(April 8): Revolut Ltd will soon open its Western European headquarters in Paris, as the UK fintech firm last valued at US$75 billion looks to fuel its growth by expanding in the continent.
The company signed a 10-year lease for space in the historic Bourse business district in the French capital, according to a statement on Wednesday. The office is close to the Sentier metro station, a neighbourhood sometimes referred to as the “Parisian Silicon Valley”.
The neobank will move into 116 Rue Reaumur by early 2027 and will eventually take up six floors in the building, which isn’t too far from where the local banking watchdog, French Prudential Supervision and Resolution Authority (ACPR), is located.
“It’s best of both worlds — traditional finance on one side, and technology on the other,” Beatrice Cossa-Dumurgier, Revolut’s chief executive officer for Western Europe, said in an interview. “This is really who we are and what we want to convey.”
Beatrice Cossa-Dumurgier at the Revolut offices in Paris on April 7.
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Revolut intends to occupy a total of 2,400 sq m (25,833 sq ft) of the open-plan space of the property that features a 19th-century facade and resembles a Parisian boutique shop.
France is one of Revolut’s largest markets in terms of growth. The fintech has seven million customers in the country and wants to increase to 10 million by the end of 2027. The digital bank wants to become the primary bank for European workers but to also capture more business banking.
Rivals in this task include BoursoBank — the French digital bank owned by Societe Generale SA, which recently reached nearly nine million customers.
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Revolut’s new office will host staff for Paris and Western Europe, where the firm has committed to hire more than 400 employees. A big chunk of the positions in France are in risk and compliance — a key focus since the fintech submitted its banking licence application in the country last year. It comes after the firm pledged to invest €1 billion in France over the next three years.
Securing a French banking licence would strengthen its ability to provide financial services, particularly mortgage loans and savings solutions. The firm is already a licensed European bank and regulated by the Lithuanian Central Bank and the European Central Bank (ECB).
“We are still working on it with the French regulators and the European regulators,” Cossa-Dumurgier said, adding “we don’t see any blocker”.
The firm is also looking to lure more high net worth clientele as it works to deepen its wealth offering.
The fintech, which finally secured its full British banking licence last month, recently hired Perrine Kaltwasser as its chief risk officer. The executive previously worked at French lender La Banque Postale, the ACPR and also the ECB.
Cossa-Dumurgier has been at the firm for almost a year. Former Societe Generale CEO Frederic Oudea joined shortly after as chair for the company’s Western European operations.
Cossa-Dumurgier said that ultimately, Revolut’s aim is to localise its offering in each market “and become the first destination for French salaries, but also German salaries, Italian salaries, et cetera.”
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Revolut has become one of Europe’s most valuable startups. The company delivered £4.5 billion in annual revenue last year. In September, it initiated a process permitting employees to sell shares at a valuation of US$75 billion, Bloomberg has reported.
The company has more than 70 million customers worldwide, topping some of the biggest European banks, although Revolut’s client deposit base and revenues are far smaller on average. Revolut also recently applied for a US bank charter and “hopes to see progress” on that application this year, chief financial officer Victor Stinga said last month.
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