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London-based fintech giant Revolut said on Monday it plans to invest €1 billion ($1.1 billion) in France over the next three years as it moves to expand its footprint in Western Europe and seeks a French banking licence.
The announcement was made during the “Choose France” summit, held at the Palace of Versailles and hosted by French President Emmanuel Macron. Revolut said it will open a new office in Paris, create at least 200 new jobs, and make the French capital its base for operations across Western Europe.
The move comes as Revolut pushes deeper into core EU markets following its UK banking licence approval in 2024, a milestone that came after three years of regulatory review. The company currently has 300 employees in France, and the expansion will bring that total to over 500.
With more than 55 million customers globally, Revolut is one of Europe’s largest financial services apps. The firm operates entirely online and does not have any physical branches.
Despite the shift to Paris, Lithuania will remain a key hub for the company’s European growth, Revolut said.
The broader investment summit is expected to attract over €20 billion in foreign commitments, according to Macron, who spoke to Ouest-France ahead of the event.
In April, Revolut reported a record $1.4 billion in pre-tax profit for 2024, up 149% from the previous. The company’s strong performance was largely driven by explosive growth in its wealth division, which includes cryptocurrency trading, commodities, and savings products.
Revolut’s wealth revenue soared 298% year-over-year to $647 million, supported by the launch of its standalone crypto exchange, Revolut X, in May and its expansion across 30 European markets. The company also secured a UK banking license in July after a prolonged three-year approval process.
Overall revenue jumped 72% to $4 billion in 2024, compared to $2.2 billion in 2023. Other growth drivers included a 74% increase in subscription revenue to $541 million, a 58% rise in FX income to $540 million, card payment growth of 43% to $887 million, and a 58% increase in interest income to $1 billion.
Revolut’s net profit rose 134% to $1 billion, up from $428 million, pushing its profit margin to 26% from 19% a year earlier.
“2024 was a landmark year for Revolut,” said CEO Nik Storonsky. “Our customer base grew by nearly 15 million, and more users are now engaging across our retail and business offerings, which directly powered our record results.”
Founded in 2015 as a digital payments and currency exchange platform, Revolut added cryptocurrency trading in 2017 and has since evolved into the UK’s most valuable private fintech. The firm claims its app is the most downloaded finance app in 19 countries and ranks in the top three across 26 countries in Europe.
