Revolut to invest €1 billion in France and plans to obtain a French banking license, announced at “Choose France.” This is likely to be a full-scale expansion, with the opening of a Paris office and the creation of over 200 new jobs.
More on France’s Push to Attract Investment, Not Just from Revolut
The recent “Choose France” summit brought together several top-tier companies expressing intent to invest in France, and the event set a new record in total pledges, amounting to $16 billion.
Among the leading companies interested in maintaining a resilient economy in the European market were major players like Microsoft and Amazon, but Revolut stood out in particular with its commitment to allocate a notable €1 billion.
Naturally, with such a significant investment, they are looking not only to strengthen their presence in the market but also to express their intent to obtain a French banking license.
Currently, Revolut provides banking services across the EU under a license issued in Lithuania, which remains active and allows the company to offer financial products throughout the European Union via the passporting mechanism. However, a French license is expected to provide a more stable legal framework for operations and enable seamless business scaling.
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Revolut does not plan to abandon its Lithuanian entity but, if granted a license, intends to open an office in Paris. This is an additional benefit for both parties, as it would further solidify Revolut’s footprint, while France would gain over 200 new jobs and other benefits.
Conclusion
It can be said that the meeting was successful for all sides. France expects to attract €16 billion in investments across various sectors, including energy, defense, and industry, while key players like Revolut gain additional growth opportunities.
And while Revolut is not strictly a Web3-focused project, as Web3 enthusiasts we can still appreciate its contribution to decentralization and transformation of the financial system.
