UK fintech giant Revolut has announced that it will soon make Paris its new home, with plans to invest over €1 billion (£841.9m) in France over the next three years, set to be the largest investment in the French financial sector in a decade.

The plans, coming as part of the ‘Choose France’ summit hosted by President Emmanuel Macron, include the creation of more than 200 jobs, adding to around 300 employees the company already has in France.

While the French capital will serve as Revolut’s Western Europe headquarters, and allow the British-born unicorn to expand its EU markets, the company said that Lithuania, where Revolut already holds a banking license, would still be a ‘key base’ for growth in Europe.

A Revolut spokesperson told Reuters that applying for a second European banking license in France would allow the company to build better relationships with regulators and tailor its services for diverse markets.

Last November, the company announced it had reached 4 million customers in France, with the Revolut app becoming the most downloaded banking app of 2024, ahead of traditional French banks such as Boursobank and Crédit Agricole.

Since then, the company – which recently reported profits over $1 billion for the first time – has claimed another million more French customers, with Revolut’s chief growth and marketing officer, Antoine Le Nel, saying in a post to social media that the firm was ‘doubling down’ on Europe with its plans.

“This new HQ will oversee our operations not only in France, but also in Spain, Italy, Portugal, Ireland, and Germany, strengthening our footprint in Western and Southern Europe,” said Le Nel.

“Our dual-hub model, with Lithuania continuing as our key base for Eastern Europe, allows us to scale faster, deepen regulatory cooperation, and bring better, more locally aligned financial services to millions of customers across the European Economic Area.

“Our intention is clear: to become Europe’s leading banking group, combining innovation, resilience, and reach. From Paris, with ambition.”

Revolut, now valued at around $45 billion (£33.8bn) according to Dealroom, previously said that expanding its French footprint was a strategic priority, due to what the fintech called a ‘favorable’ environment for banking innovation and the expansion of financial services that had allowed it to introduce several new products and services.

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Speaking in November on the company’s plans, Le Nel said: “Our investments are paying off in France, but we have not yet reached our maximum acquisition speed. We will intensify our efforts, particularly in developing new products.”

While London will remain the digital bank’s official global headquarters, the plans follow years of headaches Revolut faced at the hands of UK financial service regulators.

It was just last year that the company officially received its UK banking licence, with the approval taking three years to work its way past the Prudential Regulation Authority, the UK’s financial services regulatory body.