Revolut Bank S.A. has received a full French banking license and plans to begin expanding across Europe, the company said in a press release.
The license was granted after a joint assessment by the French prudential regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and the European Central Bank (ECB). The decision was formally adopted by the ECB Governing Council, according to the release, which was published Monday (Aug. 10).
Revolut already serves about 30 million customers across Western Europe and more than 75 million globally, the release stated.
The French banking license strengthens Revolut's position as one of Europe's largest retail banks. Revolut Bank S.A. will operate alongside Revolut's existing entities as the company continues its European growth.
