Revolut granted full French banking licence
Revolut has been granted a full French banking licence, paving the way for mortgages, regulated savings accounts and a major expansion in France.
British neobank Revolut has been granted a full banking licence in France, allowing it to expand the range of services it offers to customers and move ahead with plans for a major new office in Paris.
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The authorisation was jointly approved by France’s Prudential Supervision and Resolution Authority (ACPR) and the European Central Bank.
It follows full banking licences for Revolut in the UK, Australia and Mexico, as well as Lithuania in 2018.
Around seven million people in France already have a Revolut account.
The new entity, Revolut Bank S.A., will initially serve customers in France before expanding its operations to other European markets, including Germany, Ireland, Italy, Portugal and Spain.
The French licence will allow Revolut to offer services that were previously unavailable or limited in France, including mortgages and a wider range of savings and financial products.
These will include regulated French savings accounts such as the Livret A and LDDS.
As eligible customers are progressively transferred to the French banking entity, deposits will benefit from France’s deposit-guarantee scheme, which protects up to €100,000 per depositor.
The bank also plans to invest €1 billion in Western Europe, creating around 600 jobs, including 400 in Paris.
Existing customers will be notified directly about any changes to their accounts, including the possible move to French IBANs.