--- title: Revolut Will Run Two Separate EU Banks Instead of One description: French regulators have licensed Revolut Bank SA, which will serve customers in six countries in phases while the Lithuanian entity keeps the rest of the EEA. author: Darie Nani (Editor-in-Chief) updated: 2026-08-10T17:16:25.604Z canonical: https://www.sovereignmagazine.com/article/revolut-second-eu-banking-licence-france-dual-hub categories: FinTech content_type: News region: Europe publication: Sovereign Magazine schema_type: Article --- Revolut already held a full European Union banking licence, issued in Lithuania and passported across the European Economic Area. It has now taken a second one. French regulators have granted a full banking licence to Revolut Bank SA, a separate legal entity that will sit alongside Revolut Bank UAB, the Lithuanian bank that has carried the company's EU customers until now. The licence was granted after a joint assessment by the Autorite de Controle Prudentiel et de Resolution, the supervisory arm of France's central bank, and the European Central Bank, and the decision was formally adopted by the ECB's Governing Council. The ECB says a licence goes only to [robust banks which comply with all legal requirements](https://www.bankingsupervision.europa.eu/activities/authorisation/html/index.en.html), and that it applies the same process and criteria whether a bank's model is traditional or based on newer technology. It weighs the amount, quality, origin and composition of an applicant's capital, its programme of activities, structural organisation and business plan, and whether the people running it are fit and proper. ## The French entity takes over six markets in phases Revolut Bank SA will start with customers in France, then extend to Germany, Ireland, Italy, Portugal and Spain in later phases. Ireland is on that list: more than 3.4 million Revolut customers are Irish, and they bank today through the Lithuanian entity. Revolut Bank UAB remains the cornerstone of operations for the rest of the European Economic Area. Both banks answer to their own national regulator alongside the ECB, an arrangement Revolut calls a dual-hub model. Western Europe is the company's largest and fastest-growing region, with about 30 million customers out of more than 75 million worldwide, close to 8 million of whom joined in the past year. Beatrice Cossa-Dumurgier, Revolut's chief executive for western Europe, said the approval followed months of work with the two regulators. "This achievement reflects months of close collaboration with the ACPR and the European Central Bank, whose rigorous standards have helped us build the right foundations for long-term growth in the region," she said. "We'll begin by serving customers in France before progressively expanding across western Europe, while accelerating the localisation of our products and services to better meet the needs of retail and business customers in each market." > "Our focus now turns to execution." > — Beatrice Cossa-Dumurgier, Chief Executive for Western Europe, Revolut ## Frederic Oudea chairs the new French bank's board Frederic Oudea chairs the board of Revolut Bank SA. Revolut established Paris as its EU headquarters last year and hired Cossa-Dumurgier, a France-based executive, as its chief executive for western Europe. The company has confirmed 2027 for the opening of a new western European headquarters in the city, and says it has committed more than €1 billion in regional investment and hired more than 600 people across the region over the past year. Revolut Business, its product for companies, already serves hundreds of thousands of firms in the region, from freelancers to large enterprises. Nik Storonsky, Revolut's founder and chief executive, tied the licence to that customer base. "This licence gives us the foundation to build the next generation of banking for more than 30m customers across western Europe," he said. "France has become a leading financial hub, supported by a dynamic financial ecosystem and a robust regulatory framework. It is the ideal platform to accelerate Revolut's next phase of growth, bringing us one step closer to our ambition of becoming one of Europe's largest and most trusted banks." ## The French approval follows licences in Britain and Australia this year Revolut secured its full UK banking licence in March, after a five-year wait, and applied for a US banking licence around the same time. In July it opened its first Asia-Pacific banking entity, in Australia, after clearing regulatory approval there. The company now operates across 40 markets. It reported its fifth consecutive year of profitability in March, with group revenue up 46 per cent in 2025 to $6 billion. It is reported to be preparing a public listing around 2028, at a valuation of between $150 billion and $200 billion, neither of which the company has confirmed. ## FAQ **Q: Does Revolut have a banking licence in France?** Yes. French regulators granted the licence to Revolut Bank SA after a joint assessment by the ACPR and the European Central Bank, with the decision adopted by the ECB's Governing Council. **Q: Does Revolut have a European banking licence?** It now has two. Revolut Bank UAB holds an EU banking licence in Lithuania and passports it across the European Economic Area, and Revolut Bank SA is a separately licensed bank in France. **Q: Why is Revolut Bank in Lithuania?** Revolut Bank UAB is the company's original EU banking entity. Under the dual-hub model it remains the cornerstone for the rest of the European Economic Area and currently serves Revolut's Irish customers, alongside the newer French entity. **Q: Which countries will Revolut Bank SA serve?** Revolut Bank SA will start with customers in France, then extend to Germany, Ireland, Italy, Portugal and Spain in later phases.