Revolut, the UK’s most valuable fintech company, has selected Paris as its new European headquarters, announcing a €1 billion investment in France over the next three years as part of its continued European expansion.
The London-based digital bank confirmed it is applying for a French banking licence and will make the French capital its operational base for western Europe, creating over 200 new jobs, in addition to the 300 staff it already employs in Paris.
The move marks one of the biggest foreign investments in France’s financial sector in a decade and is being welcomed by French officials as a coup for Paris. Éric Lombard, France’s finance minister, said the decision strengthened “Paris’s position as the leading financial hub in Europe”.
While Revolut insists its UK operations will remain unaffected, the decision has sparked renewed debate over London’s post-Brexit competitiveness. With Revolut maintaining its global headquarters in London and stating that “no jobs will be relocated” from the UK, the company emphasised its “ongoing commitment to the UK market”.
Nonetheless, the timing of the announcement has intensified concerns in the Square Mile and Westminster, where there is growing anxiety that the capital is losing ground to global financial centres such as New York, Amsterdam, and now Paris.
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut has grown into a $45 billion-valued fintech powerhouse, offering services including cross-border payments, currency exchange, and cryptocurrency trading. The company now boasts 55 million users, with more than 40 million in Europe, and employs over 10,000 people, including 1,300 in the UK.
Its pre-tax profits soared to £1.1 billion last year, and the company has ambitions to reach 100 million customers globally.
With its French banking licence underway and Lithuanian banking permissions already allowing operations across the EU, Revolut is focused on expanding its banking services across Europe. It also recently secured a long-awaited UK banking licence, paving the way for a UK retail banking launch.
The announcement adds further weight to speculation that Revolut will seek a stock market listing in the United States — a move that would be seen as a major blow for London’s IPO ambitions, especially given Revolut’s status as a symbol of Britain’s fintech strength.
Industry observers fear that if Britain’s most valuable start-up opts to float in New York, it could dissuade other fast-growing tech firms from listing on the London Stock Exchange, undermining government efforts to revitalise the UK capital markets.
Revolut’s Paris expansion is part of a wider post-Brexit trend of financial services firms increasing their European footprints to retain seamless access to EU markets. The company stressed that London remains central to its strategy, but the scale of investment and job creation in France is likely to raise eyebrows.
As Britain’s economic policymakers consider how to retain and attract global capital and talent, Revolut’s decision serves as a timely reminder of the high-stakes competition between financial hubs — and the delicate balancing act between global ambitions and domestic priorities.
