British-born digital bank Revolut has selected Paris as the location for its new Western Europe headquarters, backed by a significant €1bn investment.
The fintech behemoth has announced plans to generate over 200 jobs in France, dubbing it the "largest investment in the French financial sector in a decade."
At the "Choose France" investment summit held at Versailles and hosted by President Emmanuel Macron, the firm disclosed its application for a French banking licence, as reported by .
While London will continue to serve as its global hub, Revolut's expansion into Paris comes after various challenges faced by its º£½ÇÊÓƵ operations.
Following a prolonged three-year process that led CEO Nikolay Storonsky to criticise the º£½ÇÊÓƵ's "extreme bureaucracy."
Revolut finally obtained a º£½ÇÊÓƵ banking licence last year.
Storonsky had previously ruled out a London listing for Revolut, deeming it "not rational" compared to the liquidity of US markets.
Sid Jajodia, Revolut's chief banking officer, stated that establishing a base in Paris would bring the company closer to its "largest and fastest-growing customer base."
Jajodia commended the "dynamic banking ecosystem" in France and highlighted the robust regulatory framework as pivotal reasons for their decision.
Revolut valued at $45bn
Revolut has seen remarkable growth since its inception in 2015.
The fintech pioneer recorded profits exceeding £1bn for the first time in 2024.
A 72 per cent increase in revenue to £3.1bn was reported, following a 38 per cent rise in its customer numbers to 52.5 million.
A staff share sale in 2024 has valued the company at $45bn, solidifying its position as the º£½ÇÊÓƵ's most valuable fintech.
Parisian officials have welcomed the backing from the prominent fintech firm.
Augustin de Romanet, President of Paris Europlace, commented: "Revolut's strategic investment - as Europe's leading fintech - reinforces Paris' standing as a key financial centre, supported by a robust, innovative, and forward-looking ecosystem."
He further remarked: "This choice reflects the strong momentum we are collectively building to strengthen France's economic competitiveness and international influence."
