Revolut announced a western Europe HQ in Paris as part of an £840million investment in France to create more than 200 jobs.

The £35billion fintech firm said it was the biggest investment in the French financial sector in more than a decade. It will also apply for a French banking licence.

France’s economy minister Eric Lombard crowed that the Revolut investment ‘further strengthens Paris’s position as the leading financial hub in Europe’.

And it comes after founder Nik Storonsky criticised Britain’s ‘extreme bureaucracy’ as it seeks a UK bank licence. 

Revolut revealed the plans at a glitzy ‘Choose France’ summit hosted by president Emmanuel Macron at the Palace of Versailles to woo global investors put off in the past by its high taxes and red tape.

But the UK-based firm made clear yesterday that London would remain its global headquarters. 

It said the French announcement ‘does not impact our commitment to the UK market’. Revolut added that it ‘will continue expanding operations, innovation and investment’ in the UK. 

The choice of France for its western Europe HQ reflects the firm’s EU base of 40million customers.

Paris and other European financial centres have been vying to tempt global financial firms in the wake of Brexit –although a major exodus from the City has never materialised.

Revolut said the French base will cover operations in Ireland, Germany, Portugal, Spain and Italy.

A base in Lithuania, where it holds a banking licence, will serve other European markets. Founded in the UK in 2015, it has more than 55m customers – 11m in Britain. 

Last year, profits topped £1billion. Revolut started out providing payment and foreign exchange services before moving into areas such as crypto trading.

Back in March 2023, it said it would get a UK bank licence ‘imminently’. Last year, it secured a licence ‘with restrictions’ and it is in a ‘mobilisation’ stage during which it must meet conditions set by regulators before full authorisation.

It is targeting the launch of full UK banking operations later this year.