Revolut awarded full-fat European banking licence

Revolut has been awarded a full European banking licence by French regulators, with approval rubber-stamped by the European Central bank. The approval of the European Central bank is siggnifcant, coming a year after it moved to rein in Revolut's rapid expansion across the continent, fearful that the super-app's growth was outpacing its internal controls, Finextra reports. 

The restriction specifically targeted Revolut’s ability to introduce new services within the EEA, temporarily barring the firm's Lithuanian banking arm from launching new products.

European regulators required the London-based neobank to overhaul its product approval processes after identifying shortcomings in governance, risk management and compliance structures.

The new licence comes as Revolut deepens its roots across Western Europe. Over the last year, the company has committed to investing over €1B+ in the region, is hiring more than 600 people across its Western European markets, and has confirmed the 2027 opening of its new Western European HQ in Paris.

Western Europe is Revolut's largest and fastest-growing region, with about 30 million customers, including close to eight million who joined over the past year alone.

The new banking unit will begin by serving customers in France before progressively expanding across other European markets including Germany, Ireland, Italy, Portugal and Spain.

Revolut's Lithuanian entity, Revolut Bank UAB, remains a cornerstone of operations for the rest of EEA. This dual-hub model in Europe is designed to support Revolut's scale across the continent.

Nik Storonsky, founder and CEO of Revolut, comments: 

“This licence gives us the foundation to build the next generation of banking for more than 30 million customers across Western Europe. France has become a leading financial hub, supported by a dynamic financial ecosystem and a robust regulatory framework. 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."

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