Revolut targets France, US banking licences to drive growth

London-based fintech Revolut is aiming to secure banking licences in France and the United States this year, as it looks to accelerate growth and compete more directly with traditional lenders.

Béatrice Cossa-Dumurgier, the company’s CEO for Western Europe, told Reuters that obtaining a French licence would enable Revolut to offer locally tailored financial products, including loans and regulated savings options.

“If we want to definitely become the primary bank for all of our customers, we need to expand the product offering and have these local products that meet these types of needs,” she told the news agency, referring to mortgages and France’s regulated savings products such as Livret A.

France expansion central to strategy

Revolut has committed $1.1 billion to its expansion in France and recently signed a 10-year lease for office space in Paris’s historic Bourse district.

Cossa-Dumurgier said discussions with France’s banking regulator, the ACPR, are “advanced,” though she declined to confirm a specific timeline for approval.

“Hopefully, yes. But we don't know and I don't want to push,” she said when asked if the licence could be secured in 2026.

Western Europe currently accounts for around one-third of new customer sign-ups at Revolut, with growth primarily driven by commission-based income rather than lending.

US licence seen as key growth lever

Securing a US banking licence is viewed as a major opportunity for expansion.

Chief Executive Officer Nik Storonsky has previously said that being regulated in key European markets such as France, Germany, or the UK could support efforts to obtain a US charter.

A US licence would allow Revolut to significantly expand its customer base and deepen its presence in one of the world’s largest financial markets.

Revolut’s growth to date has been largely driven by fee-based services and cryptocurrency-related income.

The company is now looking to broaden its offering by increasing its presence in lending and other core banking products.

Although Revolut currently operates across the European Union using a Lithuanian banking licence under passporting rules, local regulation in major markets is seen as critical to offering a wider range of services and building customer trust.

UK licence marks turning point

The expansion push follows a key milestone last month, when Revolut secured a full banking licence in the United Kingdom after a four-year approval process that began in 2021.

The approval is expected to remove operational constraints and allow the company to scale its banking services more effectively in its home market, where it already serves more than 13 million customers.

Founded in 2015, Revolut has grown into one of Europe's largest fintech firms, with a valuation of USD 75 billion (approx. $109.3 billion) following a share sale last year.

That places it on par with or ahead of some traditional European banks, including Societe Generale, which has a market value of around EUR 54 billion (approx. $90.2 billion).

Despite its rapid growth, Revolut has faced regulatory scrutiny in some markets.

Earlier this month, Italian authorities fined the company USD 13 million (approx. $18.9 million) over alleged misleading statements related to its investment services.

Revolut said it disagreed with the findings and plans to appeal.

Revolut’s ability to secure licences in France and the United States will be critical to its next phase of growth, as it transitions from a fintech platform to a full-service global bank.