is designed to guide users toward smarter financial habits, offering personalized advice and simplifying money management.
In its 2025 outlook, Revolut is poised for continued significant growth this year and beyond, driven by further platform enhancements and global expansion. The neobank is actively pursuing a strategic path towards achieving 100 million daily active users across 100 countries, solidifying its global leadership.
