Revolut commits to a $1.1 billion investment in France, confirming its plan to apply for dual licenses in both France and the U.S.

According to Reuters on April 23, Revolut West Europe CEO Beatrice Cossa-Dumurgier confirmed in an interview that Revolut plans to obtain banking licenses in France and the United States by 2026, and has already begun discussions with the French Prudential Supervisory Authority (ACPR). Revolut also simultaneously announced its commitment to invest $1.1 billion in the French market.

France expansion plan and the current status of license applications

According to Reuters, Cossa-Dumurgier said that after obtaining a French regulatory license, Revolut will be able to offer local customers loans, mortgages, and regulated savings products, including the French government savings account Livret A.

Directly quoting Cossa-Dumurgier in the interview: “If we want to become the main bank for all customers, then we need to broaden our product offering, and provide local products that meet these needs.”

Cossa-Dumurgier said that discussions with the ACPR are “progressing smoothly,” and explained that the decision on the French ACPR’s license approval is not linked to the UK’s regulatory process, which differs from the approach in New Zealand and Australia. When asked about the likelihood of completing the application by 2026, she responded: “We hope so. But we don’t know, and I don’t want to rush it.”

According to Reuters, among customers who complete user registration on the platform, about one-third are from Western Europe. In that region, business growth relies mainly on fee income rather than loan income.

U.S. licensing route and the current EU regulatory framework

According to Reuters, Revolut CEO Nik Storonsky said that obtaining regulatory licenses in France, Germany, or the UK helps advance the process for applying for a U.S. banking license and expects that a U.S. license will drive a significant increase in the number of customers.

Revolut currently holds a banking license in Lithuania and, under the EU “passport” mechanism, provides banking services to customers in EU member states.

UK licensing milestone, market valuation, and an Italian fine

According to Reuters, Revolut completed the approval process with the UK financial regulator in March 2026 and formally obtained a UK banking license. Before that, the company’s revenue mainly depended on fees and cryptocurrency business. Revolut completed its public listing in 2025, with a valuation of $75 billion. In the same period, Société Générale (ticker: Sogn.PA) had a market value of €54 billion (about $63.3 billion).

In early April 2026, the Italian government imposed a fine of $13 million on Revolut under local regulatory rules, saying it made misleading statements about investment services. Revolut issued a statement saying it disagrees with the fine decision and announced it plans to file a formal appeal.

Frequently asked questions

Which regulator is responsible for approving Revolut’s France banking license?

According to Reuters, the approving authority is the French Prudential Supervision and Resolution Authority (ACPR, Autorité de Contrôle Prudentiel et de Résolution). It is the main approval and supervisory authority for France’s banking industry and is under the Banque de France.

How does Revolut currently serve EU customers without holding a local French license?

According to Reuters, Revolut holds a banking license in Lithuania and, under the EU “passport” mechanism, provides banking services to customers in EU member states without needing to obtain a license separately in each member state.

What is the legal basis for the Italian government to fine Revolut?

According to Reuters, in early April 2026 the Italian government imposed a fine of $13 million on Revolut, citing that it made misleading statements about investment services. Revolut has said it disagrees with the fine and plans to file a formal appeal.